MGM Resorts International Selling Operations of Mirage Hotel and Casino to Hard Rock International

Traffic on the Las Vegas Strip streaks past the replica of the New York's skyline that forms the New York New York hotel, in Las Vegas, Nev., on Nov. 16, 2001. David McNew/Getty Images

MGM Resorts International is selling the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash, the company announced on Monday.

The Mirage, an iconic strip resort located in Las Vegas, opened in 1989 and was acquired by MGM Resorts in 2000 for $4.4 billion in cash. It is best known for its 90-foot Strip-side volcano.