MGM completes sale of Mirage to Hard Rock for $1.075B; annual lease rent reduced by $90M

MGM Resorts International

Sold all equity interests of The Mirage Casino-Hotel to HR Nevada, LLC (Hard Rock) for $1.075B in cash, subject to customary adjustments.
Amended master lease with VICI Properties to remove Mirage; annual rent reduced from $860M to $770M.
Transaction closed on December 19, 2022; Mirage becomes indirect subsidiary of Seminole Hard Rock International.
MGM's lease obligations reduced by $90M per year; remaining lease covers 13 facilities.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MGM Resorts International amended Lease Amendment with MGP Lessor, LLC valued at from $860 million to $770 million.

Action: amendment
Agreement: lease
Counterparty: MGP Lessor, LLC
Value: from $860 million to $770 million

Exact text from the filing

In accordance with the terms of the Purchase Agreement, MGM Lessee, LLC (“ Tenant ”) and MGP Lessor, LLC, a subsidiary of VICI Properties Inc., terminated Tenant’s existing leasehold interest in The Mirage Hotel & Casino under the Amended and Restated Master Lease, dated as of April 29, 2022 (the “ Master Lease ”) pursuant to that certain First Amendment to the Master Lease dated as of the Closing Date (the “ Lease Amendment ”).

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MGM Resorts International filing history →

Source: SEC EDGAR

accession 0001193125-22-308342

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