 | |
| Formerly | Golden Nugget Companies (1973–1989) |
|---|---|
| Company type | Division |
| Industry | Casino |
| Founded | 1973 |
| Founder | Steve Wynn |
| Defunct | 2000 |
| Fate | Merged with MGM Grand, Inc. |
| Successor | MGM Resorts International |
| Headquarters | , |
| Owner | Golden Nugget, Inc. |
Mirage Resorts (formerly Golden Nugget Companies) was an American company that owned and operated hotel-casinos. It was acquired by MGM Grand, Inc. in 2000, forming MGM Mirage (now MGM Resorts International).
Golden Nugget Companies Inc. was formed by Steve Wynn in 1973. The company was created after Wynn acquired majority control of the Golden Nugget in Las Vegas, Nevada.
In 1980, the company opened the Golden Nugget Atlantic City in New Jersey but in 1987, Wynn's and the company's interest in Atlantic City did not last very long due to frustration with state gaming regulators. The property was sold to Bally's Entertainment, and eventually became Bally's Grand Hotel and Casino. [1]
In 1989, the company acquired the Nevada Club casino in Laughlin, Nevada, and re-branded it as the Golden Nugget Laughlin.
Wynn's first major casino on the Las Vegas Strip was The 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 with high-yield bonds issued by Michael 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 the Siegfried & Roy show in 1990, and in 1993 the hotel hosted the Cirque du Soleil show Nouvelle Expérience . Afterwards Wynn decided to invite Cirque to create Mystère for the soon-to-be-built Treasure Island resort next door. [5]
Following the completion of The 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 with Michael Milken. [6]
After the Mirage, Wynn built the Treasure 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 the Las 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 demolished Dunes on the Las Vegas Strip. [8] [9] It ultimately opened in 1996, following Gold Strike's merger with Circus Circus Enterprises as Monte Carlo Resort and Casino and was built as a joint venture between Mirage Resorts and Circus Circus Enterprises, and cost US$344 million to build. [10] The resort sits on 44 acres (18 ha), occupied by the Dunes Hotel golf course until its demolition in October 1993. [11]
In 1995, the company proposed to build the Le 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 allow Circus Circus Enterprises and Boyd Gaming to build casinos on the site, but later reneged on the agreement. While the road, called the Atlantic City-Brigantine Connector, was eventually built, Le Jardin was cancelled after the company was acquired in 2000 by MGM Grand Inc., which later built the Borgata, in a joint venture with Boyd 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 opulent Bellagio, a $1.6 billion resort considered among the world’s most spectacular hotels. [15] The architect was Jon 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 include The Venetian, Mandalay Bay, and Paris Las Vegas. [16]
Wynn brought Mirage Resorts’ style to Biloxi, Mississippi in 1999, where he oversaw development of the 1,835-room Beau 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 the Mississippi Gulf Coast. Beau Rivage was originally the name Wynn wanted to give the Bellagio, though he had decided on Bellagio after vacationing in the 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 by MGM 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.
MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.
The Las Vegas Strip is a stretch of Las Vegas Boulevard in Clark County, Nevada, that is known for its concentration of resort hotels and casinos. The Strip, as it is known, is about 4.2 mi (6.8 km) long, and is immediately south of the Las Vegas city limits in the unincorporated towns of Paradise and Winchester, but is often referred to simply as "Las Vegas".
Bellagio is a resort, luxury hotel, and casino on the Las Vegas Strip in Paradise, Nevada. It is owned by Blackstone Inc. and operated by MGM Resorts International. Bellagio was conceived by casino owner Steve Wynn, and was built on the former site of the Dunes hotel-casino. Wynn's company, Mirage Resorts, purchased the Dunes in 1992. Plans were announced in 1994 to replace it with Beau Rivage, a French-themed resort. However, Wynn changed the project plans in 1995, instead theming it after the village of Bellagio, near Lake Como. The resort was designed by Jon Jerde. Construction began on November 1, 1995, with Marnell Corrao Associates as general contractor.
