Rumor: Mirage to be Sold

Wow, didn't see this coming: http://vitalvegas.com/mirage-las-vegas-resort-will-be-sold-to-former-owners-of-riviera/

Not sure how I feel about it. I never really stayed at the Riv. I liked the Mirage, but also haven't stayed there in years. I hope they maintain the quality. My only thoughts on the Riv was that it seemed very dirty the last time I went in there a couple years ago

 

Wow! If MGM would part with Mirage, I wonder what else is on the chopping block? Luxor? Mandalay Bay?

 

Las Vegas Advisor also says the buyer is Starwood - http://www.lasvegasadvisor.com/whatsnews.cfm#20642

 

I was thinking the same thing.

Yesterday I was looking at the MyVegas Mirage room offerings for late December.

 

Someone who knows math/accounting/basic business principles is probably better-suited to discuss this, but I suspect the Mirage's lackluster numbers had something to do with it. Still, sad to see the Mirage leave the MGM family.

 

Hmmm glad to see another hotel peeled off the CET / MGM dualopoly since it's better for gamblers. However I hope they don't F the joint up like Ruffin did with TI.

 

Extremely disappointed if its true. of course wont get any comp room offers on MLIFE for the Mirage. I quit playing at the TI when Mgm sold it.

 

From the LVA article it sounds like MGM is consolidating its properties, so Luxor and Mandalay are probably safe (just a guess) since MGM has a stronghold on the south strip (Mandalay to Bellagio). As the article mentions however, it does mean that Circus Circus might be the odd man out. So perhaps it will be on the chopping block next?

Interesting read. Thanks for posting OP (UKFan) and xwrestling (LVA article).

 

Wow...MGM had been shedding some of their older non-Vegas casinos over the last year, too. Gold Strike, CC Reno, El Dorado.... Didn't think they'd bail on a Vegas property, but there you go. They were starting to bounce back after the recession, and thought they would be fine with what they had. Guessing they want money to build in Maryland and Mass. in the US, and more overseas?

And I find it kind of ironic that buying the Mirage and Co. in 2000 is what turned MGM into the Goliath it is now.

 

I would put the blame for the Mirage's numbers solely on MGM. Most of their ideas for it were lackluster and poorly executed. IMO, they were kinda wrecking the props most linked to Wynn in order to make what they developed look better than his stuff. If Bellagio wasn't such a cash cow for them, gosh knows how bad it would have gotten.

I am disappointed in the new owners. The Mirage needs to be at least owned by a company that doesn't need to outsource casino management.

 

Would assume it's a transaction to sell off a property that's not physically linked to the rest of the portfolio. It should bring in a ton of money and help finance all of the renovations they have been completing. I doubt this means they are going to continue to sell of strip properties.... though if they do Circus Circus and the Mandalay Mile properties seem ripe for the picking.

 

I'm hoping more competition on the Strip will be favorable for the gamblers. I foresee CET shedding a few Vegas properties in the next few years.

 

Circus Circus is a money maker.

 

I have a crazy theory that MGM is getting ready for a possible Japan bid. It somewhat makes sense with that Kabuki performance at the Bellagio fountains. LVS and Boyd have been talking up Japan recently as well.

 

I wondered back when they changed from MGM-Mirage to MGM Resorts, if they were laying the groundwork to "cut it loose". I figured if it happened it would be sold to Ruffin though.

Oh well, I've always wanted to stay there, but they won't sell me the "Mirage Suite". Maybe that will happen now.

 

Damn! I like the Mirage! I hope they move Love to another MGM property. Maybe they can stop Zarkana and move Love to Aria...lol.

 

Isn't CC one of the most profitable properties on the Strip?

 

No the shows will stay with each casino look at TI and Mystere.


With Mirage not a part of MLIFE i might have to visit and stay there now....LOL...


watching Diners, Drive-in and Dives right now and they are showing Fat Choy. Looks really good

Next time we are there I'm buying you dinner there it looks really good

 

Wow this is big news. I'm not sure but wasn't there talk last year about this property maybe being sold last year? Not sure if I read it here.

 

Not saying it will not happen, but quoted from the link above:

Another Las Vegas hotel bombshell is about to drop: The Mirage Las Vegas will be sold within the next three weeks.