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VICI CFO: Mirage takeover by Hard Rock benefits entire Las Vegas Strip

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When Will Mirage Las Vegas Become Hard Rock? - The Mirage has been sold to Hard Rock! So when will we see the new name on the building?

When Will Mirage Las Vegas Become Hard Rock?  - The Mirage has  been sold to Hard Rock! So when will we see the new name on the building?
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Native American Casino Now on the Las Vegas Strip!

The Mercury News

What’s coming to Las Vegas casinos and resorts in 2023

In 2022, Las Vegas announced several new projects coming to The Strip and beyond. Station Casinos plans to build several properties by 2030. Durango Casino & Resort will open late next year. Hard Rock's purchase of The Mirage became official.
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What’s coming to Las Vegas casinos and resorts in 2023
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Los Angeles Daily News

Las Vegas: What’s coming to casinos and resorts in 2023

In 2022, Las Vegas announced several new projects coming to The Strip and beyond. Station Casinos plans to build several properties by 2030. Durango Casino & Resort will open late next year. Hard Rock's purchase of The Mirage became official.
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Las Vegas: What’s coming to casinos and resorts in 2023
Northern Nevada Business Weekly

Tribal owner of Hard Rock now running Mirage in Las Vegas

Tribal owner of Hard Rock International is now running Mirage in Las Vegas. The resort's 3,500 employees were absorbed into Hard Rock's 45,000-member workforce. Seminole-owned HardRock International had no previous involvement with the former HardRock Hotel & Casino that operated from 1995 to 2020. The Mirage redevelopment plan is projected to run through 2023. It's the first resort on the Las Las Vegas Strip to be run by a Native American tribe. east of the Strip, the Mohegan Tribe operates a casino that opened in 2021 at Virgin Hotels Las Vega. west of Strip the San Manuel Band of Mission Indians owns and operates The Palms.
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Tampa Bay Times

Florida-based Hard Rock now running Mirage on Vegas Strip

Florida-based Hard Rock International is now running Mirage on the Las Vegas Strip. The resort's 3,500 employees were absorbed into Hard Ruck's 45,000-member workforce. Seminole-owned Hard rock International had no previous involvement with the former Hardrock Hotel & Casino that operated from 1995 to 2020. It bought licensing and naming rights in May 2020 and is planning to run the resort through 2023. The Mirage is the first resort on Las Las Vegas Strip to be run by a Native American tribe. east of the Strip, the Mohegan Tribe operates a casino that opened in 2021 at Virgin Hotels LasVegases. west of Strip an affiliate of San Manuel Band of Mission Indians owns and operates The Palms.
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9 News

Tribal owner of Hard Rock now runs Mirage

Tribal owner of Hard Rock International now runs Mirage resort on the Las Vegas Strip. The resort's 3,500 employees were absorbed into Hard Rock's 45,000-member workforce. Seminole-owned HardRock International had no previous involvement with the former HardRock Hotel & Casino. It bought licensing and naming rights in May 2020. Mirage redevelopment plan is projected to run through 2023. The Mirage is the first resort to be run by a Native American tribe. east of the Strip, the Mohegan Tribe operates a casino that opened in 2021 at Virgin Hotels Las Las Vega. west of Strip the San Manuel Band of Mission Indians owns and operates The Palms.
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Tribal owner of Hard Rock now runs Mirage
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Tribal owner of Hard Rock now running Mirage on Vegas Strip

Tribal owner of Hard Rock International is now running Mirage on Vegas Strip. The resort's 3,500 employees were absorbed into Hard Rock's 45,000-member workforce. Seminole-owned Hard rock International had no previous involvement with the former Hardrock Hotel & Casino. It bought licensing and naming rights in May 2020. The Mirage redevelopment plan is projected to run through 2023. Its more than 3.000 rooms on 80 acres (32 hectares) is the first on the Las Vegas strip to be run by a Native American tribe.
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Tribal owner of Hard Rock now running Mirage on Vegas Strip
CBS News

Florida-based Hard Rock International now running iconic Mirage resort in Las Vegas

Hard Rock International takes over The Mirage resort on the Las Vegas Strip. The resort's 3,500 employees were absorbed into Hard Rock's 45,000-member workforce. Seminole-owned Hard Rancher is the first casino operator on Las Las Vegas Strip to be run by a Native American tribe. The redevelopment plan is projected to run through 2023. All room reservations and group bookings will be honored. It's the same company that bought the former Hardrock Hotel & Casino in 2020. it was renovated and rebranded by Virgin Hotels LasVegases.
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Florida-based Hard Rock International now running iconic Mirage resort in Las Vegas
Fox 5 Vegas