Stephen Alan Wynn is an American real estate developer and art collector. He was known for his involvement in the luxury casino and hotel industry, prior to being forced to step down. Early in his career he oversaw the construction and operation of several notable Las Vegas and Atlantic City hotels, including the Golden Nugget, the Golden Nugget Atlantic City, The Mirage, Treasure Island, the Bellagio, and Beau Rivage in Mississippi, and he played a pivotal role in the resurgence and expansion of the Las Vegas Strip in the 1990s. In 2000, Wynn sold his company, Mirage Resorts, to MGM Grand Inc., resulting in the formation of MGM Mirage. Wynn later took his company Wynn Resorts public in an initial public offering and was Wynn Resorts' CEO and Chairman of the Board until February 6, 2018, when he announced his resignation. He is a prominent donor to the Republican Party and was the finance chair of the Republican National Committee from January 2017 to January 2018, when he resigned amid sexual misconduct allegations.
Mandalay Resort Group was an American hotel and casino operator based in Paradise, Nevada. Its major properties included Mandalay Bay, Luxor, Excalibur and Circus Circus, as well as half of the Monte Carlo. In terms of market capitalization, it was one of the largest casino operators in the world. Its stock traded on the New York Stock Exchange with the ticker symbol "CIR" and "MBG".
The Boardwalk Hotel and Casino was a Coney Island-style hotel on the Las Vegas Strip. The property began in 1966, as a Holiday Inn. Norbert Jansen added a gift shop to the hotel in 1972, and later opened the Slot Joynt casino. In 1985, Jansen renamed the Holiday Inn as the Viscount Hotel, part of a U.S. chain. Four years later, he merged Slot Joynt with the Viscount and renamed them as the Boardwalk. It rejoined the Holiday Inn chain in 1994, through a franchise deal which eventually ended in 2002.
Park MGM, formerly Monte Carlo Resort and Casino, is a megaresort hotel and casino on the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Vici Properties and operated by MGM Resorts International. It was developed by Mirage Resorts and Circus Circus Enterprises, both later acquired by MGM.
The Mirage is a defunct casino resort on the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Vici Properties and operated by Hard Rock International. The 65-acre property includes a 90,548 sq ft (8,412.2 m2) casino and 3,044 rooms.
The Golden Nugget Las Vegas is a luxury hotel and casino located in downtown Las Vegas, Nevada on the Fremont Street Experience. The property is owned and operated by Landry's, Inc. It has 2,419 hotel rooms.
Borgata Hotel Casino & Spa is a hotel, casino, and spa in Atlantic City, New Jersey. It is owned by Vici Properties and operated by MGM Resorts International. The casino hotel features 2,798 rooms and is the largest hotel in New Jersey. Borgata opened in July 2003 and is the top-grossing casino in Atlantic City.
Golden Nugget Hotels & Casinos is an American chain of luxury hotels and casinos. It currently operates six casino resorts in Nevada, Louisiana, New Jersey, Illinois, and Mississippi.
Beau Rivage is a waterfront casino resort in Biloxi, Mississippi, USA. It is owned by Vici Properties and operated by MGM Resorts International. The Beau Rivage hotel is the tallest building in Mississippi. The term 'Beau Rivage' is French for 'beautiful shore'; the original, well-known hotels of that name are the Beau-Rivage Geneva and Beau-Rivage Palace, both in Francophone Switzerland.
The Atlantic Club Casino Hotel, formerly known as Golden Nugget, Bally's Grand, The Grand, Atlantic City Hilton and ACH, is an abandoned hotel and casino located at the southern end of the boardwalk in Atlantic City, New Jersey, owned and operated by Colony Capital. It was the city's first and only "locals casino". The Atlantic Club permanently closed on January 13, 2014, at 12:01 AM, largely as a result of dwindling casino visitors to Atlantic City due to increased competition in neighboring states. A third of Atlantic City's boardwalk casinos closed the same year, the others being Revel, Trump Plaza, and Showboat. Redevelopment proposals include a water park.
Joel Bergman was an American architect who has designed several landmark casinos.
The LV Strip is one of the designated Nevada Gaming Control Boards reporting areas. It consists of the Las Vegas Strip casinos and many of the surrounding casinos. The Strip earns roughly 50% of the gaming revenue from all sources for the state of Nevada.
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.
MGM Growth Properties, LLC (MGP) was a real estate investment trust based in Summerlin South, Nevada, that invested in large-scale casino properties. The company had whole or majority ownership of 15 properties, all of which were operated by MGM Resorts International. The company leased the properties to MGM Resorts via triple-net leases. The company was acquired by Vici Properties in April 2022 for $17.2 billion.
Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
