LAS VEGAS (KLAS) — MGM Resorts International announced an agreement to sell the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash.

“This transaction is a significant milestone for MGM Resorts, and for Las Vegas,” said CEO and President of MGM Resorts International Bill Hornbuckle.

At the closing of the transaction, MGM Resorts’ master lease that currently includes The Mirage property will be amended to reduce the annual rent by $90 million. The company expects its net cash proceeds to be approximately $815 million after estimated fees.

MGM Resorts International had announced its intentions to sell The Mirage in November, alongside its announcement of its acquisition of the operations of The Cosmopolitan of Las Vegas the month before.

This announcement marks the culmination of a series of transformational transactions for MGM Resorts over the last several years. The monetization of our entire real property portfolio, together with the addition of CityCenter and our agreement to acquire the Cosmopolitan of Las Vegas, will position the Company with a fortress balance sheet, premier portfolio, and significant financial resources to pursue our strategic objectives.

Paul Salem, Chairman of the Board of Directors of MGM Resorts International

The Mirage opened in 1989 and was acquired by MGM Resorts in 2000. According to the agreement, MGM Resorts will retain The Mirage name and brand, licensing it to Hard Rock for a maximum of three years while plans are finalized to rebrand the property.

The transaction is expected to close in the second half of 2022.