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What’s happening with Mirage room rates ahead of July closure?

Updated June 28, 2024 - 2:16 pm

Mirage enthusiasts have just over three weeks to stay at the iconic hotel — and they can do it for a deal.

Room rates for The Mirage, set to close the hotel on July 14 and the property on July 17, are lower, on average, for the last days of operation, compared to the previous summer, Wall Street analyst reports and the hotel’s booking website show.

As of Monday afternoon, average nightly rates for the hotel start at about $106 for midweek and about $300 for weekend stays for the last three weeks of operations, not including taxes and resort fees, according to the direct booking website.

The last weeks include Independence Day, typically a high-travel week, and some earlier closures on the property like Cirque du Soleil’s “The Beatles Love” on July 7.

Hotel room rates are set based on supply and forecasted demand and are often subject to change. Time of year and major events can also influence room prices on the Strip.

Truist Securities analyst Barry Jonas noted that a property’s closure could benefit the competition as the market supply gets smaller. But given current room rates, it could mean less for the other hotel-casinos’ revenues.

“We note the closing of The Mirage on July 14th could drive some upside to Strip properties, though June and July room rates for The Mirage have been down (46 percent and 44 percent, year over year) respectively, suggesting low demand for the property as it shuts down,” Jonas wrote in a June 21 report to investors.

The Mirage’ mid-July closure marks a new chapter for the site after more than 30 years on the Strip. The iconic hotel-casino, designed by Steve Wynn, opened in November 1989 and kicked off a megaresort boom that shaped the modern Vegas landscape.

Operator Hard Rock International acquired the property in 2022 from MGM Resorts International with plans to transform the site. The company plans to renovate the existing buildings and build a 660-foot-tall, guitar-shaped hotel tower close to Las Vegas Boulevard.

The new Hard Rock Las Vegas is expected to open in spring 2027.

Contact McKenna Ross at mross@reviewjournal.com. Follow @mckenna_ross_ on X.

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