Mirage Resorts

Mirage Resorts was an American hospitality and gaming company founded by Steve Wynn in 1973 under the name Golden Nugget Companies. It began with Wynn's acquisition of majority control of the Golden Nugget casino in Las Vegas and developed from a casino operator into one of the most influential resort developers in modern Las Vegas history. The company initially operated the Golden Nugget in Las Vegas and expanded to Atlantic City in 1980 with the Golden Nugget Atlantic City. Its Atlantic City strategy proved short-lived. Frustration with New Jersey gaming regulation contributed to the sale of the property in 1987, while the company later returned to the market through plans for the proposed Le Jardin resort. In Nevada, the company acquired the Nevada Club in Laughlin in 1989 and converted it into the Golden Nugget Laughlin. Wynn's defining project was The Mirage, which opened on the Las Vegas Strip in November 1989. The approximately $630 million resort combined a luxury hotel, casino, elaborate South Seas-inspired theming, a prominent erupting volcano, and high-profile entertainment. Its financing relied substantially on high-yield bonds associated with Michael Milken, making the project unusually ambitious and financially risky for its period. The Mirage's success demonstrated that a casino could compete as a complete destination resort rather than primarily as a gambling venue. Its design, attractions, restaurants, lodging, and entertainment helped trigger a major wave of large-scale investment on the Strip. After The Mirage opened, Golden Nugget Companies adopted the Mirage Resorts name. The company followed with Treasure Island Hotel and Casino in 1993, built on part of The Mirage's former parking area. Treasure Island used pirate and Caribbean themes, large outdoor production spectacles, and later became the first permanent Las Vegas venue for a Cirque du Soleil production, Mystère. Mirage Resorts also participated in the development of Monte Carlo Resort and Casino, a joint venture with Circus Circus Enterprises that opened in 1996, and acquired the Boardwalk Hotel and Casino in 1997. The company's portfolio became increasingly associated with high-end destination resorts. Bellagio opened in Las Vegas in 1998 after an investment reported at approximately $1.6 billion, with an Italian-lake theme, luxury positioning, and the choreographed Fountains of Bellagio. The project was widely regarded as a landmark in the escalation of quality and capital intensity on the Strip. In 1999, Mirage Resorts opened Beau Rivage in Biloxi, Mississippi. With 1,835 rooms, it was at the time the largest hotel-casino developed outside Nevada and extended the company's resort model into the Gulf Coast market. Mirage Resorts also pursued expansion in Atlantic City through Le Jardin, a planned marina-area casino contingent on transportation infrastructure. Although the Atlantic City–Brigantine Connector was eventually built, Le Jardin was not completed under Mirage Resorts. The site later became associated with Borgata, developed by MGM Mirage and Boyd Gaming after the acquisition. MGM Grand, Inc. acquired Mirage Resorts in 2000 in a transaction valued at approximately $6.4 billion, including assumed debt. MGM Grand subsequently changed its name to MGM Mirage, later known as MGM Resorts International. The acquisition ended Mirage Resorts as an independent company, but many of its properties, operating practices, and design ideas continued within the successor group. Its legacy is chiefly tied to the transformation of Las Vegas from a casino-centered market into a destination-resort economy built around luxury accommodation, spectacle, restaurants, retail, and theatrical entertainment.