Tribal owner of Hard Rock now running Mirage on Las Vegas Strip

Tribal owner of Hard Rock International is now running Mirage on Las Vegas Strip. The resort's 3,500 employees were absorbed into Hard Rock's 45,000-member workforce. Seminole-owned Hard rock International had no previous involvement with the former Hardrock Hotel & Casino that operated from 1995 to 2020. The Mirage redevelopment plan is projected to run through 2023. Costs have not been disclosed. It's the first resort on the Las Las Nevada Strip to be run by a Native American tribe. east of the Strip, the Mohegan Tribe operates a casino that opened in 2021 at Virgin Hotels Las. Vegas. west of Strip The Palms is owned and operated by an affiliate of San Manuel Band of Mission Indians.
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Tribal owner of Hard Rock now running Mirage on Las Vegas Strip
The Nevada Independent

Indy Gaming: Research gives AGA ammunition in fight with illegal gambling operations

American Gaming Association CEO Bill Miller said in October that the legal casino industry misses out on $300 billion annually that gamblers wager with illegal betting operations. The study conducted by The Innovation Group found that illegal gambling costs the industry $44.2 billion in potential gaming revenue. AGA asked the U.S. Department of Justice to crack down on illegal, online sportsbooks and casinos as well as unregulated “skill game” slot machines. It's unclear whether Congress will jump on the issue. A vice president of AGA said the research was sent to all 535 members of Congress.
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Indy Gaming: Research gives AGA ammunition in fight with illegal gambling operations
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CNBC

Big Las Vegas property owner to take full ownership of two casinos

VICI Properties will buy Blackstone's 49.9% stake in MGM Grand Las Vegas and Mandalay Bay for $5.5 billion. VICi is the largest property owner on the Las Las Vegas Strip. The transaction is expected to close in early 2023. Blackstock shares dropped almost 10%. VicI is putting in more than $1 billion in cash and assuming more $3 billion of Blackstones debt. The deal is good for V ICI as it simplifies the company's structure and highlights its multiple growth paths. Vegas is a high conviction market for Blackestone.
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Big Las Vegas property owner to take full ownership of two casinos
The Street

MGM Shares Plans for Its New Las Vegas Strip Property

The Las Vegas Strip is some of the hottest real estate on Earth. Resorts World Las Las Vega is trying to unseat the market leaders Caesars Entertainment and MGM Resort International. The Strip has become the land of big names with celebrity chefs bringing their signature restaurants and the biggest entertainers taking up residency at world-class venues. Caeresars is rebranding Bally's Casino under its gambler-friendly Horseshoe brand and trying the sell Flamingo resort casino. MGM has not been sitting still as it sold off the Mirage and purchased the Cosmpolitan. CEO Bill Hornbuckle shared some plans for its newest top-tier Las Nevada Strip property.
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MGM Shares Plans for Its New Las Vegas Strip Property
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The Nevada Independent

Indy Gaming: ‘Economic challenges’ keeping five Clark County casinos closed into 2023

Five casinos in Southern Nevada are not going to reopen. The economic downturn is keeping the doors locked. Red Rock Resorts spends $2.1 million every three months to keep the properties operational. The Southern Nevadans produced a gaming revenue record of $1.17 billion in March. It is expected to be higher in the first four months of 2022. There are also concerns about the impact of inflation and high gas prices. For now, the three companies have written off any reopening plans. They are still required to pay state license fees and certain slot machine and table game taxes.
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Indy Gaming: ‘Economic challenges’ keeping five Clark County casinos closed into 2023
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Review Journal

Las Vegas’ top real estate deals of 2021

Las Vegas spent the past year grappling with the pandemic and recovering from the economic disaster it unleashed in 2020. Las Vegas also saw a burst of lucrative casino sales on the Strip as tourism rebounded from public health crisis.
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Las Vegas’ top real estate deals of 2021
Review Journal

Las Vegas casino investors wagering on comeback

Las Vegas has seen a burst of multibillion-dollar resort sales this year. Developers have pushed ahead with plans for new hotels on and off the Strip. Florida developer Jeffrey Soffer announced Nov. 9 that he aims to open the 67-story Fontainebleau Las Vegas in the fourth quarter of 2023. Station Casinos aims for ground breaking early next year on a $750 million resort in southwest valley. Dream Las Nevada hopes to break ground next next Year on their 20-storey hotel-casino near the south edge of the strip. Las. Vegas Sands Corp. announced in March it was selling The Venetian, Palazzo and former Sands Expo and Convention Center for $6.25 billion. MGM Resorts International said in July it would sell Aria and Vdara for nearly $3.9 billion and rent them back. Blackstone announced it is selling Cosmopolitan of Las Las Vegas for almost $5.65 billion, nearly $4 billion more than its purchase price in 2014.
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Las Vegas casino investors wagering on comeback
The Nevada Independent

