Mirage Resorts
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).
Contents |
[edit] History
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 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 The Atlantic Club Casino Hotel.
In 1989, the company acquired the Nevada Club casino in Laughlin, Nevada, and re-branded it as the Golden Nugget Laughlin.
Following the completion of The Mirage in 1989 the name of the company was changed to Mirage Resorts, Inc. Much of the financing for the Mirage was obtained in cooperation with Mike Milken.[1]
The company was merged into MGM Mirage in 2000 when it was purchased for $6.4 billion, of which $2 billion was assumption of outstanding debt, after an initial all-cash offer of $17 and a final offer of $21. The company was majority owned by Wynn.
[edit] Hotel and casinos owned at acquisition
- Golden Nugget Las Vegas
- Golden Nugget Laughlin
- The Mirage
- Treasure Island Hotel and Casino
- Bellagio
- Beau Rivage
- Boardwalk Hotel and Casino
- Monte Carlo Resort and Casino (50%)
- Announced Le Jardin in Atlantic City. This turned into a 50% interest in what is now Borgata.
[edit] Previous Properties
- Golden Nugget Atlantic City - Sold in the 1980s to Hilton to form Atlantic City Hilton
[edit] References
- ^ "Steve Wynn, Mirage Resorts/Wynn Resorts". http://www.mikemilken.com/fincareer.taf?page=wynn. Retrieved 2009-12-07.
