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Internal Document Confirms Mirage Sale Rumors

MGM Resorts is communicating to its employees the Mirage resort is being sold.

According to an internal memo from Nik Rytterstrom, President & COO of The Mirage, the sale of the resort’s operations will be announced today, Nov. 3, 2021.

The Rytterstrom message starts with, “MGM Resorts is announcing today that it intends to sell the operations of The Mirage to another operator.”

Boom.

The document included a Q&A addressing employees questions related to the sale.

The Q&A leads off with “Do I still have a job?” The answer: “Yes. It is business as usual during this process and we ask that you continue to focus on your responsibilities and our guests.”

“Dear colleagues, please don’t freak out yet.”

The communication provided no further information about who the buyer of Mirage will be, or if the sale includes the land.

You might call it a fire sale.

It’s increasingly common in Las Vegas for REITs (real estate investment trusts) to own the land while another company, often MGM Resorts, operates the casino.

Look for more details about the sale of Mirage following the official announcement.

The post Internal Document Confirms Mirage Sale Rumors appeared first on Vital Vegas.

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