Opened in 1989 by Steve Wynn, The Mirage ended a 16-year construction drought on the Las Vegas Strip and established the Mega-Resort Paradigm. The property proved that massive investment in non-gaming amenities could generate even greater returns.

The Bet

Financed through Michael Milken's high-yield (junk) bonds, the project cost an unprecedented $630 million, requiring $1 million per day in revenue to break even. Industry observers predicted disaster. They were wrong.

The Experience

The Mirage shifted the industry focus from pure gambling to the Integrated Resort model, where dining, retail, and luxury accommodations became profit centers rather than loss leaders. The volcanic eruption out front, the white tigers, the tropical atrium—all were designed to draw visitors inside.

Sidewalk Spectacle

Wynn introduced the "Sidewalk Spectacle" via the property's signature Volcano, proving that free entertainment could capture foot traffic and convert passersby into paying customers. Every subsequent Strip resort has followed this playbook.

Entertainment as Anchor

By securing Siegfried & Roy for a massive residency, The Mirage cemented the necessity of exclusive, high-budget entertainment as a core component of the modern casino business model. The headliner wasn't an amenity—it was the anchor.