The Mirage casino in Las Vegas is closing down, and Nevada’s Department of Employment, Training and Rehabilitation (DETR) has said it will help employees who will lose their jobs to get new ones or start businesses. The famous casino run by Hard Rock International is to be shut on July 17 for major remodeling that will see it turned into a different brand.

DETR Launches Rapid Response Program for 3,350 Mirage Employees

Aiming to offer maximum assistance to the 3,350 staff that were affected by the shutdown, DETR is rolling out its Rapid Response Program. The initiative seeks to ensure that those who are laid off or have their places of work closed down can easily access different kinds of services and resources during this period of change.

Director of DETR, Christopher Sewell, noted that the department is dedicated to customizing support for Mirage workers and said that the goal is to help the employees as much as possible during these difficult times. DETR is planning on carrying out various workshops, job fairs, and information sessions so that employees can get equipped with the necessary skills for finding new jobs.

The Rapid Response team from DETR will provide a package which includes among other things budget planning help, advice on health cover alternatives, and vocational training courses. The materials shall be offered physically and virtually too in order to cater to the different needs of those affected.

Gov. Lombardo Applauds DETR’s Initiative

In his response, Gov. Joe Lombardo expressed his appreciation of how DETR has worked together with The Mirage proactively and pointed out their joint efforts in ensuring smooth handover processes for outgoing workers. The department is also connecting them with potential employers while at the same time organizing job fair events within Las Vegas Valley together with other companies.

If qualified union and non-union laborers stay until the scheduled closing date for The Mirage, they will get good separation pay that amounts to about $80 million in total. This is meant to help employees financially as they move on with their careers.

The shutdown of The Mirage means the end of an epoch for the famous Las Vegas Strip landmark. it has been instrumental in making this city become a leading luxurious holiday destination. The Mirage, founded by Steve Wynn in 1989, was the first megaresort on the Las Vegas Strip. Its success prompted the development of other properties. The complex boasts over 3,000 luxurious rooms and suites, a vast casino floor, world-class entertainment, diverse dining options, vibrant nightlife, and a tropical pool complex.

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The iconic Mirage hotel-casino on the Las Vegas Strip will shut its doors this summer, marking the end of an era for a property that played a pivotal role in transforming Sin City into a premier luxury resort destination.

The closure on July 17 will pave the way for extensive renovations and new construction on the 80-acre (32-hectare) property. In 2027, the site will reopen as the Hard Rock Las Vegas featuring a hotel tower shaped like a guitar, rising nearly 700 feet (about 210 meters) above the Strip.

“We’d like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage,” Jim Allen, chairman of Hard Rock International, said in a statement on Wednesday.

This will be the second casino on the Strip to close this year. The Tropicana Las Vegas ceased operations in April after 67 years to make way for a $1.5 billion baseball stadium, planned as the future home of the Oakland A’s, who are relocating.

From Polynesian Themes to Mega Resorts

The Mirage, developed by former casino mogul Steve Wynn, opened its doors in 1989 with a Polynesian theme, becoming the Strip’s first megaresort. This milestone spurred a building boom on the famous boulevard throughout the 1990s. The Mirage’s volcano fountain was among the first of the Las Vegas Strip’s sidewalk attractions, setting a trend that would later include the Venetian’s canals and the Bellagio’s dancing fountains.

For years, tourists flocked to the Mirage to witness Siegfried and Roy taming white tigers or to enjoy a Cirque du Soleil performance set to Beatles music. The final performance of the Beatles-themed show, which brought Paul McCartney and Ringo Starr back together for public appearances during its 18-year run, will also be in July.

Employee Transition and Future Plans

Hard Rock International announced that more than 3,000 employees will be laid off, with an expected $80 million in severance payouts. The Culinary Workers Union, representing about 1,700 Mirage employees since its opening, stated that last year’s contract ensures laid-off workers will receive $2,000 for each year of service. Additionally, the contract offers these workers the option to be called back to work and retain their seniority when the hotel reopens.

“Culinary Union will continue to ensure workers are protected and centered in the property’s future,” the union stated.

The Mirage made history in 2022 as the first Strip property to be run by a Native American tribe. Hard Rock International, owned by the Seminole Tribe of Florida, purchased the Mirage from MGM Resorts in a cash deal worth nearly $1.1 billion. At the time, Hard Rock assured that the property would remain operational under the Mirage brand while renovation plans were finalized.

