The Mirage is now officially run by a new company.

The process of buying The Mirage Hotel & Casino was finished, giving Hard Rock a well-known and well-known venue. The property will be completely redesigned, but the company will make sure it stays open during the process. The Mirage is now officially run by a new company.

The purchase of The Mirage Hotel & Casino in Las Vegas by Hard Rock International took a year. The deal was finally done a few days after Nevada’s gambling regulator gave the go-ahead. The $1 billion deal is just the beginning of what Hard Rock wants to do with the land. The entertainment and hospitality company will spend a lot of money on renovations and will eventually change the name of the hotel to match that of its new owner.

A well-known and old resort is sold to Hard Rock.

The transaction was sealed when Hard Rock informed MGM Resorts International in December 2021 that it wanted to acquire The Mirage. The $1.08 billion acquisition was finalized after the necessary government clearances. Hard Rock will also pay VICI Properties, which owns the site, $90 million in rent.

Hard Rock now owns a Strip landmark. The 65-acre complex offers 3,044 rooms, a 90,548-square-foot (8,412.2-square-meter) casino, and many facilities. The entertainment and hospitality group wants to rebrand and redesign the famed venue.

The famous hotel will still be fully open.

Officials from Hard Rock have said that the upcoming major renovation will be done slowly and carefully. In 2023, the entertainment and hospitality company will talk about its whole plan. From the few details that are public, it looks like The Mirage will get a big makeover that will include adding a guitar-shaped hotel tower.

Jim Allen, the chairman of Hard Rock International, said that the hotel and casino would stay open during the whole process, and that the redesign would pay tribute to the venue’s long history. The change to the new management will go as smoothly as possible so that visitors won’t notice any changes.

We’re excited to build an integrated resort on the Strip that will make this famous entertainment area proud. Jim Allen, the head of Hard Rock International, said this.

Allen promptly dispelled concerns of huge layoffs and welcomed The Mirage’s 3,500 employees to Hard Rock. In a statement from CEO Bill Hornbuckle, MGM Resorts, the former hotel owner, praised the personnel for their hard work and professionalism.

MGM turns its attention to the east

MGM sold the land to pursue long-term strategic ambitions. The corporation wanted to develop, keep enough money, and pay stockholders. Because of Macau’s promise, MGM is investing $2 billion in its Grand Paradise casino.

MGM will keep the rights to the name “The Mirage,” but it will let Hard Rock use it for up to three years without paying a fee. Once that time is up, the property will be known as the Hard Rock Hotel & Casino Las Vegas.