Hospitality and entertainment firm MGM Resorts has agreed to divest the operations of The Mirage Hotel & Casino to Hard Rock International.

The deal, which is valued at $1.07bn in cash, is subject to customary working capital adjustments.

Opened in 1989, The Mirage is located at the heart of the Las Vegas Strip. It was purchased by MGM Resorts in 2000.

MGM Resorts CEO and president Bill Hornbuckle said: “This transaction is a significant milestone for MGM Resorts, and for Las Vegas.

“As part of the team that opened The Mirage in 1989, I know first-hand how special it is, and what a great opportunity it presents to the Hard Rock team.

“I want to thank all of our Mirage employees who have consistently delivered world-class gaming and entertainment experiences to our guests for more than three decades.”

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The transaction is dependent on the receipt of regulatory approvals and satisfying other customary closing conditions. It is expected to complete in the second half of next year.

Meanwhile, MGM Resorts will retain The Mirage name and brand as part of the agreement.

Hard Rock will gain licence to the name and brand for a maximum period of three years.

Hard Rock International chairman Jim Allen said: “We are honoured to welcome The Mirage’s 3,500 team members to the Hard Rock family.

“When complete, 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 centre-Strip location.”

Furthermore, VICI Properties and Hard Rock have entered into new separate lease agreement relating to The Mirage.

In addition, VICI has agreed to amend the MGM Master Lease.

In May 2020, Hard Rock acquired the licensing and naming rights for Hard Rock Hotel & Casino Las Vegas.

Barclays served as exclusive financial advisor and Jones Day as legal advisor to Hard Rock in relation with the transaction.

BofA Securities and PJT Partners acted as financial advisors to MGM Resorts and Weil, Gotshal & Manges as legal counsel.