Mirage Resorts originated in 1973 when Steve Wynn obtained majority control of the Golden Nugget in Las Vegas and organized the operating company as Golden Nugget Companies. The business was initially centered on casino ownership and operation, but Wynn pursued a broader resort concept that integrated gaming with lodging, entertainment, architecture, restaurants, and distinctive attractions. The first major expansion came in 1980, when the company opened Golden Nugget Atlantic City in New Jersey. The venture did not last. The company became dissatisfied with the state's regulatory environment and sold the property in 1987 to Bally's Entertainment; the site later operated under other names. In 1989, the company acquired the Nevada Club in Laughlin and rebranded it as Golden Nugget Laughlin, extending its casino presence within Nevada. Wynn's most consequential project was The Mirage in Las Vegas. Opened in November 1989, the resort represented a major departure from the more narrowly casino-oriented model common on the Strip. Its roughly $630 million development cost was financed in substantial part through high-yield bonds connected with Michael Milken. The project was considered risky because of its cost and luxury emphasis, but it became highly successful. The resort's South Seas theme, erupting volcano, hotel scale, restaurants, casino, and entertainment program created a self-contained destination. It also adopted full-time surveillance coverage of table games, an operational innovation noted in accounts of the property. Following The Mirage's completion, Golden Nugget Companies changed its corporate name to Mirage Resorts. In 1990, The Mirage became the exclusive venue for Siegfried & Roy. In 1993, it hosted Cirque du Soleil's Nouvelle Expérience, and the company subsequently worked with Cirque on Mystère for its next resort. Treasure Island opened in 1993 on a portion of The Mirage's former parking area. It was conceived with a family-oriented pirate theme and featured two full-scale ships and a staged Battle of Buccaneer Bay. Mystère became the first permanent Cirque du Soleil production in Las Vegas and helped establish resident theatrical shows as a central component of resort strategy. Mirage Resorts continued to expand its portfolio and partnerships. In 1994, Gold Strike Resorts announced a plan with Mirage Resorts for a casino aimed at budget-conscious visitors on part of the former Dunes site. After Gold Strike merged with Circus Circus Enterprises, the project became Monte Carlo Resort and Casino, a joint venture between Mirage Resorts and Circus Circus Enterprises. It opened in 1996. Mirage Resorts also acquired the Boardwalk Hotel and Casino in 1997. The company then moved further toward high-end resort development. Bellagio opened in October 1998 after an investment reported at approximately $1.6 billion. Designed by Jon Jerde's firm, the resort used an Italian lake concept and included the choreographed Fountains of Bellagio on a large artificial lake. Bellagio's scale and luxury standards helped initiate another round of premium resort construction in Las Vegas, including projects by competing operators. In 1999, Mirage Resorts brought its model to Biloxi with Beau Rivage. The 1,835-room resort combined Mediterranean references with Southern hospitality and became a major tourism development on the Mississippi Gulf Coast. Because Mississippi law then required casinos to operate on mobile marine vessels, the casino initially occupied floating barges while the hotel and other facilities stood on land. Mirage Resorts also sought to return to Atlantic City with the proposed Le Jardin hotel-casino in the marina district. The proposal was linked to construction of a road connection, eventually known as the Atlantic City–Brigantine Connector. The project was cancelled after the company was acquired, and the property later became the basis for the Borgata development involving MGM Mirage and Boyd Gaming. MGM Grand, Inc. acquired Mirage Resorts in 2000 for approximately $6.4 billion, including about $2 billion in assumed debt. MGM Grand then adopted the name MGM Mirage, and the successor later became MGM Resorts International. Mirage Resorts therefore ceased operating as a standalone company, but its major resorts and its integrated luxury-resort model remained influential within the acquiring group and across the casino-hospitality industry.

• 2000

  Acquisition by MGM Grand

  [1]Mirage Resortsen.wikipedia.org

  MGM Grand acquired Mirage Resorts, after which the combined company became MGM Mirage.

• 1999

  Beau Rivage opens

  [1]Mirage Resortsen.wikipedia.org

  The company opened Beau Rivage in Biloxi, extending its destination-resort model to the Mississippi Gulf Coast.

• 1998

  Bellagio opens

  [1]Mirage Resortsen.wikipedia.org

  Bellagio opened as a large-scale luxury resort featuring the Fountains of Bellagio.

• 1997

  Boardwalk Hotel and Casino is acquired

  [1]Mirage Resortsen.wikipedia.org

  Mirage Resorts expanded its Las Vegas portfolio by acquiring the Boardwalk Hotel and Casino.

