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.
The company was acquired in 2000 by MGM Grand Inc., which then changed its name to MGM Mirage, for $6.4 billion, including $2 billion in assumed debt, after an initial all-cash offer of $17 and a final offer of $21. The company was majority owned by Wynn.
Read more about this topic: Mirage Resorts
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