Mirage Resorts
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Formerly called
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Golden Nugget Companies (1973-1989) |
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| Industry | Casino |
| Fate | Merged with MGM Grand Inc. |
| Founded | 1973 |
| Founder | Steve Wynn |
| Defunct | 2000 |
| Headquarters | Las Vegas, Nevada,, United States |
Mirage Resorts, previously 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.
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. 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. 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. 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. Known for its entertainment, the hotel became the main 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.
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