Hard Rock International has taken over The Mirage on the Las Vegas Strip for nearly $1.1 billion, MGM Resorts International announced on Monday.

Hard Rock has plans to build a guitar-shaped hotel on the property by the end of 2023. Along with a complete redesign of the interior of the hotel.

The acquisition was announced in December 2021.

"The process is anticipated to take an extended period, but ultimately will dramatically reimagine every aspect of the resort and change the Las Vegas skyline with the addition of a guitar-shaped hotel tower adjacent to Las Vegas Blvd.," Hard Rock officials said in a press release.

Hardrock Chairman Jim Allen said in a statement that the property's 3,500 employees were integrated into Hard Rock's 45,000-member workforce around the world on Monday as well.

"Today, we'd like to officially welcome the 3,500 team members at The Mirage to the 45,000 global Hard Rock family and express our gratitude to the Nevada Gaming Control Board and the Nevada Gaming Commission for approving the gaming license for us to operate The Mirage Hotel & Casino," Allen said.

"We are excited to create an integrated resort on The Strip that will make this legendary entertainment community proud," he added.

Hard Rock once owned a Hard Rock Hotel and Casino located off the Las Vegas strip about half a mile away. It was taken over by Virgin Hotels Las Vegas in 2021. The new Hard Rock hotel will be the first of its kind on the strip.

"We're thrilled to welcome Hard Rock to the neighborhood and wish them all the very best," Bill Hornbuckle, CEO and president of casino giant MGM Resorts International, said in a statement.

The hotel will continue operations as The Mirage "until the renovation and rebranding of the property to the Hard Rock Hotel & Casio Las Vegas is complete," Hard Rock said in the release.