The Las Vegas Strip often has very long farewells.
When it comes to a show or a restaurant sometimes the end comes quickly. You might see something disappear overnight in a contract or rent dispute. It’s also quite common to be notified of a closing a bit in advance so that the owner can extract a last bit of nostalgia from the “last chance” ticket sales.
However, with the massive resort casinos that fill most of the Strip, goodbyes rarely come quickly. Even when a property is set for a implosion – a really dramatic way to go – the ending often takes months or even years. (It takes a lot of permits to implode a building and aligning everything takes time).
Even when a deal has been announced for a company to sell a property, it can often take almost a year for all necessary approvals. And then, once the transaction is done, any major change takes at least a few months, if not more.
That’s what happens with Bally’s (BALY) – Get a free report purchase of Tropicana. The new owner has taken over, but aside from changing the loyalty program, he may not make big changes to the ownership for a year or two.
Now a massive $1.075 billion deal for MGM Resorts International (MGM) – Get a free report selling Mirage to Hard Rock International seems close to completion. It’s almost a year after the deal was first made public, but once the deal closes, there are some changes to come.
First changes coming to Mirage
MGM and Hard Rock want to make the transition easier 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 a major change that will take place right away.
“We seek to ensure a good experience for our customers 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 are available at over 150 locations in the US and around the world.”
Once the transaction is complete, however, MGM Rewards members will no longer receive benefits such as free parking associated with their loyalty status. These benefits will be available at other MGM properties, but will no longer be offered at the Mirage. Hard Rock might opt for a status match or to keep some of those perks, but hasn’t commented on its plans to do so.
A slow end for the Mirage, Mirage Volcano
Once Hard Rock takes over, he plans to shut down the resort’s famous Volcano attraction and build a Guitar Hotel. The good news for fans of this famous free attraction is that a closure is not imminent. Hard Rock said earlier this year that it plans to unveil the property’s new look in 2025.
The company didn’t share a date, but that could mean construction won’t even begin until 2024. Even though Hard Rock is aiming for early 2025, it seems likely the volcano will have months, if not all of 2023, to complete. continue to operate.
MGM shared that while the casino will remain open until the deal closes (which is expected to happen before year-end), that may not be the case once the deal closes.
“There may be some downtime after the transaction closes as new systems are installed, but we are working diligently to mitigate any disruption,” the company explained.
Hard Rock didn’t say if it plans to keep Cirque du Soleil’s “Beatles: Love” show open long-term, but it has been extended through end of 2023.
At the close of the sale, Hard Rock will also honor all show tickets, restaurant reservations and special events booked through MGM.