When The Mirage changed hands [last] week, it marked the beginning-of-the-end for its iconic volcano attraction. The sale also shed more light on a growing, lucrative real estate trend on Las Vegas Boulevard: Casino landlords are collecting hefty rents.
MGM Resorts International announced Monday that it closed its nearly $1.1 billion cash sale of The Mirage’s operations to Hard Rock International, which assumed control of the property as of 6 a.m. that day.
Also Monday, Vici Properties, which owns The Mirage’s real estate, said it entered a lease with Hard Rock that calls for initial annual rent of $90 million.
Real estate ownership along Las Vegas Boulevard has dramatically changed in the past several years, as casino resorts up and down the Strip are now leased to rent-collecting landlords.