• 1996

  Monte Carlo opens

  [1]Mirage Resortsen.wikipedia.org

  Monte Carlo Resort and Casino opened as a joint venture between Mirage Resorts and Circus Circus Enterprises.

• 1993

  Treasure Island opens

  [1]Mirage Resortsen.wikipedia.org

  Treasure Island opened next to The Mirage with pirate-themed attractions and a large outdoor production.

• 1989

  The Mirage opens

  [1]Mirage Resortsen.wikipedia.org

  The Mirage opened on the Las Vegas Strip and established the company's signature integrated-resort model.

• 1989

  Corporate name changes to Mirage Resorts

  [1]Mirage Resortsen.wikipedia.org

  Following completion of The Mirage, Golden Nugget Companies adopted the Mirage Resorts name.

• 1987

  Atlantic City property is sold

  [1]Mirage Resortsen.wikipedia.org

  The company sold Golden Nugget Atlantic City to Bally's Entertainment after its Atlantic City strategy faltered.

• 1980

  Golden Nugget Atlantic City opens

  [1]Mirage Resortsen.wikipedia.org

  The company expanded outside Nevada with a Golden Nugget casino resort in Atlantic City.

• 1973

  Golden Nugget Companies is formed

  [1]Mirage Resortsen.wikipedia.org

  Steve Wynn formed Golden Nugget Companies after acquiring majority control of the Golden Nugget in Las Vegas.

A developer and operator of large-scale themed and luxury-integrated casino resorts, emphasizing memorable architecture, theatrical attractions, premium hospitality, and destination tourism rather than gambling alone.

• Integrated casino resort · 1989

  The Mirage

  Opened in 1989 on the Las Vegas Strip, The Mirage was Mirage Resorts' transformational flagship. Its South Seas-inspired architecture, erupting volcano, luxury hotel, casino, restaurants, and resident entertainment made the property a destination in its own right. The resort helped establish the modern Las Vegas pattern in which non-gaming attractions and theatrical programming were essential to the commercial proposition. It also became associated with Siegfried & Roy and major Cirque du Soleil productions.

• Themed casino resort · 1993

  Treasure Island Hotel and Casino

  Treasure Island opened in 1993 beside The Mirage on the Strip. Conceived around an 18th-century Caribbean pirate theme, it featured two large ships and an outdoor Battle of Buccaneer Bay production. The property also became the home of Mystère, the first permanent Cirque du Soleil show in Las Vegas, linking the resort to the company's strategy of using resident entertainment as a core attraction.

• Joint-venture casino resort · 1996

  Monte Carlo Resort and Casino

  Monte Carlo was developed on the former Dunes golf-course site through a partnership involving Mirage Resorts and Circus Circus Enterprises. The resort opened in 1996 and was positioned to reach a broader, more budget-conscious visitor segment than the company's most opulent properties. It combined hotel rooms, casino gaming, restaurants, and resort amenities in a large Las Vegas complex.

• Luxury integrated resort · 1998

  Bellagio

  Bellagio opened in 1998 as one of the most ambitious luxury resorts of its period. Inspired by the Italian lakeside setting of Bellagio, it combined premium lodging and gaming with restaurants, art-oriented presentation, and the Fountains of Bellagio, a large choreographed water feature on an artificial lake. The resort raised expectations for capital investment and luxury positioning on the Las Vegas Strip.

• Regional integrated casino resort · 1999

  Beau Rivage

  Beau Rivage opened in Biloxi in 1999 with 1,835 rooms and a design intended to combine Mediterranean imagery with Southern hospitality. It was the largest hotel-casino built outside Nevada at the time of its opening. The land-based hotel and resort facilities were paired with a casino initially placed on floating barges, reflecting Mississippi's legal restrictions on casino operations during the development period.

• Casino hotel

  Golden Nugget Las Vegas

  The Golden Nugget in downtown Las Vegas was the foundational property associated with the company. Steve Wynn's acquisition of majority control in 1973 led to the formation of Golden Nugget Companies and provided the base from which Mirage Resorts later expanded into large destination resorts.

