Hard Rock plans to enter into a long-term lease agreement with VICI Properties Inc., which owns the real estate for the Strip property.

Hard Rock will control the resort’s operations and its casino, according to the company. Hard Rock will eventually rebrand the property.

“We are honored to welcome the Mirage’s 3,500 team members to the Hard Rock family,” Jim Allen, chairman of Hard Rock International, said in a statement. “When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests from around the world to its nearly 80-acre center-Strip location.”

Through a news release, Hard Rock said it plans to build “an iconic guitar-shaped hotel” on the property. It was unclear Monday afternoon exactly where that building would go.

As part of the agreement between the gaming companies, MGM will retain the Mirage name and brand, though it agreed to license it to Hard Rock royalty-free for a maximum of three years.

In a letter to employees in November, MGM CEO Bill Hornbuckle said a sale of the Mirage would be “best for the long-term success” of the property and company.

Built by casino mogul Steve Wynn, the Mirage opened the day before Thanksgiving in 1989. It was acquired by MGM in 2000.

With its large footprint and 90-foot fire-spewing volcano, the Mirage was one of the most elaborate hotel projects in the world when it was built. The cost of the project was $620 million.

In the 1980s, Hornbuckle worked on the opening of the Mirage.

“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,” he said. “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.”