The Mirage might be slated for an prolonged, although non permanent, closure because it transitions to turning into a Exhausting Rock casino-resort.
In an announcement issued earlier this week highlighting its second consecutive 12 months atop the J.D. Energy 2022 North America Visitor Satisfaction Research, Exhausting Rock Worldwide — the gaming arm of the Seminole Tribe — talked about new ventures, together with Las Vegas.
Trying forward, Exhausting Rock additionally just lately introduced property enlargement in Las Vegas, set to open in 2025, and Athens in 2026,” in keeping with the assertion.
A request for remark from Exhausting Rock was not returned previous to publication of this text.
Exhausting Rock Timeline Taking Form
Final December, MGM Resorts Worldwide introduced the sale of the Mirage’s working rights to Exhausting Rock for $1.075 billion. At the moment, the businesses stated the transaction is scheduled to shut within the second half of 2022.
Since then, some plans emerged for the venue, together with the doubtless elimination of the Mirage’s iconic fake volcano and the tribal operator’s intent to refurbish the venue within the form of a guitar, which is a signature of a lot of its properties.
MGM is retaining rights to the Mirage identify, licensing it to Exhausting Rock for 3 years as much as the official identify change. That settlement is royalty-free. However the venue will in the end be renamed Exhausting Rock Las Vegas.
The aforementioned assertion doesn’t point out when building on Mirage will start, or for the way lengthy the venue might be closed whereas it’s present process enhancements.
VICI Properties owns Mirage’s actual property. and Exhausting Rock is getting into right into a lease settlement with the gaming landlord.
Tribal Footprint Growing in Las Vegas
Exhausting Rock’s Las Vegas entry will increase the presence of tribal operators within the largest home on line casino heart. Mohegan Gaming & Leisure runs the gaming operations at Virgin Resorts Las Vegas, and earlier this 12 months, Crimson Rock Resorts, Inc. bought the Palms On line casino Resort to the San Manuel Band of Mission Indians of California for $650 million.
Nonetheless, of these three venues, solely Mirage is on the Strip, making Exhausting Rock the primary tribal operator to achieve entry to probably the most well-known stretch of on line casino actual property on the earth.
There’s additionally hypothesis that as different Strip belongings come up on the market, tribal gaming entities might be contenders for these venues, owing to their robust money positions. It’s extensively believed that Caesars Leisure is inching nearer to promoting certainly one of its Las Vegas casino-hotels, and it’s aiming for a price ticket of a minimum of $1 billion. That’s a realm during which a number of tribal operators can afford to play.