Mirage Hotel & Casino in Las Vegas, Nevada is set to close its doors after 35 years to make way for the new Guitar Hotel by Hard Rock International. This closure marks a new chapter for Las Vegas, where sports and entertainment have become a bigger draw for tourists than gambling. Chairman of Hard Rock International, Jim Allen, expressed his excitement and gratitude for the opportunity to remake this legendary integrated resort.
The Mirage was a groundbreaking property when it opened in 1989, becoming the largest hotel in the world at that time. Steve Wynn, the creator of Mirage, wrote a tribute to the property, acknowledging its role in transforming Las Vegas into the fastest-growing city in America. The success of Mirage paved the way for other themed resorts like Excalibur, Luxor, New York-New York, Paris Las Vegas, and The Venetian.
However, the future of Las Vegas lies in luxury experiences such as high-end dining, top-notch entertainment, and exclusive sports packages. Hard Rock International has extensive experience in providing these luxurious touchpoints, not just in Las Vegas but also in Florida, Atlantic City, New York, and 70 other countries worldwide. The company, owned by the Seminole Tribe of Florida, purchased The Mirage from MGM Resorts and plans to partner with VICI Properties, the largest property owner on the Las Vegas Strip, for the new resort.
Hard Rock will model its Las Vegas renovation after its successful Guitar Hotel in South Florida. In a highly competitive market like Las Vegas, staying relevant requires frequent renovations, facility upgrades, and new amenities to attract both leisure travelers and convention-goers. MGM Resorts is stepping up its investment in Las Vegas to maximize the benefits of its portfolio positioning around sports venues. On the other hand, Caesars has been criticized for being stingy with its investments in Strip properties.
The closure of Mirage will have an impact on the availability of hotel rooms in Las Vegas. CBRE analyst John DeCree estimates that nearly a million room nights will be taken out of circulation annually due to the closure. This comes after the recent closure of the Tropicana, which further reduced the number of available rooms on the Strip. In total, 4.9% of the available rooms will temporarily disappear at a time when room rates and visitation are reaching record highs.
While the closure of Mirage may provide an opportunity for its neighbors to attract more visitors, Hard Rock’s entry into the Las Vegas Strip is expected to bring stiff competition when it reopens. The company plans to hire back many of the 3,000 employees who will lose their jobs when Mirage closes, with the new resort scheduled to reopen in spring 2027. Hard Rock already has plans to bring in renowned artists for long-term residencies, which is sure to generate buzz and excitement among visitors.
In conclusion, the closure of Mirage and the upcoming transformation into the Guitar Hotel by Hard Rock International signifies a shift in Las Vegas towards luxury experiences and entertainment. As the city continues to evolve, it is crucial for resorts to invest in renovations and amenities to stay relevant in a highly competitive market. While the closure of Mirage may temporarily affect room availability, it presents an opportunity for neighboring resorts to attract more visitors. Overall, the future of Las Vegas lies in providing unforgettable experiences that go beyond traditional gambling.
