Hard Rock International (HRI) on Monday, December 13, announced its agreement to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. Through the acquisition, Hard Rock plans to build a guitar-shaped hotel, which will be located on the Las Vegas Strip. When it opens, the hotel will be named Hard Rock Hotel & Casino Las Vegas and will cover an 80-acre plot.
According to a press announcement, Hard Rock International will pay $1.075 billion in cash for the operating assets of The Mirage Hotel and Casino, subject to customary working capital adjustments. The hospitality and entertainment brand will enter into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.
Prior to 2020, Hard Rock International had no previous involvement with the Hard Rock Hotel & Casino in Las Vegas. HRI purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas in May 2020 and vowed to bring the brand to the Las Vegas Strip when the right opportunity presented itself. Barclays served as exclusive financial advisor to Hard Rock International in connection with the transaction, and Jones Day served as legal advisor to Hard Rock International together with Fox Rothschild LLP and McDonald Carano LLP as special gaming counsel.
In other Hard Rock hotel news, its hotel at the "Golden Triangle of Art" in Madrid opened this summer. Hard Rock Hotel Madrid History is nearby such attractions as the Reina Sofia National Museum, the Prado National Museum and the Thyssen-Bornemisza National Museum, as well as the historic art nouveau train station (Atocha), the Royal Botanical Garden, and the Lavapies and Embajadores neighborhoods.
In addition, Hard Rock Hotel New York is nearing completion in the heart of Midtown Manhattan, and is accepting reservations for April 2022. Steps from Times Square, Rockefeller Center, Broadway, Bryant Park and Fifth Avenue, the hotel aims to honor the legacy of "Music Row" as the brand’s new flagship property.
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