MGM Resorts International agreed Monday to sell its iconic Las Vegas strip hotel, The Mirage, to Hard Rock International in a $1 billion cash deal that is expected to close in the second half of 2022.

Hard Rock plans to build a guitar-shaped hotel in its place.

“This transaction is a significant milestone for MGM Resorts, and for Las Vegas. As part of the team that opened The Mirage in 1989, I know firsthand how special it is, and what a great opportunity it presents to the Hard Rock team," said MGM Resorts CEO and President Bill Hornbuckle in a press release.

"I want to thank all of our Mirage employees who have consistently delivered world-class gaming and entertainment experiences to our guests for more than three decades."

The Strip and Las Vegas are consistently transforming, and what was once a staple and inspiration for newer hotels, is now becoming grounds for future Strip opportunities.

The Strip has also recently added more modern additions like Allegiant Stadium, Resort World, and Las Vegas Gateway Arches, along with a Globe-shaped “MSG Sphere” for concerts expected to be completed in 2023.

The Hard Rock previously had a location just east of the strip. It was sold in 2018 and replaced by Virgin Hotels Las Vegas, which opened in early 2021.

MGM also recently sold its Circus Circus and Treasure Island properties, along with Hooters Hotel and Monte Carlo, which have recently changed ownership to become Oyo Hotel and Park MGM.

Casino industry experts have noted how The Mirage changed The Strip by pioneering a new brand of luxury resorts. The Mirage, at one point the most expensive resort in the world, would later be followed by similarly styled hotels.

"The whole mindset of what visitation to Las Vegas could be changed because of the Mirage," Hard Rock chairman Jim Allen told USA Today. "That ripple effect was not solely to Las Vegas, but frankly, in our industry in general in many different locations here in the United States and global."