Hard John Rock International is slated to take for granted trading operations at the Mirage next month, taking the reins from MGM Resorts International (NYSE:MGM).
The gaming arm of the Seminole Tribe of Florida, Hard Rock proclaimed endure Dec it purchased the operating rights to the venue for $1.075 billion, making it the for the first time tribal manipulator with a presence on the Las Vegas Strip.
In terms of imminent changes to the venue, the iconic volcano show is expected to remain inviolate for a patch and the prop testament shifting to Hard Rock’s Unity Rewards customer loyalty weapons platform from MGM Rewards.
Eventually, the structured resort hotel testament accept the Hard John Rock call and it’s widely expected the locale testament be refurbished inward the mold of the tribal gaming company’s famed guitar. However, MGM is licensing employment of the Mirage name and trademark to Hard John Rock for III years. That accord is royalty-free.
Gaming tangible demesne investment cartel (REIT) VICI Properties (NYSE:VICI) is the owner of the Mirage’s existent demesne and Hard John Rock entered into a long-term take take with that company.
Mirage Closure Talk
In the viewing of the tribal gaming heavyweight getting Mirage’s operating rights, there’s been copious treatment regarding whether or not the locus could face downtime as the new operator makes changes and enhancements.
Although Hard John Rock is aiming for significant alterations and expansion of the Strip venue in 2025, it’s not straightaway elucidate if the casino-resort testament follow shut for parts of the meanwhile period. Some Las Vegas experts trust the Mirage testament not be shuttered during a reconstruct period, but some Wall Street analysts don’t agree.
Something else to hold an oculus on is the possible for the Hard John Rock Casino (former Mirage) to closed shoot down for almost deuce years as they renovate the asset,” said Stifel psychoanalyst Steven Wieczynski in a recent written report to clients.
The analyst said operators such as Caesars Entertainment (NASDAQ:CZR) could benefit as Mirage’s 3,000 rooms are temporarily pulled from the market.
Tribal Presence Grows inward Las Vegas
Hard Rock’s Las Vegas entry increases the presence of tribal operators in the largest domesticated cassino center. Mohegan Gaming & Entertainment runs the gaming trading operations at Virgin Hotels Las Vegas, and before this year, Red Rock Resorts, Inc. sold the Palms Casino Resort to the San Manuel Band of Mission Indians of Calif. for $650 million.
However, Hard Rock has straight bragging rights because Mirage is the only if Strip locus of that trio. Industry observers look tribal gaming entities testament be players for other Strip assets inwards the future.
It’s a affair of what comes upwardly for sale. Some tribes were rumored to follow interested inward the Flamingo, but Caesars of late said it testament not continue with plans to disinvest single of its Las Vegas assets.