VICI and Hard Rock have a similar landlord-tenant relationship with Hard Rock Casino Cincinnati. Real estate investment trust VICI Properties, which is in the process of acquiring The Mirage location as part of its $17.2 billion purchase of rival REIT MGM Growth, said it has “the opportunity” to provide up to $1.5 billion for the redevelopment.

“We view this as a healthy price, well above the roughly $600 million we had expected,” Wells Fargo gaming analyst Daniel Politzer said in a research note Monday. The Mirage was the first new Strip resort in 15 years when it was opened by Steve Wynn in 1989, kicking off a building boom in Las Vegas that lasted several decades. The announcement comes a little more than a month after MGM Resorts International said it wanted to sell the operations of the hotel-casino. The transaction will require approval from Nevada gaming regulators. A time frame for the development and information about the expansion was not provided. 'When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests from around the world,” Hard Rock CEO Jim Allen said in a statement.Īllen, who is also chairman of Seminole Gaming, was unavailable for an interview Monday. The company, which is owned by Florida’s Seminole Indian Tribe, said it would build a guitar-shaped hotel tower at the front of the 77-acre site along the Las Vegas Strip, while the entire property will be renamed Hard Rock Las Vegas. One of the Las Vegas Strip’s most iconic properties will soon change ownership after Hard Rock International announced Monday plans to pay $1.075 billion to acquire the operations of The Mirage from MGM Resorts International.

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