Twenty years ago, The Mirage was the CityCenter of its time. Built by Steve Wynn's Golden Nugget Corp. for a then unheard of cost of $620 million, The Mirage was the first new resort added to the Strip's skyline in more than 15 years.
But with the city still recovering from the economic doldrums of the early 1980s, many financial experts didn't think The Mirage would succeed. About $565 million of the construction costs were financed with junk bonds. Analysts said The Mirage would need to make more than $1 million a day in revenues just to cover its costs.
Some wondered if The Mirage would really grow the market. Most expected it would just steal customers from neighboring hotel-casinos.
Sound familiar?
Click the above link to read more.
But with the city still recovering from the economic doldrums of the early 1980s, many financial experts didn't think The Mirage would succeed. About $565 million of the construction costs were financed with junk bonds. Analysts said The Mirage would need to make more than $1 million a day in revenues just to cover its costs.
Some wondered if The Mirage would really grow the market. Most expected it would just steal customers from neighboring hotel-casinos.
Sound familiar?
Click the above link to read more.
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