• Casino hotel · 1989

  Golden Nugget Laughlin

  The Nevada Club in Laughlin was acquired by the company in 1989 and rebranded as Golden Nugget Laughlin. The property represented a smaller-scale extension of the Golden Nugget operating identity within Nevada.

• 1993Treasure Island pirate spectacle

  Las Vegas · United States

  Treasure Island used pirate theming, full-scale ships, and the Battle of Buccaneer Bay to create a highly visible public attraction at the edge of the resort.

  Outcome. The production strengthened Mirage Resorts' reputation for turning entertainment and public spectacle into central resort assets.

  Source
• 1993Cirque du Soleil resident-entertainment partnership

  Las Vegas · United States

  After hosting Nouvelle Expérience at The Mirage, Mirage Resorts supported the creation of Mystère for Treasure Island, establishing a permanent Cirque du Soleil presence in Las Vegas.

  Outcome. Mystère became a durable resident production and helped normalize permanent theatrical shows as a defining feature of Las Vegas resorts.

  Source
• 1989The Mirage destination-resort launch

  Las Vegas · United States

  The opening of The Mirage functioned as a major brand-building initiative centered on spectacle, luxury, tropical theming, and resident entertainment. The erupting volcano and full resort environment made the property an attraction beyond its casino floor.

  Outcome. The resort became highly profitable and helped stimulate a major wave of themed and luxury resort construction on the Las Vegas Strip.

  Source

• 2000

  Accept acquisition by MGM GrandM&A

  Background

  Mirage Resorts had assembled a valuable portfolio of major casino resorts but remained exposed to the capital demands of large-scale development.

  Action taken

  MGM Grand, Inc. acquired the company after increasing its offer, with the transaction including assumed debt.

  Aftermath

  Mirage Resorts ceased to exist as an independent company and became part of the renamed MGM Mirage group.

  Acquisition value. Approximately US$6.4 billion, including approximately US$2 billion in assumed debt (2000)

  Source

• 1998

  Open Bellagio as a super-luxury resortProduct launch

  Background

  Mirage Resorts sought to extend the luxury and spectacle strategy established by The Mirage and create an even more ambitious Las Vegas property.

  Action taken

  The company developed Bellagio with an Italian-lake theme, premium hospitality, extensive facilities, and the Fountains of Bellagio.

  Aftermath

  Bellagio became a landmark resort and contributed to a new cycle of luxury development on the Strip.

  Reported development cost. Approximately US$1.6 billion (1998 opening)

  Source

• 1995

  Propose the Le Jardin Atlantic City resortStrategy

  Background

  Mirage Resorts linked a proposed marina-area hotel-casino to construction of a road connection to the district.

  Action taken

  The company proposed Le Jardin and negotiated development arrangements involving other casino operators, but later withdrew from the plan.

  Aftermath

  Although the road was eventually built, Le Jardin was cancelled after the MGM acquisition; the site later became associated with Borgata.

  Source

• 1994

  Pursue a broader visitor segment through Monte CarloStrategy

  Background

  Mirage Resorts and Gold Strike Resorts sought to develop a casino on the former Dunes site for visitors with more moderate budgets.

  Action taken

  Following Gold Strike's merger with Circus Circus Enterprises, Mirage Resorts participated in the Monte Carlo joint venture.

  Aftermath

  Monte Carlo opened in 1996 and broadened the company's Las Vegas portfolio beyond its most luxurious properties.

  Source

• 1989

  Adopt the integrated destination-resort modelStrategy

  Background

  The company undertook the unusually expensive and luxury-oriented development of The Mirage at a time when the cost and commercial risk of the project were questioned.

  Action taken

  Mirage Resorts combined casino gaming with themed architecture, premium accommodation, restaurants, attractions, and major entertainment programming.

  Aftermath

  The Mirage's success influenced the direction of the Las Vegas market and became the template for the company's later resorts.

  Source

1. 1Mirage Resortsen.wikipedia.org