The Hard Rock casino on the Las Vegas Strip has two owners sitting on top of each other. The business is run by Hard Rock International, which is wholly owned by the Seminole Tribe of Florida. The land and buildings belong to VICI Properties, a real estate investment trust that leases the site to Hard Rock on a long-term deal. So when people ask who owns the Hard Rock Casino in Las Vegas, the honest answer depends on whether they mean the operator or the real estate.
The Seminole Tribe of Florida Owns Hard Rock International
The Seminole Tribe of Florida has controlled the Hard Rock brand worldwide since 2007, when the tribe bought the company from The Rank Group for $965 million.1Hard Rock. About Hard Rock That purchase made the Seminole Tribe the first Native American tribe to own a major international hospitality and gaming brand. Hard Rock International is headquartered in Florida and runs hundreds of cafes, hotels, and casinos around the world.2Wikipedia. Hard Rock International
The Las Vegas Strip property is one of those operations. Hard Rock holds the gaming license, employs the staff, and manages the casino day to day.
VICI Properties Owns the Land and Buildings
The real estate under the casino belongs to VICI Properties Inc., an S&P 500 real estate investment trust that specializes in gaming and entertainment properties.3VICI Properties. About Us This split between the operator and the landlord is common across the Nevada casino industry. The gaming company runs the resort; the REIT collects rent on the ground beneath it.
The lease between VICI and Hard Rock runs 25 years to start, with three 10-year renewal options that could keep Hard Rock on the site for up to 55 years.4Business Wire. VICI Properties Inc. Enters Into Lease Agreement with Hard Rock International Related to the Mirage Hotel and Casino in Las Vegas Initial annual base rent is $90 million. It is a triple-net lease, so Hard Rock also pays property taxes, insurance, and maintenance on top of the rent.5SEC. VICI Properties Inc. Annual Report – 2022
How Hard Rock Took Over the Site
The property sits where The Mirage used to stand. Hard Rock International bought the operating assets of The Mirage from MGM Resorts International for $1.075 billion in cash.6PR Newswire. MGM Resorts International Announces Agreement to Sell Operations of The Mirage for $1.075 Billion After Nevada Gaming Commission approval, Hard Rock took operational control on December 19, 2022.7Hard Rock. Hard Rock Completes Acquisition of The Mirage Hotel and Casino Hard Rock ran the property under The Mirage name for about a year and a half, then closed it on July 17, 2024, to begin redeveloping the site into a new Hard Rock resort anchored by a 42-story guitar-shaped hotel tower.
The Old Hard Rock Hotel on Harmon Avenue Is a Different Property
The property most people remember as “the Hard Rock” in Las Vegas sits on Harmon Avenue, off the Strip, and has no connection to the Seminole Tribe’s current project. JC Hospitality, backed by Juniper Capital Partners and a group of investors including Virgin Group, bought that property in March 2018 for $500 million.8Wikipedia. Virgin Hotels Las Vegas It closed in early 2020 for renovation and reopened in 2021 as Virgin Hotels Las Vegas, with all Hard Rock branding stripped out and the memorabilia returned to Hard Rock International.9Eater. Hard Rock Hotel Could Make a Comeback in Las Vegas If you are looking for the Hard Rock casino, it is the Strip site at the former Mirage, not the Harmon Avenue building.