Here’s What We Know About MGM Resorts’ Mirage Sale

The Mirage For Sale By Owner Sign MGM

Las Vegas played host to several major casino sales over the past year. There is no sign of this trend slowing down anytime soon. Today, more information on MGM Resorts’ Mirage sale was officially released to the public.

A lot has been changing with MGM Resorts lately. Now is a great time to talk about why this company is interested in selling one of its most popular Las Vegas casinos. We’ll also discuss some of the recent moves that other companies have been taking to increase profits.

Let’s get into it!

Details on MGM Resorts’ Mirage Sale are Now Beginning to Surface

The past two years have been some of the most unusual in history for Las Vegas. Throughout 2020, casinos were forced to remain closed and gambling revenue in the city hit record-low numbers.

Things completely turned around in 2021. Tourism has been increasing throughout the year and gambling revenue has been steadily rising. The casino industry in Las Vegas broke monthly revenue records on several occasions.

MGM Resorts International is one of the most successful casino companies in Las Vegas. This week, news broke that the company is now in the process of selling The Mirage, a popular casino on the Las Vegas Strip. CEO Bill Hornbuckle spoke about MGM Resorts’ Mirage sale to the media earlier today.

“We believe is best for the long-term success of both the property and MGM Resorts,” Hornbuckle said. “[MGM Resorts is] committed to continuing to maintain and develop our existing Las Vegas portfolio with no plans for other changes on the Strip at this time.”

This is likely a move to boost the company’s revenue figures for 2021’s fourth quarter. We’ll be sure to offer more updates on this major sale over the next few months.

Caesars Entertainment is Also Planning a Las Vegas Casino Sale

MGM Resorts is far from the only successful casino company operating in Las Vegas right now. Caesars Entertainment has been running casinos in this city for decades. Not long ago, this company released its third-quarter revenue reports and revealed it saw a major revenue decline.

Shortly after this news broke, Caesars’ share prices took a major dip. The company’s share prices quickly rose again after news of an upcoming Las Vegas casino sale broke. Caesars confirmed it is planning to sell one of its Las Vegas Strip properties, yet it’s unclear which venue will soon be up for grabs.

Many of the other casino operators in Las Vegas may look at property sales in the future, too. A growing number of smaller US gaming companies are expressing interest in breaking into the city’s market. These sales may provide the perfect pathway for that to happen.

The US casino industry remains in a good position. Tourism into major gambling hubs remains strong and new casinos are opening around the country. It remains to be seen if 2022 will be an even more successful year than the record-breaking 2021, though.

Many of the top US casino operators remain focused on their operations in Macau. Here’s a quick update on how Asia’s top gambling destination is faring right now.

Macau’s Gambling Revenue Continues to Disappoint

Macau has been one of the most successful gambling destinations for years. Prior to 2020, this territory would draw in millions of people on a monthly basis to gamble inside its world-class casinos. Unfortunately, this city has struggled immensely since the start of the Covid-19 pandemic.

Analysts remain uncertain of when things will recover here. Intense health regulations remain in place here that are keeping tourists away. Mainland China continues to implement certain restrictions on travel here, too.

This has been devastating news for the US casino companies based in this city. Las Vegas Sands, in particular, has struggled immensely due to its operations in Macau. It owns and operates several properties in this territory, all of which are still struggling to generate revenue.

Officials in Macau are now in the process of renewing the casino licenses for US casino operators. There is some concern that these licenses will not be renewed. Casino executives remain confident in obtaining another license and continue to tell the media they expect casino revenue to increase throughout 2022.

Are you surprised to hear about MGM Resorts’ Mirage sale? Which casino do you expect this company to sell? Let us know in the comments section below.