By Crissi Enger
The name MGM is synonymous with
Las Vegas. The MGM Grand Hotel has been in operation since the 1960s, while the Mirage
resorts has been around since the late 1980s. Both are known for their luxury accommodations and services, as well as the theatrical style that both casinos possess in the way of entertainment and decor. The MGM Mirage has a shorter history compared with other Las Vegas casinos; however, it is just as interesting.
Formally Mirage Resorts
The MGM Mirage was originally the Mirage Resorts, which was owned and operated by Steve Wynn. Wynn built the Mirage resort in 1989, and it was one of the first casinos on the Strip to raise the standards of hotel entertainment, food, gaming, rooms and decor. His Mirage Resorts corporation later built Treasure Island Resorts and The Bellagio, which are also high end mega resorts. The Mirage Resorts also owned The Golden Nugget Las Vegas and Laughlin, as well as a few other casinos in Las Vegas.
MGM Grand Buys Mirage Resorts
In 2000, The MGM Grand bought The Mirage Resorts from Steve Wynn for approximately $6.4 billion. Through this venture MGM Grand acquired The Mirage Resorts, The Bellagio, Treasure Island Resorts, The Golden Nugget Las Vegas and Laughlin, The Boardwalk and 50 percent of The Monte Carlo. The Mirage Resorts was then renamed the MGM Mirage.
Golden Nugget Las Vegas and Laughlin Sold
In 2004, the MGM Mirage sold The Golden Nugget Las Vegas and The Golden Nugget Laughlin to Poster Financial Group Inc. for around $215 million. The Golden Nugget Las Vegas is downtown on the original Strip. Historically, it was the first hotel that Steve Wynn owned and was Wynn's original foundation for creating the Mirage Resort to begin with. The sale was completed in Jan. 26, 2004, and this opened the door for new ventures for the MGM Mirage.
MGM Mirage Buys Mandalay Resort Group
In June 2004, MGM Mirage began the process of buying their competitor Mandalay Resort Group. Through this acquisition they acquired the remainder of The Monte Carlo, as well as Mandalay Bay, The Luxor, The Excalibur, Circus Circus, Slots-A-Fun, Railroad Pass, Nevada Landing, Golden Strike, Colorado Belle, Eldorado, Circus Circus Reno, 50 percent of Silver Legacy, Gold Strike, Grand Victoria, as well as undeveloped parcels of land on the Strip. This put the MGM Mirage throughout Nevada, as well as in Mississippi and Illinois. The purchase was completed on April 26, 2005, for $7.9 billion.
MGM Mirage Purchases Land
MGM Mirage in 2007 announced that they plan to buy 7.6 acres of land from Concord Wilshire Partners for approximately $130 million and 25.8 acres of land from Gordon Gaming for approximately $444 million. By doing this, the MGM Mirage has complete control of the northern section of the Strip, which is Las Vegas Boulevard and Sahara Avenue. Furthermore, this land is located next Circus Circus and its unused land as well In the end, there are 68 acres of land that MGM Mirage will be able to use for future developments
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About the Author:
Crissi Enger has been freelance writing for five years on a variety of topics and subjects. She has a bachelor's degree from UNLV in both theater and English. Enger has been published on such sites as eHow, Associated Content, Bukisa, and Shvoong.
