MGM Resorts to sell Mirage hotel and casino for $1.08 billion to Hard Rock

(Reuters) -MGM Resorts International said on Monday it would sell the operations of the Mirage hotel and casino in Las Vegas to Hard Rock International for about $1.08 billion in cash.

The Mirage opened in 1989 and was acquired by MGM Resorts in 2000. The property is known for its entertainment options and 90-foot Strip-side volcano.

The sale is expected to close in the second half of 2022 and is likely to deliver to MGM Resorts net cash proceeds of about $815 million after taxes and fees.

The company will retain the Mirage name and brand, licensing them to Hard Rock royalty-free for up to three years while it finalizes its plans to re-brand the property.

(Reporting by Praveen Paramasivam and Nathan Gomes in Bengaluru; Editing by Aditya Soni)