MGM Resorts Puts The Mirage Casino up for Sale in Vegas
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MGM Resorts International has put its Polynesian-themed The Mirage Las Vegas up for sale.
MGM intends to sell The Mirage to another operator. The casino operator wants to focus on new business areas such as sports betting and a casino project in Japan. The sale is the latest in a string of record-breaking, ownership-changing deals taking place on the Las Vegas Strip.
MGM Resorts is selling The Mirage Casino in Las Vegas. CEO Hornbuckle wants to keep it in the long-term interests of MGM and the hotel-casino itself. He hopes it will be the crown jewel in another operator's portfolio. The sale process will not immediately affect the daily operations of The Mira.
MGM Resorts is selling properties to enhance its financial flexibility and secure new growth opportunities. Caesars Entertainment reaffirmed its plans to sell a Strip property early in 2022.
MGM has been the most high-profile mover and shaker in the Vegas buy, lease, or sell property market. In September, MGM bought Aria Resort & Casino and Vdara Hotel & Spa for $2.13bn and sold the Arias to Blackstone for a total of $3.89bn. MGM will continue to manage and operate the properties, but it will pay $245m per year to rent the real estate. On Wednesday, it was announced that MGM is taking over management of the Cosmopolitan casino resort in Las Vegas.