The Mirage is currently accepting no bookings beyond July 14, with all reservations past that date to be canceled and refunded.

Source: “Mirage, a landmark Strip resort, prepares to vanish”. May 15, 2024.

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Star Entertainment Group has completed the sale of its Sheraton Grand Mirage Resort Gold Coast property. Announced earlier this year, the sale saw the Australian casino and hospitality giant sell the property for AUD 192 million (roughly $128 million at the time of the announcement).

The sale of the property came amid regulatory headwinds that saw the company lose public trust and experience deterioration in operating conditions.

Grand Mirage Resort Gold Coast was purchased by the Karedis and Laundy families. Best known for their activity in Australia’s liquor and hospitality sectors, the families will thus be able to expand their portfolio with another major property.

The sale was officially closed on November 3, providing Star Entertainment with almost AUD $60 (approximately $39 million in USD) in net proceeds. For reference, Australian Wattle Development originally purchased the property for AUD 140 million in 2017.

The Group Is Yet to Recover from the Bell Review

The Star’s post-review hurdles are not over yet. In 2021, the NSW Independent Casino Commission appointed Adam Bell SC to review the company’s business in New South Wales. After months of investigation, the Bell review uncovered multiple violations.

The company had to pay hundreds of millions in fines, almost lost its license to conduct business in the state and was forced to implement remediation measures and do better. The fines and the public trust Star lost caused its business to decline.

The silver lining is that the company’s remediation process seems to be going well. At the end of August, the company reported that it has so far implemented 22 of the 30 Bell review recommendations. The struggling casino and hospitality giant reaffirmed its intentions to do follow the recommendations outlined in the review and fix its shortcomings.

In addition, the company was recently able to strike a tax relief deal in NSW. The concession on casino duty rates with the NSW government is expected to help Star get its finances under control.

In other news, Star Entertainment was recently criticized by professional poker players who accused the company of banning players without providing any justification. Considering WPT’s exclusive partnership with Star Entertainment, this caused trouble for some elite poker players.

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Business News Australia reported that the Sheraton Grand Mirage Resort, a property owned by The Star Entertainment Group, has been put up for sale, with an asking price of around AUD200 million ($132.7 million). The move is seen as a cash grab by The Star, which bought the resort in 2017 for AUD140 million ($92.9 million). 

Gold Coast’s Resurgent Hotel Sector Sparks Interest Among Investors

The Star has appointed Colliers, McVay Real Estate and JLL to manage the expressions of interest campaign, which aims to capitalize on the Gold Coast’s resurgent hotel sector. This sector has been driven by the opening of The Langham, Gold Coast earlier this year. The Colliers team has fielded numerous inquiries, with most of the initial interest coming from domestic parties.

According to McVay Real Estate chairman Dan McVay, who first sold the property to developer Chris Skase’s Qintex group in 1991, the Gold Coast hotel market is currently experiencing high demand and low supply. The market is being supported by a resurgent domestic tourism industry, while international investor interest is also being driven by Australia’s emerging safe-haven status for capital.

Singaporean and Hong Kong investors have reported that they are looking at Australia for investment opportunities due to the ongoing war in Ukraine, with the two countries averse to investing in Europe, China, and America. McVay notes that the surge in room rates and occupancy levels have made hotels a highly attractive investment opportunity.

Investors Eyeing Unique Opportunity with Sheraton Grand Mirage

The Sheraton Grand Mirage is a luxurious hotel situated on a 3.45-hectare site at Main Beach with 300 meters of absolute beachfront. With 295 rooms, the hotel has gained immense popularity among Australian tourists. While room rates have generally been steady, they have increased significantly in the past two years. Despite the price surge, visitors are still willing to pay for the hotel’s upscale amenities and breathtaking location. 

Colliers boss Steven King says that the strong interest in the property is not unexpected, and many investors will run the ruler over it. The hotel is a unique property that does not often come up. King adds that hotels are achieving high occupancy rates and high nightly rates, making the market attractive to investors.

The Star, along with its Hong Kong-based partners Chow Tai Fook Enterprises and Far East Consortium, acquired the Sheraton Grand Mirage in 2017. The acquisition of the hotel was a response to competitive pressure from the Chinese-backed ASF Consortium, whose plans for a casino resort were canceled by the Queensland Government in 2017. Despite previous upgrades, industry sources suggest the property requires further investment.

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