Hard Rock purchases The Mirage from MGM for $1.1 billion

Hard Rock International bought The Mirage from MGM in a $1.1 billion cash deal on Monday.

Hard Rock International announced a deal to build a guitar-shaped hotel tower on the site of the most desired North End location of Las Vegas Strip.

Hard Rock bought The Mirage from MGM for $1.1 billion. Vici Properties closed a lease agreement with Hard Rock to support the closure of the deal. The lease incurs the initial annual rent of $90 million payable by the new operator.

The expansion of The Mirage will increase from 3.044 to 3,60 rooms and expand the casino from 94,000 to 174,00 square feet. The number of slot machines will grow from 836 to 2,068 and the number table games will go from 51 to 212.

Hard Rock assumed operations control of the property as of 6 a.m. Monday. The resort employing around 3,500 people will continue to operate as The Mirage until the renovation and rebranding of it to Hard Rock Hotel & Casino Las Vegas is complete.

Hard Rock CEO and President said the process will take an extended period and reimagine every aspect of the resort. The company expects to release details of The Mirage's upgrade by the end of 2023.