The Mirage Hotel Set To Shut Down Sans Bankruptcy- Rumored Filming Site Of Record-Breaking New Game Show

The Mirage is an iconic hotel in Las Vegas that first opened in 1989 and has 3,044 rooms. The Mirage set the trend for sidewalk attractions on the Strip with its famous volcano. But now, after 34 years in operation, The Mirage is set to close on July 17, 2024. Unfortunately, this means the loss of approximately 3,000 jobs. However, The Mirage is not filing for bankruptcy, and it will be remodeled into a Hard Rock Hotel- complete with a giant electric guitar- set to open in 2027. This creates unique opportunities that might not have been available if the hotel had declared bankruptcy. For example, filing for bankruptcy could force a hotel to liquidate its assets, such as furnishings in rooms and throughout the rest of the resort and casino. And these assets are rumored to have a different use. 

Mr. Beast is a content creator on YouTube who just surpassed 300 million subscribers, making him the most followed creator on the site. He is known for filming elaborate challenges with life-changing prizes. For example, he once created a video where he constructed a fake grocery store and gave a man $10,000 for every day he could tolerate living in it. Mr. Beast, aka Jimmy Donaldson, is looking to expand his audience even further with a new reality show on Amazon Prime. Beast Games is set to start filming in mid-July 2024 in Las Vegas, which is timed suspiciously well with the closure of The Mirage. Beast Games is breaking reality show records by hosting an astonishing 1,000 contestants competing for a $5 million prize, the largest in reality show history. And with the heat reaching dangerously high temperatures in Las Vegas, it’s safe to assume that these 1,000 contestants won’t be sleeping in tents. The Mirage, owned by MGM, owned by Amazon, the streaming service to broadcast the show, would be the perfect place to host such an event. 

While many of The Mirage’s employees received severance packages, a hotel closure can make life more difficult for its surrounding environment. When the cost of living is high and businesses are shutting their doors, debt relief may become necessary. To learn more about the process of declaring bankruptcy in the Las Vegas area, call 702-370-0155 for your free consultation with our firm. 

What Would Happen If You Won A Gameshow After Declaring Bankruptcy?

While the odds of winning are low, a sum as high as $5 million would solve most people’s financial problems and make them set for life. But what would happen if the winning contestant had recently discharged their debts in bankruptcy? That $5 million would likely have been enough to pay off everything discharged in the bankruptcy, as well as provide the winner with a substantial nest egg. There is a 180-day rule after bankruptcy discharge that if the debtor receives a windfall, such as a large inheritance or winning the lottery, this income can be used to pay back creditors. An advantage for the debtor here is the long filming length of competition reality shows. Some reality shows film for 2-3 months, which means the hypothetical winner/debtor would have only needed to complete their bankruptcy case a few months before filming begins for their potential winnings to be protected. Additionally, if the debtor paid off all of their debts in chapter 13, there would be no debts left to collect from their reality show cash prize. 

Timing a bankruptcy filing correctly is key to ensuring that the debtor gets to protect as many of their assets as possible.  There could be several other factors besides a potential windfall after bankruptcy that could affect when your case should be filed. Learn which are relevant to your potential case by discussing your situation in-depth with a skilled bankruptcy lawyer. For your free consultation with The Law Office of Erik Severino, call 702-370-0155. 

Our Predictions For The Show

• Mass Elimination: One thousand contestants is a lot of people to wrangle. Even with 3,000 empty rooms at The Mirage, it would undoubtedly make things easier on producers to eliminate a significant portion of the participants early on in the process. This could even be the first challenge, as it may be difficult for viewers to be introduced to 1,000 contestants and keep track of their performance. Because the show will include live-streaming, this lends itself to an endurance challenge. Viewers who tune in and watch for an entire endurance challenge, which could be several hours, will get in the habit of watching the show and live streams. 
• Hide & Seek: Several Mr. Beast videos have ended in adrenaline-pumping games of hide and seek. He has had contestants play the childhood game for hours on end in the Mall of America and a baseball stadium. The Mirage has plenty of rooms and attractions that could make for an exciting game of hide and seek. 
• Non-stop Excitement & Prizes: Mr. Beast’s YouTube videos have a distinctive style of a constantly-high level of excitement. These include twists, extra prizes like cash and Teslas, temptations, and side challenges. You can probably expect that some contestants will be offered fabulous prizes in exchange for leaving the show and their shot at $5 million. Additionally, Mr. Beast videos tend to focus on contestants who are relatable and can be funny in just a few seconds, rather than contestants with a touching backstory. Therefore, we predict that unlike some shows (such as America’s Got Talent, better known as America’s Got a Sob Story), Beast Games will focus on the action rather than the contestants’ emotions. 
• Betrayal: What’s a good strategy game without at least a little bit of betrayal? Some of the most memorable moments in reality show history involve betrayal, such as when notorious reality villain Johnny Bananas was given the option of splitting the prize money with his teammate on The Challenge or stealing it all for himself, and he took the latter. We predict that contestants, who will be living with each other for weeks and developing relationships, will be given the opportunity to betray each other. 

Filing For Chapter 7 Or Chapter 13 Bankruptcy In Las Vegas, Nevada

If you are struggling with debt, $5 million probably sounds pretty great right now. Unfortunately, the deadline to apply to compete in Beast Games has passed. The good news is that bankruptcy can serve as an effective debt relief to anyone who qualifies. While the chances of winning Beast Games are only about 1 in 1,000, almost all debtors who file their petitions with a high-quality bankruptcy attorney will see their debts discharged. A bankruptcy lawyer who is skilled in both chapter 7 and chapter 13 can help you best determine which is right for your situation. At The Law Office of Erik Severino, our team will assist you in getting the most out of bankruptcy, starting with your 100% free consultation. Qualified clients can file using our Zero Down Las Vegas Bankruptcy Firm payment plan option. To learn more about the services our firm offers today, call 702-370-0155 for your free consultation. Contact us!

Las Vegas Bankruptcy Lawyers

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