HRI will pay $1.075 billion in cash for the operating assets of the Mirage Hotel and Casino, subject to customary working capital adjustments. The iconic hospitality and entertainment brand will enter into a long-term lease agreement with VICI Properties Inc. for the real estate property of The Mirage.
“We are honored to welcome all 3,500 Mirage team members to the Hard Rock family,” said Jim Allen, President of Hard Rock International. “When completed, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests from around the world to its nearly 80-acre location in the center of the Strip.”
Prior to 2020, Hard Rock International had no prior involvement with the Hard Rock Hotel & Casino in Las Vegas. HRI purchased the licensing and naming rights to the Hard Rock Hotel & Casino Las Vegas in May 2020 and is committed to bringing the iconic brand to the Las Vegas Strip when the right opportunity presents itself.
Barclays served as exclusive financial advisor to Hard Rock International on the transaction, and Jones Day served as legal counsel to Hard Rock International along with Fox Rothschild LLP and McDonald Carano LLP as special counsel on gaming.
About Hard Rock International
Hard Rock International (HRI) is one of the most recognized companies in the world with locations in 67 countries spanning 249 locations which include hotels, casinos, Rock Shops®, performance venues and cafes owned/licensed or managed. HRI also launched a joint venture named Hard Rock Digital in 2020, an online sports betting, retail sports betting and internet gaming platform. Starting with a Eric Clapton guitar, Hard Rock has the world’s largest and most valuable collection of authentic musical memorabilia with over 86,000 pieces, which are displayed at its locations around the world. In 2021, Hard Rock received the award for Best Employer in the Travel and Leisure, Gaming and Entertainment Industry by Forbes, named the Best Managed Company in the United States by Deloitte Private and the Wall Street Journal and named JD Power’s Top Performing Hotel Brand North. America Hotel Guest Satisfaction Study for the third consecutive year. In 2020, Hard Rock was honored as one of Forbes Magazine’s Top Diversity Employers and one of the Top Employers for Women. Hard Rock Hotels & Casinos also received first place in the 2020 Casino Executive Satisfaction Survey conducted by Bristol Associates Inc. and Spectrum Gaming Group. Hard Rock destinations are located in international hub cities, including its two most successful flagship properties in Florida and home to the world’s first Guitar Hotel® in South Florida, Global Gaming’s 2020 Property of the Year. The brand is owned by HRI’s parent entity, The Seminole Tribe of Florida. For more information on Hard Rock International, visit www.hardrock.com or shop.hardrock.com.
SOURCE Hard Rock International