MGM Resorts is putting the Mirage Resort and Casino up for sale, ending a 21-year ownership of one of the Strip's most famous and popular properties. When the company made the announcement, it explained to analysts that it doesn't want to invest more money into the 32-year-old property best known for its exploding volcano. No buyers or price for the Mirage were revealed MGM did not provide any further information about who the buyer of Mirage’s operations will be, or if the deal will include the land. It will not affect the day to day operation of the Mirage. The Mirage opened in 1989 under previous owner Steve Wynn and was purchased in 2000 by MGM. What was Shocking at the time was for a major construction project in Nevada to go over budget. The Mirage went over budget and finished somewhere north of $600 million. That was how Steve Wynn built the Mirage, the Casino that transformed the Las Vegas Strip. MGM (MGM) owns about a dozen properties in Las Vegas, including the Bellagio, MGM Grand and Mandalay Bay.
MGM also announced the acquisition of the operations of The Cosmopolitan of Las Vegas. Mirage is just one of the number of sales that have happened in Las Vegas in recent years. In 2019, MGM sold Circus Circus for $825 million and formed a joint venture with private equity firm Blackstone (BGB) to acquire the Bellagio's real estate and lease it back to MGM Resorts in a $4.25 billion agreement.