The Divine Miss M is leaving Las Vegas.

Bette Midler, whose Las Vegas residency “The Showgirl Must Go On” was expected to be a smash at The Colosseum at Ceasars Palace, is closing the high-spirited revue at the end of January after nearly two years.

While the show reportedly had strong initial ticket sales when it debuted in February 2008, those sales tailed off quickly, leading to discounts and special deals. The show often held the top spot in TicketNews’s exclusive ranking of leading Las Vegas events over the two-year period, but for much of that time other popular Vegas shows, such as Cher and Elton John, were on part-time schedules.

“The Showgirl Must Go On” ends its run on January 31. According to a calendar on the casino’s official Web site, tickets are currently available through Midler’s January 26 performance. A specific replacement for Midler has not yet been announced, but Cher is said to be continuing her run at the venue into 2010.

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In a prepared statement, Midler thanked the show’s promoters, AEG Live, and Ceasars Palace.

“What a fabulous two years this has been, and I thank AEG and Caesars Palace for the best partnership a showgirl could imagine,” the performer said. “Who knows? These legs have had such a great run in the desert — it may be time to haul them to places with more humidity and fewer slot machines. But first I need to finish recording my album of the sexiest new love songs that only a showgirl could sing.”

Whether the show lost some steam along the way, the economy also played a factor, as overall Las Vegas tourism has taken a hit over the past 12-18 months.

Midler’s departure comes just as a competing hotel down the strip, the Wynn, gears up for the heavily hyped five-year residency of Garth Brooks, a run that has already sparked much debate due to the strict ticketing policy the show will employ.