The buyer will be Hard Rock International.

The American company MGM Resorts, which owns a chain of hotels and casinos, announced the sale of its The Mirage Hotel (The Mirage Hotel & Casino), located in Las Vegas (Nevada), to Hard Rock International (owns the Hard Rock cafe chain, as well as resorts).

“MGM Resorts announces an agreement with Hard Rock International on the sale of The Mirage Hotel and Casino for $1.075 billion <…>,” the company’s press service said in a statement.

According to MGM Resorts chief executive William Hornbuckle, the deal is “an important milestone for the company and for Las Vegas [as a whole].” MGM Resorts expects that net cash proceeds from the sale of the resort after taxes will amount to approximately $815 million.

In addition, according to the terms of the deal, MGM Resorts will retain the name and The Mirage brand itself, having concluded a royalty-free license agreement with Hard Rock for a maximum period of three years, while the development of a plan for the rebranding of this hotel is being completed.

Located on the Strip (the site on Las Vegas Boulevard, where the city’s largest casinos are located), The Mirage opened to visitors in 1989 and was bought by MGM Resorts 11 years later. Popularity was brought to him by a 27-meter artificial volcano and dynamic entertainment events.