4 Oct 2021, Vegas – MGM resort puts up their Mirage Casino and Hotel on sale. The resort is also known to be a very attractive tourist site. The company’s reason for selling one of their biggest projects in Vegas is simply that Mirage is an “ageing property”. According to MGM Resorts International, the owner of the casino, there are better investments they can make than to keep an old man standing. Although, the Mirage Casino is steadier in income than most casinos in Vegas.
Just the location of the casino is enough to know its worth. While discussing on a call with some investors, MGM Chief Executive Officer Bill Hornbuckle said “It’s at the center of the strip. It was built to last”. The company itself is aware of how good of a project the Mirage casino was.
However, MGM seems to look for some diversity as Mr Bill Hornbuckle says “But as we look at capital allocation and we looked at the notion of diversification. We have enough of Las Vegas.”
Analyzing CEO Hornbuckle’s statement, we can assume that the company might already have some plans to open a new resort outside Las Vegas. Still, it is just a theory and this is not confirmed by the MGM group. Moreover, we can also conclude that the casino has not been doing well as the company seemed unsatisfied with the capital allocation of the casino. Nevertheless, it is no doubt the Mirage casino is one of the favorites for many people. With River Valley Casino 275 million dollar expansion in Arkansas, the US casino industry is booming at the moment. Hence, it is safe to say that many investors must already be looking to get their hands on the Mirage.
Background on the Mirage Casino
The Mirage Casino was built in 1989 at the center of the Las Vegas Strip. The casino is known for the volcano eruption, the dolphin habitat, and the secret garden. Being one of the first large scale casinos and resorts to be built in Vegas, many people are deeply attached to it. After all, the residents grew up looking at it for 31 years.
At the time the casino was built, Las Vegas was facing a decline in tourism. There were not many attractions in the city. Hence, to ail the business, there was a need for a big, high profile project. The Mirage Casino then was built for the purpose to jump-start the industry. The resort and casino was the most expensive project in history. This was because the total cost for the construction of the project was 640 million dollars which were more than any other casino investment ever made at that time.
The casino was very successful in catching the attention of tourists from many countries. Its unique attractions became very famous. Furthermore, the free of cost family activities helped it earn a big name. One of the most attractive features was its distinctive gold windows, which were tinted with real gold dust.
The casino still has great worth and is predicted to be sold at a very high price. The Mirage casino has a big history and many people love it to this day. Hopefully, the next buyer would not tear the casino down. Stay tuned for more news on the Mirage casino’s deal.