How VICI Properties is quietly becoming landlord to the biggest casinos in Vegas

VICI Properties will own 12 of the Las Vegas Strip's iconic resorts and entertainment venues. It will also own 27 acres behind Bally’s Las. Vegas, Paris Las, and Planet Hollywood. The company has the rights to purchase 28 acres of land behind the Linq and Flamingo Las Las with Caesars Forum Convention Center. By spring 2022, VICi Properties' roster of 27 gaming locations will grow to 45 properties in 15 states. Two high-profile acquisitions have a combined cost of $21.2 billion.
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How VICI Properties is quietly becoming landlord to the biggest casinos in Vegas
The Nevada Independent

A buyer’s market: Vegas Strip casinos a hot commodity

Caesars Entertainment and MGM Resorts International want to sell their high-profile Las Vegas Strip resorts. The industry has seen more than $30 billion in mergers and acquisitions in the last 10 months. Many companies want the sale proceeds to pay down long-term debt. The gaming industry’s COVID-19 closures and subsequent operating restrictions have also played a role. Four of the five deals this year covering Strip properties involve real estate investment trusts and sale-leaseback agreements. VICI Properties” $17.2 billion pending acquisition of rival REIT MGM Growth Properties includes eight MGM-managed regional casinos in seven states and eight Strip developments.
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A buyer’s market: Vegas Strip casinos a hot commodity
Poker News Daily

MGM Resorts International to Sell The Mirage in Las Vegas

MGM Resorts International is looking to sell The Mirage in Las Vegas. The company is trying to diversify its Las Las Vegas portfolio. It already owns MGM Grand, Bellagio, Aria, Vdara, Excalibur, Luxor, Mandalay Bay, The Mirages, New York-New York and Park MGM. In September, it bought The Cosmopolitan for $1.625 billion.
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Review Journal

Las Vegas Strip landlord Vici sees revenues rise in Q3

Vici is an REIT affiliated with Caesars Entertainment Corp. It has inked real estate deals for Strip properties worth more than $21 billion this year. Vici announced in August it will acquire MGM Resorts International spinoff MGM Growth Properties in a deal valued at $17.2 billion. In March Vic and Apollo Global Management announced they will buy the Venetian, Palazzo and Sands Expo for $6.25 billion and $4 billion respectively. The company reported $375.7 million in revenues for the third quarter of 2021.
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Las Vegas Strip landlord Vici sees revenues rise in Q3
The Real Deal

Blackstone to Net $4B Profit in Sale of Vegas Casino

Blackstone agrees to sell The Cosmopolitan of Las Vegas for $5.6 billion. It's more than three times the $1.8 billion it paid for the property seven years ago. The transaction will separate hotel ownership from casino operations. MGM Resorts International is picking up the hotel for about $ 1.5 billion and the casino for around $4 billion, while the REIT will get the other $2 billion for its partnership.
Travel
Blackstone to Net $4B Profit in Sale of Vegas Casino
The Real Deal

Blackstone Shops Cosmopolitan Las Vegas for $5B

Apollo Global Management is interested in buying the Cosmopolitan of Las Vegas. Blackstone bought the property in 2014 for $1.7 billion. The property has undergone extensive renovations since then. Last month Vici Properties acquired MGM Growth Properties in a $17.2 billion deal. Bally's agreed to buy the operations of the Tropicana Hotel & Casino for $150 million.
Travel
Blackstone Shops Cosmopolitan Las Vegas for $5B
The Art Newspaper

Place your bids: Sotheby’s to auction 11 Picassos live from Bellagio in Las Vegas

Sotheby's will sell 11 works by Picasso from the MGM Resorts Fine Arts collection at the resort and casino Bellagio in Las Vegas this October. The entire collection has an estimate of $70.5m-$104.2m. It is the first time Sothebys has held a marquee, live-streamed evening sale in North America outside New York. Pre-sale exhibitions will be held at Sotherby’s NewYork location from 7 to 13 September and at Bellaggio Gallery of Fine Art from 17 to 23 October, with traveling exhibitions in Taipei and Hong Kong.
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Place your bids: Sotheby’s to auction 11 Picassos live from Bellagio in Las Vegas
The Motley Fool

The Las Vegas Strip Is Changing Before Our Eyes

VICI Properties will buy MGM Growth Properties. VICi Properties is a real estate investment trust. The goal of the deals is to monetize realestate and maintain the hotel and casino operations in an "asset-light" entity. The deal is significant shift of power in the industry.
Land-based
The Las Vegas Strip Is Changing Before Our Eyes
The Wall Street Journal

