Steve Wynn, the former casino executive, shared stories about the creation of The Mirage and its impact on Las Vegas during a public appearance at the Golden Nugget on October 22.
Steve Wynn Recalls The Mirage’s $630M Journey to Success
The 84-year-old spoke for nearly two hours to an audience of 600 at an event organized by the Neon Museum. The presentation was part of the museum’s annual “Reflections of The Mirage” Duck Duck Shed celebration and helped raise money for its historical preservation work, reported The Las Vegas Review-Journal.
Wynn discussed the choices that went into the property, which opened in November 1989, helping to create a new template for massive casino resorts. The project cost about $630 million, a huge investment at the time and one that raised questions about whether the business would be able to generate enough revenue to offset its operating expenses.
Wynn’s account noted that The Mirage was profitable almost immediately after opening, despite the skepticism. He recalled that the resort had accommodated tens of thousands of visitors on its opening day, and its facilities had been full.
The property’s success helped spur more investment on the Las Vegas Strip. Its 3,044 hotel rooms, major entertainment productions and elaborate attractions set expectations for future developments, fueling the expansion of the resort corridor through the 1990s.
Steve Wynn Recalls The Mirage’s Volcano and the Obstacles behind its Land Deal
Wynn also recounted how obtaining the land for The Mirage nearly derailed his plans. One remaining parcel was owned by Grace Hayes, a former actress who refused to sell her house there with her late husband, screenwriter Robert Hopkins.
Even previous attempts to buy the property by businessman Howard Hughes had failed. Eventually, Wynn showed Hayes a model of the proposed development and persuaded her to reconsider.
Plans included a major water feature that would later become one of the resort’s signature attractions. Lighting designer David Hersey pointed out a technical problem with lighting a waterfall, so the team came up with the volcano idea instead, Wynn says.
The ultimate deal allowed Wynn to assemble the land he needed to start construction in 1986. Hayes reportedly received $2 million for her house and the property next door. Wynn also got her a luxury suite at the Golden Nugget for the rest of her years.
The volcano became a trademark, attracting visitors with pseudo-eruptions of fire and water. The resort also featured entertainment attractions, including the illusionists Siegfried & Roy and a dolphin habitat that drew school groups, including students from Clark County studying marine biology. The Mirage closed in July 2024 and will be replaced with a Hard Rock-branded resort that includes a guitar-shaped hotel tower.
The event also sparked discussion about Wynn’s controversial exit from the casino industry. He resigned as chairman and chief executive of Wynn Resorts in 2018 amid allegations of sexual misconduct, which he has denied.
In 2019, Nevada gaming regulators fined Wynn Resorts $20 million over its handling of complaints involving Wynn. He has left the industry, but that has not stopped him from making public appearances.
The event comes after the Neon Museum announced in July that Wynn would speak about the development of The Mirage and its historical significance. As part of its efforts to document Las Vegas history, the museum has also saved artifacts from the old resort.