MGM Resorts International has entered into an agreement to sell The Mirage Hotel & Casino to Hard Rock International for $1.075 billion. The sales price includes the operating assets of the resort. Hard Rock will enter into a separate lease agreement with Vici Properties for the real estate property of The Mirage. The transaction is expected to close in the first half of 2022.

Under the terms of the agreement, MGM will retain The Mirage name and brand, and will license it to Hard Rock royalty-free for a maximum period of three years. During that time, Hard Rock plans to transform the property into iconic Guitar-shaped hotel. Last year, Hard Rock purchased the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas and announced plans to bring a branded hotel to the Las Vegas Strip. This deal is that plan coming to fruition.

In 2020, The Mirage reported adjusted property EBITDAR of $154 million and had a staff of 3,500 team members. The new master lease agreement between Vici Properties and Hard Rock will include an annual base rent of $90 million for a base term of 25-years with three 10-year tenant renewal options, an escalation of 2% per annum and minimum capital expenditure requirements of 1% of annual net revenue. To account for MGM's divestment from the asset, Vici has adjusted the master lease, which will result in a reduction of the initial annual base rent under the MGM Master Lease by $90 million.