MGM Resorts Eyes Sale of the Mirage Amid Growth in New Sectors
Photo Credit: The Mirage (pictured) first opened in 1989. Wikimedia / Alexander Migl
Skift Take
Out with the old. In with the new. The Mirage is the aging grand dame in the MGM Resorts Las Vegas portfolio compared to newer trophy deals like managing the Cosmopolitan.
Even MGM Resorts hits a limit on how much of Sin City it can take.
The company, which operates about 40,000 hotel rooms across 13 resorts in Las Vegas, plans to sell operations of The Mirage, MGM Resorts CEO William Hornbuckle announced Wednesday on a third quarter earnings call. The sale exploration talks come after the company announced plans in September to acquire the operations at the Cosmopolitan of Las Vegas for $1.6 billion and won a bid to become a resort partner to bring a casino to Osaka, Japan.
The Mirage fell down MGM’s list of financial priorities amid a changing business model increasingly focused on digital gaming and away from the headache of owning real estate.
“As we looked at capital allocation, we have enough of Las Vegas,” Hornbuckle said on Wednesday’s call. “We think there is an opportune time and that this may be it to sell an asset in Las Vegas.”
A potential sale comes aft
