The Mirage Opens (1989)

1989

Opened: November 22, 1989
Closed: July 17, 2024
Builder: Steve Wynn
Cost: A published $630 million, of which $565 million was financed by junk bonds
Rooms: 3,044
Signature attraction: A 54-foot volcano that erupted nightly in front of the resort
Other features: Siegfried & Roy's Secret Garden and Dolphin Habitat; Siegfried & Roy's show ran 1990-2003
Opening crowds: An estimated 40,000 visitors in the first 30 minutes; about 750,000 the first weekend
Site: Former Castaways land, cleared after it closed in July 1987
Where to see it today: The Mirage Lagoon sign and a Siegfried & Roy sculpture at The Neon Museum

About

By the late 1980s the Strip was full of ageing hotels. Steve Wynn, who had turned the downtown Golden Nugget into the area's fanciest casino, wanted to build something new. He raised money with the help of financier Michael Milken's high-yield "junk" bonds; the Review-Journal reports that $565 million of the published $630 million cost was financed that way, at a time when, as historian David Schwartz put it, Las Vegas mostly had $200 million casinos. Bulldozers began work in November 1987 on the old Castaways site.

The Mirage opened on November 22, 1989, the first new major hotel-casino on the Strip in over a decade. It had 3,044 rooms and a Polynesian theme built around lagoons, waterfalls and a 54-foot volcano that erupted nightly. Inside were Siegfried & Roy's white tigers and lions in the Secret Garden, and a Dolphin Habitat. An estimated 40,000 visitors walked in within the first 30 minutes, and about 750,000 came the first weekend.

Analysts had said the Mirage would need to make $1 million a day to cover its debt, and it did so easily. Las Vegas visitation rose 16 percent in 1990. Its success persuaded Wall Street to finance more giant resorts, and the Online Nevada Encyclopedia credits it with starting the megaresort era: Excalibur, Luxor, the new MGM Grand, Treasure Island, Bellagio and the Venetian all followed. Siegfried & Roy's show, which ran from 1990 until Roy Horn was injured by a tiger in 2003, became synonymous with the resort.

Wynn sold Mirage Resorts to Kirk Kerkorian's MGM Grand company in 2000. Hard Rock International bought the Mirage in December 2022, and the Mirage closed on July 17, 2024, after more than 34 years, to be rebuilt as a Hard Rock resort with a guitar-shaped hotel tower. The Beatles LOVE by Cirque du Soleil, which played there for 18 years, gave its last show on July 7, 2024.

What to expect

The Mirage has closed for redevelopment. At The Neon Museum, 770 Las Vegas Blvd. North, the Mirage Lagoon sign from the volcano's water and fire show arrived in the Neon Boneyard in June 2026, and a sculpture of Siegfried & Roy with one of their tigers was restored and relit in April 2026. The museum lists September-to-May hours of 3 p.m. to 11 p.m., and recommends buying tickets in advance.

Before and after

The Luxor Pyramid Opens (1993)

Good to know

Cost figures differ slightly: the Review-Journal and The Neon Museum give $630 million, the Online Nevada Encyclopedia $620 million.
Wynn consulted fourth-graders at Vegas Verde Elementary School about the name, then bought the name Mirage from two local motels, according to the Review-Journal.
The Mirage's Dolphin Habitat closed permanently in September 2022 after three dolphins died that year.
Following Wynn's lead, the Mirage used no neon on its Strip sign, which the Online Nevada Encyclopedia notes the Luxor copied.
Siegfried & Roy's show had a cast and crew of 267 and cost $30 million to produce, according to the Review-Journal.

Questions about The Mirage Opens (1989)

When did the Mirage open and close?

The Mirage opened on November 22, 1989, and closed on July 17, 2024, after more than 34 years on the Strip. Hard Rock International, which bought the property in December 2022, is redeveloping it as a Hard Rock resort with a guitar-shaped hotel tower.

Why was the Mirage so important?

It was the first new major Strip resort in over a decade and is widely called the first megaresort. Its $630 million cost was unheard of, and its success, with Las Vegas visitation up 16 percent in 1990, showed Wall Street that huge themed resorts could pay off. Excalibur, Luxor, the MGM Grand, Bellagio and the Venetian followed.

How was the Mirage paid for?

Largely with junk bonds. The Review-Journal reports that $565 million of the published $630 million cost was financed with high-yield bonds, building on Steve Wynn's earlier work with financier Michael Milken. Analysts thought the resort would need $1 million a day to service the debt, and it did so with ease.

Is the Mirage volcano still erupting?

No. The volcano, a free attraction since 1989, stopped when the Mirage closed on July 17, 2024. The Neon Museum received the Mirage Lagoon sign from the volcano's water and fire show in June 2026, and it is now part of the Neon Boneyard collection.

Where did Siegfried & Roy perform?

Siegfried & Roy performed at the Mirage from 1990 until 2003, when Roy Horn was injured by a tiger. Steve Wynn built them a 1,500-seat showroom. The Mirage also housed their Secret Garden with white tigers and lions. A sculpture of the pair, restored in April 2026, is displayed at The Neon Museum.