The company made the announcement in its earnings call late Wednesday, explaining to analysts that it doesn’t want to invest more money into the 32-year-old property best known for its exploding volcano. No buyers or price for the Mirage were revealed.
MGM Resorts CEO Bill Hornbuckle said on the call they are in the “early stages of a process to sell the operations” of the Mirage. “Doing so will allow us to maintain our existing Las Vegas exposure while focusing on the complementary and diverse nature of our offerings in our hometown,” he said.
“There’s 77 acres, much of it’s really undeveloped in the context of what could be there,” Hornbuckle said of the Mirage’s potential growth under a new owner. “As we look at capital allocation and we look at the notion of diversification, we have enough of Las Vegas.”
MGM’s stock jumped 4% in premarket trading following the news of the sale and posting a third-quarter profit.