The Las Vegas Strip often has some very long goodbyes.
When it comes to a show or a restaurant sometimes the end happens quickly. You might see something disappear overnight in a contract or rent dispute. It's also fairly common to know about a closing a little bit in advance so the property owner can wring one last bit of nostalgia out of selling "last chance" tickets.
With the huge resort casinos that fill most of the strip, however, farewells rarely happen quickly. Even when a property is set for an implosion -- a really dramatic way to go -- the end often takes months, if not years. (You need a lot of permits to implode a building and lining everything up takes time).
Even when a deal has been announced for one company to sell a property, it can often take nearly a year for all the needed approvals. And, then, once the transaction happens, any major changes take at least a few months, if not longer.
That's what's happening with Bally's (BALY) purchase of Tropicana. The new owner has taken control, but aside from changing out the loyalty program, it may not make any big changes to the property for a year or two.
Now, a massive $1.075 billion deal for MGM Resorts International (MGM) to sell Mirage to Hard Rock International appears set to close. That's almost a full year after the transaction was first made public, but once the deal closes some changes are coming.
Image source: MGM Resorts International.
First Changes Coming to Mirage
MGM and Hard Rock want to make the transition smooth for people who have booked stays at the Mirage. When the new owner takes over, all reservations -- including comps -- will be honored and the resort will be fully operational.
There is one major change that will take place right away.
“We look to ensure a good experience for our guests with little change or disruption,” Hard Rock Las Vegas’ President Joe Lupo said in a statement shared by the Las Vegas Review-Journal. “We will be implementing Hard Rock’s Unity Rewards which is available in over 150 locations throughout the United States and around the world.”
Once the transaction closes, however, MGM Rewards members will no longer get perks like free parking that are associated with their loyalty status. Those benefits will be available at other MGM properties, but they will no longer be offered at Mirage. Hard Rock could opt for a status match or to keep some of these perks but has not commented on its plans to do so.
A Slow End for the Mirage, Mirage Volcano
Once Hard Rock takes over it plans to close the resort's famous Volcano attraction and build a Guitar Hotel. The good news for fans of that famed free attraction is that a closure is not imminent. Hard Rock said earlier this year that it plans to unveil the new look for the property in 2025.
The company has not shared any dates, but that could mean that construction does not even begin until 2024. Even, if Hard Rock targets early 2025, it seems likely that the Volcano has months if not all of 2023 to keep operating.
MGM did share that while the casino floor will remain open until the transaction closes (which is expected to happen before the year's close) that may not be the case after the deal is completed.
"There could be downtimes after the closing of the transaction as new systems are installed but we are working diligently to mitigate any disruption," the company shared.
Hard Rock has not commented on whether it plans to keep the "Beatles: Love" show from Cirque du Soleil open long term, but it has been extended through the end of 2023.
When the sale closes, Hard Rock will also be honoring all show tickets, restaurant reservations, and special events booked through MGM.
