MGM Resorts selling the Mirage hotel in Las Vegas for $1.08 billion

MGM Resorts International said Monday that it will sell the operations of the Mirage hotel in Las Vegas — home of the 90-foot erupting volcano — to Hard Rock International for generally $1.08 billion. The all-cash deal is relied upon to close later one year from now.

MGM Resorts procured the Polynesian-themed property in 2000, when it purchased Steve Wynn’s Mirage Resorts for some $4.4 billion. Opened in 1989, the 3,044-room was the first new resort on the Las Vegas Strip in 16 years. The

Mirage’s legacy incorporates housing Sin City’s first Siegfried and Roy show, hosting headliner Danny Gans for almost a decade and staging Cirque du Soleil show The Beatles Love starting around 2006.

The Hard Rock Hotel in Vegas shut for remodels early last and is being rebranded as Virgin Hotels Las Vegas. MGM Resorts International is renting the Mirage name and brand eminence free to Hard Rock International for up to three years, while the last option chips away at its arrangement to rebrand the property.

MGM Resorts International additionally possesses or runs a few different Las Vegas Strip resorts, including the MGM Grand, Bellagio, Mandalay Bay, Luxor, Excalibur and New York-New York. The organization additionally has a 42.5% stake in T-Mobile Arena, home of the NHL’s Vegas Golden Knights.