The Mirage Resorts

A detailed Summary of The Mirage Resorts

At Mirage Resorts, we dream our guests', address their desires and build resorts to accommodate the experience. Over this past year, we have fulfilled some dreams ourselves, including the opening of two spectacular new resorts- Bellagio on the Las Vegas Strip and Beau Rivage in Biloxi, Mississippi. Mirage Resorts is the world's leading developer and operator of casino-based resorts. Bellagio, a spectacular $1.6 billion resort inspired by the drama and elegance of fine art, opened in October 1998. Its sister property, The Mirage, ranks first in operating income in the State of Nevada. Treasure Island, located adjacent to The Mirage, is one of the state's most profitable resorts. In addition, the company owns 50% of the very successful Monte Carlo hotel-casino. Each of these resorts is located on the Las Veags Strip and ranks among the world's largest hotels.

Mirage Resorts also owns the Golden Nugget, the largest and most profitable hotel in downtown Las Vegas, and the Golden Nugget-Laughlin, which is located approximately 90 miles south of Las Vegas.

In March of 1999, the company opened Beau Rivage, a luxurious $685 million reort in Biloxi, Mississippi that captures the vitality and gra

Apart from these factors, 1998 was a good year. The Mirage maintained its leadership as the most profitable hotel-casino in Nevada, although it is not by any means the largest, Treasure Island, the Golden Nugget, and the Monte Carlo also performed well in competitive market conditions. The Asian turmoil is ending as the yen has continued to do extremely well and the Asian markets are following right along.

Financially speaking, 1998 was a transitional year. We incurred a great deal of costs associated with the successful launch of Bellagio. We also were affected by the financial turmoil in the Far East, which hurt our high-end business. The costs of opening Bellagio are now behind us and the Beau Rivage opening costs will be expensed in the first quarter of 1999. As for the Far East, we have seen considerable improvements in our high-end business in recent months.

Wall Street seems to be heavily focused on a few short-term items. One of these is the economic situation in the Far East. In mid-1997, the currencies of certain Far Eastern countries were sharply devalued. Although many of our customers from those areas of the world are very wealthy and remain wealthy after this turmoil, it nevertheless influenced their spending habits during 1998. We could have limited the effect of this on our short-term earnings by reducing our marketing efforts in this area. We chose not to do so. We continue to have marketing offices in several international cities and we have an extensive organization in Las Vegas to cater to this very important clientele.

ce of the New South. The company also intends to build a destination resort in Atlantic City, New Jersey, and recently has assembled another development site

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Category: Miscellaneous