 | |
| Formerly | Golden Nugget Companies (1973–1989) |
|---|---|
| Company type | Division |
| Industry | Casino |
| Founded | 1973; 52 years ago (1973) |
| Founder | Steve Wynn |
| Defunct | 2000; 25 years ago (2000) |
| Fate | Merged withMGM Grand, Inc. |
| Successor | MGM Resorts International |
| Headquarters | , |
| Owner | Golden Nugget, Inc. |
Mirage Resorts (formerlyGolden Nugget Companies) was an American company that owned and operated hotel-casinos. It was acquired by MGM Grand, Inc. in 2000, forming MGM Mirage (nowMGM Resorts International).
Golden Nugget Companies Inc. was formed bySteve Wynn in 1973. The company was created after Wynn acquired majority control of theGolden Nugget inLas Vegas, Nevada.
In 1980, the company opened theGolden Nugget Atlantic City inNew Jersey but in 1987, Wynn's and the company's interest inAtlantic City did not last very long due to frustration with state gaming regulators. The property was sold toBally's Entertainment, and eventually becameBally's Grand Hotel and Casino.[1]
In 1989, the company acquired the Nevada Club casino inLaughlin, Nevada, and re-branded it as theGolden Nugget Laughlin.
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Wynn's first major casino on theLas Vegas Strip wasThe Mirage, which opened in November 1989.[2] It was the first time Wynn was involved with the design and construction of a casino, and he financed the $630 million project largely withhigh-yield bonds issued byMichael Milken.[3] The resort's high cost and emphasis on luxury meant that it was considered high risk at the time, though the project ended up being enormously lucrative. The hotel, with its erupting volcano and South Seas theme, ignited a $12 billion building boom on the Strip.[2] Its construction is also considered noteworthy in that Wynn had set a new standard for Vegas resorts, and when it opened The Mirage was the first casino to use security cameras full-time on all table games.[4] Known for its entertainment, the hotel became the exclusive venue for theSiegfried & Roy show in 1990, and in 1993 the hotel hosted theCirque du Soleil showNouvelle Expérience. Afterwards Wynn decided to invite Cirque to createMystère for the soon-to-be-builtTreasure Island resort next door.[5]
Following the completion ofThe Mirage in 1989 Steve Wynn changed the name of the company to Mirage Resorts, Inc. Much of the financing for the Mirage was obtained in cooperation withMichael Milken.[6]
After the Mirage, Wynn built theTreasure Island Hotel and Casino, which he opened in the Mirage's old parking lot in 1993, and overall cost $450 million. Intended to be family-friendly, the resort featured pools in front of the casino enacted the Battle of Buccaneer Bay with two full-scaled ships, the pirate ship 'Hispaniola' and the British Royal Navy frigate 'HMS Britannia,' while the inside featured romantic tropical theming and 18th century Caribbean pirate theming. The establishment was the home of the first permanent Cirque du Soleil show in Las Vegas, and the show went on to be voted nine times as the best production show in the city by theLas Vegas Review-Journal reader's poll.[7]
In 1994,Gold Strike Resorts announced a partnership with Mirage Resorts to build a $250-million casino targeted at budget-conscious visitors, on part of the site of the demolishedDunes on the Las Vegas Strip.[8][9] It ultimately opened in 1996, following Gold Strike's merger withCircus Circus Enterprises asMonte Carlo Resort and Casino and was built as a joint venture between Mirage Resorts andCircus Circus Enterprises, and costUS$344 million to build.[10] The resort sits on 44 acres (18 ha), occupied by theDunes Hotel golf course until its demolition in October 1993.[11]
In 1995, the company proposed to build theLe Jardin hotel-casino in the marina area if the state of New Jersey built a road that connected to the hotel-casino. The company had also agreed to allowCircus Circus Enterprises andBoyd Gaming to build casinos on the site, but later reneged on the agreement. While the road, called theAtlantic City-Brigantine Connector, was eventually built, Le Jardin was cancelled after the company was acquired in 2000 byMGM Grand Inc., which later built theBorgata, in a joint venture withBoyd Gaming, on the site.[12][13][14]
Boardwalk Hotel and Casino was later acquired by Mirage Resorts in 1997.
In October 1998, Wynn opened the even more opulentBellagio, a $1.6 billion resort considered among the world’s most spectacular hotels.[15] The architect wasJon Jerde of The Jerde Partnerships, and construction was handled by Mirage Resorts, Inc. When built, the Bellagio was the most expensive hotel in the world. In front of the hotel are the Fountains of Bellagio—shooting fountains choreographed to music that “dance” on the hotel’s 8.5 acre man-made lake—which are now considered Las Vegas landmarks. The Bellagio is credited with starting a new spree of luxurious developments in Las Vegas. Among these developments includeThe Venetian,Mandalay Bay, andParis Las Vegas.[16]
Wynn brought Mirage Resorts’ style toBiloxi,Mississippi in 1999, where he oversaw development of the 1,835-roomBeau Rivage. Themed to blend Mediterranean beauty with Southern hospitality, the resort was part of a building boom that established Biloxi as a regional tourism center along theMississippi Gulf Coast.Beau Rivage was originally the name Wynn wanted to give the Bellagio, though he had decided onBellagio after vacationing inthe Italian region of the same name.[17] Beau Rivage opened as the largest hotel-casino to be built outside Nevada.[18] The casino was initially located on a series of floating barges as required by local law confining all casinos to mobile marine vessels at the time of the resort's construction. The hotel, restaurants, and associated facilities were constructed on land.[19]
The company was acquired in 2000 byMGM Grand Inc., which then changed its name to MGM Mirage, for $6.4 billion, including $2 billion in assumed debt, after an initial all-cash offer of $17 per share and a final offer of $21 per share. The company was majority owned by Wynn.
