Why MGM Resorts Is Selling a Las Vegas Icon
The Mirage is arguably the most influential resort and casino in the history of Las Vegas. When Steve Wynn built the resort, people thought he was crazy given the property's sheer size and its need to generate $1 million per day in revenue just to stay afloat. But it became an icon and a template for building a mega-resort in Las Vegas.
Last week, MGM Resorts (NYSE: MGM) announced that it is selling The Mirage to Hard Rock International for $1.1 billion in cash. Details about future developments aren't final, but the property could get a guitar-shaped hotel as Hard Rock puts its spin on the property. The sale is a bit of a surprise, and it's what the deal says about MGM Resorts' long-term strategy that's most interesting.
Image source: Getty Images.
Source Fool.com
