Benzinga | Dec 14, 2021 06:36AM EST

MGM Resorts To Sell The Mirage Hotel & Casino To Hard Rock For $1.07B

MGM Resorts International (NYSE:MGM) has reached an agreement to sell the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash.

* The Mirage, acquired by MGM Resorts in 2000, is located at the heart of the Las Vegas Strip.

* For the twelve months ended December 31, 2019, The Mirage reported Adjusted Property EBITDAR of $154 million.

* The company expects net cash proceeds after taxes and estimated fees of about $815 million.

* Under the terms of the agreement, MGM Resorts will retain The Mirage name and brand, licensing it to Hard Rock royalty-free for a maximum period of three years.

* The company expects the deal to close in the second half of 2022.

* Price Action: MGM shares are trading lower by 0.12% at $40.29 in premarket on the last check Tuesday.