The Mirage in Las Vegas is closing. So why is everyone rushing to hit the slots?

The Mirage Hotel & Casino in Las Vegas is getting ready to officially close its doors for good as crews prepare to transform the iconic property into the new Hard Rock Hotel & Casino and Guitar Hotel Las Vegas.

However, bettors are rushing to the Mirage casino floor for their shot at more than a million dollars in prizes that are still up for grabs. It's all part of a final "Progressive Finale Cash Giveaway."

Why is the Mirage being forced to give away money?
Many casino slot games and table games have something known as progressive jackpots, which increase over time the more the game is played, and don't reset until someone wins it. However, the Nevada Gaming Control Board has a policy in place that requires casinos that are closing or changing ownership to pay out on all progressive jackpots before they shut down.

How much money is up for grabs?
According to the Mirage, that means from now until it officially shutters its doors on July 17, bettors will have a chance to win a share of "over $1.6 Million in Cash Prizes Guaranteed!" The Mirage said that total includes roughly $1.2 million in slot machine prizes and another $400,000 at table games.

How can you win?
The Mirage said bettors 21 years of age or older — who are also Unity Card members — can play any slot machine or qualifying table game on July 12-13 for their chance to win.

For slots, winners will be randomly selected "through electronic means" every 30 minutes from 3:00- 7:00 p.m. As for table game players, they must play between 11:00 a.m. and 7 p.m. Drawings will then take place at 8:30 p.m.

Then on July 16, bettors will have one final chance to be one of the lucky winners. The Mirage said $100,000 in final cash prizes will be up for grabs on slots.