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MGM is selling operations of The Mirage to Hard Rock for more than $1 billion

New York(CNN Business) MGM Resorts International announced Monday that it's selling the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion.

The sale should provide $815 million in net cash proceeds, MGM said. The transaction is expected to close in the second half of 2022.

"This announcement marks the culmination of a series of transformational transactions for MGM Resorts during the last several years," said Paul Salem, MGM's chairman, in a statement. ""The monetization of our entire real property portfolio, together with the addition of CityCenter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the Company with a fortress balance sheet, premier portfolio, and significant financial resources to pursue our strategic objectives."

MGM put The Mirage, which it had owned for 21 years, up for sale in November. It told analysts at the time that it didn't want to invest more money into the 32-year-old property.

The Mirage is located in the heart of the Las Vegas Strip and is known for its exploding volcano. MGM acquired the property in 2000. MGM owns about a dozen properties in Las Vegas, including the Bellagio, MGM Grand and Mandalay Bay.

The Mirage name may not stay. MGM Resorts will license The Mirage name and brand to Hard Rock royalty-free for up to three years "while it finalizes its plans to rebrand the property."

- CNN's Jordan Valinsky contributed to this report.

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