Mgm Resorts Says It'lL Sell The Mirage; No Buyer Identified

LAS VEGAS (AP) — Casino giant MGM Resorts International said Wednesday it's looking to sell the operations of The Mirage hotel on the Las Vegas Strip, but no buyer was identified.

In a letter released along with quarterly earnings, CEO Bill Hornbuckle said the process was in early stages.

He said the approximately 3,000-room resort would be “the crown jewel in another operator’s portfolio.”

The Mirage was the first major hotel built on the Strip by former casino mogul Steve Wynn. It opened in November 1989 with its iconic volcano fountain and Polynesian theme.

The Las Vegas Review-Journal reports the underlying Mirage real estate is owned by MGM Growth Properties, which is being bought by New York-based Vici Properties in a $17.2 billion deal expected to close in 2022.

MGM Resorts announced in September it was buying the operations of The Cosmopolitan of Las Vegas for $1.6 billion from the New York private equity firm Blackstone.

MGM Resorts said in July it would buy out its partner in the CityCenter development for $2.1 billion, take full control of The Aria and Vdara resorts, and lease the property to the Blackstone Group for nearly $3.9 billion.

Tom Reeg, CEO of Caesars Entertainment Inc., said this week his company plans to sell one of its Las Vegas Strip properties in early 2022. He did not specify which one.