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MGM Resorts sells The Mirage to Hard Rock for $1.1bn

14th December 2021 9:37 am GMT
Playtech

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 [...]

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