Casino Owner Vici Properties to Buy MGM Growth Properties

Vici Properties Inc. agreed to buy MGM Growth Properties LLC. MGM Resorts International will receive about $4.4 billion in cash. The deal values the casino real-estate owner at $17.2 billion, including about $5.7 billion of debt.
Travel
Casino Owner Vici Properties to Buy MGM Growth Properties
The Nevada Independent

Indy Gaming: Las Vegas left behind as Sands charts future in Macau, Singapore and online

The pending $6.25 billion sale of the Venetian, Palazzo, Sphere entertainment project and Sands Expo and Convention Center is expected to close later this year or in early 2022. The company's presence on the Strip began in 1989 when Sheldon Adelson acquired the Rat Pack-era Sands Hotel for $110 million. Sands is spending $17 million to fund a 2022 ballot referendum that could bring the state three non-tribal gaming run casinos. Stifel Financial gaming analyst Steven Wieczynski believes Sands might not be interested in the digital gaming world.
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Indy Gaming: Las Vegas left behind as Sands charts future in Macau, Singapore and online
The Nevada Independent

MGM Resorts still the Strip’s largest casino operator, just not its biggest landowner

MGM Resorts International used to own more than 800 acres of land on the Las Vegas Strip. Now it owns just 15 acres. The company is focusing on asset-light strategy. It owns a 50 percent stake in BetM MGM, the company's sports betting and online gaming operation. MGM made an $11 billion buyout offer for Bet MGM in January, but it was rejected. The offer was made under UK law. Analysts believe MGM wants to buy the other half of BetGM. They say the $8 billion in cash from the transactions could make an acquisition more palatable.
Travel
MGM Resorts still the Strip’s largest casino operator, just not its biggest landowner
The Motley Fool

MGM Resorts Is Betting Big on Las Vegas

MGM Resorts has made a big bet on the future of the Las Vegas Strip. It recently agreed to buy half of CityCenter for $2.125 billion and sell the other half for a total of $3.89 billion.
Travel
MGM Resorts Is Betting Big on Las Vegas
Card Player

MGM Resorts Sells Two More Las Vegas Strip Properties To Blackstone

MGM Resorts sells two more Las Vegas Strip properties to Blackstone for $3.89 billion. Blackstock already owns four casino properties on the Las Las Vegas Strip. It bought the Cosmopolitan LasVegasy from Deutsche Bank in 2014 and Bellagio from MGM in 2019. It also bought MGM Grand and Mandalay Bay in 2020. MGM Growth Properties owns 50.1% of the two recent properties sold. The company wants to continue its asset-light business strategy. They will own the casino business, but pay rent to the physical real estate asset.
Travel
Review Journal

Chicago casino resort about to enter ‘request for proposals’ stage

Chicago is planning to build a casino resort. Four gaming companies responded to the RFP. The city has a 40 percent gaming tax rate. Chicago attracted nearly 60 million domestic visitors in 2019. The area has more than 9.5 million residents. There are 130 daily nonstop flights from New York City, San Francisco and Washington, D.C. to Chicago. It has two major airports. A pandemic could affect the development of a Chicago casino. Illinois Legislature reduced the gaming rate for the proposed resort last year. Las Vegas-based Wynn Resorts Ltd. and MGM Resort International, Florida’s Hard Rock International and Chicago- based Rush Street Gaming responded.
Travel
Chicago casino resort about to enter ‘request for proposals’ stage
Casino News Daily

Casino Giant MGM Offloads Aria, Vdara to Blackstone in $3.9bn Deal

MGM Resorts International has agreed to sell Aria Resort & Casino and Vdara Hotel & Spa to The Blackstone Group for $3.89 billion. Blackstones will lease the resorts back to MGM for an initial annual rent of $215 million. MGM will buy out the remaining 50% stake in its CityCenter joint venture from a unit of its partner, investment firm Dubai World for a total of $2.12 billion to boost financial flexibility and secure new growth opportunities.
Travel
Casino Giant MGM Offloads Aria, Vdara to Blackstone in $3.9bn Deal
Barron's

Las Vegas Has Been on a Roll. Here’s How to Play the Next Leg of Its Rally.

Investors are bidding up Las Vegas-related stock prices and valuations. Some casino operators are looking to cut their direct exposure to the city. Las Las. Vegas Sands agreed in March to sell its Strip properties to VICI Properties. Investors can consider three ways to play that market: REITs, casino and resort operators on the Strip and those whose focus is off the strip.
Strategy Guide
Las Vegas Has Been on a Roll. Here’s How to Play the Next Leg of Its Rally.