New York-listed casino operator MGM Resorts International has reached an agreement to sell the operations of The Mirage Hotel & Casino in Las Vegas to Hard Rock International for $1.075bn in cash.
The purchase price represents an approximate 17x multiple on 2019 adjusted property EBITDA, with MGM expecting to receive net cash proceeds of approximately $815m after taxes and estimated fees.
“This transaction is a significant milestone for MGM Resorts, and for Las Vegas,” said MGM Resorts [...]
