In a statement MGM Resorts International said, it would divests its stake in the Mirage hotel and casino in Las Vegas to Hard Rock International for about $1.08 billion in cash.

The Mirage opened in 1989 and was acquired by MGM Resorts in 2000. The property is known for its entertainment options and 90-foot Strip-side volcano.

The deal is expected to close during the second half of 2022 and is likely to deliver to MGM Resorts net cash proceeds of about $815 million after taxes and fees.

The company will retain the Mirage name and brand, licensing them to Hard Rock royalty-free for up to three years while it finalizes its plans to re-brand the property.

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Tags: acquisition, Casino, divests, expected to close, Hard Rock International, Las Vegas, M&A, merger, MGM Resorts International, Mirage hotel, net cash, stake