Hard Rock buys iconic Mirage hotel in Las Vegas for over $1 billion

MGM selling Las Vegas' The Mirage to Hard Rock for over $1 billion

Hospitality company Hard Rock International has bought The Mirage Hotel and Casino in Las Vegas from MGM Resorts International for approximately $1.08 billion, the company announced on Monday.

According to a statement, MGM expects to receive approximately $815 million in net cash proceeds after taxes and estimated fees.

The transaction will be closed in the second half of 2022 pending regulatory approvals, the company said.

"This transaction is a significant milestone for MGM Resorts and for Las Vegas," Bill Hornbuckle, CEO and president of MGM Resorts International, said.