MGM Resorts InternationalIt announced Monday that the Mirage Hotel and Casino in Las Vegas would be sold to Hard Rock International, for approximately $1.08 trillion in cash.

MGM Resorts acquired the Mirage in 2000. It was first opened in 1989. This property is famous for its entertainment and 90-foot strip-side volcano.

MGM Resorts expects to close the deal in the second half 2022. The net cash proceeds from this sale will likely be approximately $815million after taxes and fees.

While the company finalizes plans for rebranding the property, it will continue to retain Mirage’s name and brand.