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Mirage Resorts Inc

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BUSINESS
October 30, 1991 | GEORGE WHITE, TIMES STAFF WRITER
Mirage Resorts Inc. said Tuesday that it will build a $300-million family oriented themed resort in Las Vegas, escalating the fight for family business in the Nevada gaming and adult entertainment oasis. The Las Vegas-based company, which owns the Golden Nugget casinos in Las Vegas and Laughlin, Nev., said its latest mega-casino--to be called Treasure Island--will have 3,000 guest rooms and will be located adjacent to the Mirage, the firm's flagship casino and resort.
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NEWS
June 6, 2000 | From Associated Press
Within days of announcing plans to sell some assets of its newly merged company, MGM Grand Inc. on Monday reported the sale of 11 paintings once owned by Mirage Resorts Inc. for $124 million. Three of the 11 paintings were purchased by former Mirage Chairman Steve Wynn, who had assembled the $400-million art collection. MGM Grand spokesman Alan Feldman would not disclose which three paintings Wynn acquired nor the purchase prices.
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BUSINESS
September 8, 1995 | Times Staff and Wire Reports
Plan for Mirage, Circus Circus Mega-Resort OKd: Atlantic City officials unanimously approved the joint proposal to build a mega-resort on a former landfill. The city council voted 9-0 in favor of the proposal made by Mirage Resorts Inc. Chairman Steve Wynn and rejected a plan to convert the 178-acre tract into a golf course, which had the backing of developer Donald Trump and Promus Hotel Corp.'s Harrah's Casino Hotel.
BUSINESS
May 31, 2000 | Reuters
Mirage Resorts Inc. shareholders approved the company's $4.4-billion merger with MGM Grand Inc., ending casino mogul Steve Wynn's run at Mirage. At a meeting at Mirage's Bellagio hotel, Wynn praised his company's new owner, MGM Grand, which now becomes the second-largest gaming company in the United States.
BUSINESS
February 23, 1999 | Bloomberg News
Mirage Resorts Inc., the third-largest U.S. casino company, said its fourth-quarter profit from operations fell 24% to $37.4 million, or 20 cents a share, as competition in Las Vegas held down gambling winnings and hotel room prices at its resorts. Mirage was expected to earn 22 cents, the average estimate of analysts polled by First Call Corp.
BUSINESS
August 16, 1997 | Bloomberg News
Mirage Resorts Inc. Chairman and Chief Executive Stephen Wynn was awarded $3.17 million in damages by a Nevada jury in his libel suit against the publisher of a Wynn biography. Barricade Books, the publisher of "Running Scared: The Life and Treacherous Times of Las Vegas Casino King Steve Wynn," falsely alleged in the book's catalog advertisement that Wynn had ties with organized crime, Wynn's attorney, Barry Langberg, said in a statement. The jury awarded Wynn $2.
BUSINESS
October 16, 1998 | Reuters
Hotel and casino operators Circus Circus Enterprises Inc. and Mirage Resorts Inc. have agreed to dismiss lawsuits filed against each other dealing with the development of casinos along the so-called H-Tract in Atlantic City, N.J., Circus said. The H-Tract is a parcel of land near Atlantic City's marina district that Mirage, Circus and a third gaming company, Las Vegas-based Boyd Gaming Corp., have sought to develop for two years.
BUSINESS
May 5, 2000 | Reuters
A shareholder is trying to block Mirage Resorts Inc.'s sale to MGM Grand Inc. over a clause that gives casino mogul Steve Wynn the right to buy Mirage artworks below market prices. Wynn, chairman and chief executive of Mirage, has first right of refusal in any sale of art owned by Mirage or its subsidiaries, according to documents filed with the Securities and Exchange Commission. Wynn will leave Mirage after completion of its $4.4-billion sale to MGM, as early as this summer.
BUSINESS
May 31, 2000 | Reuters
Mirage Resorts Inc. shareholders approved the company's $4.4-billion merger with MGM Grand Inc., ending casino mogul Steve Wynn's run at Mirage. At a meeting at Mirage's Bellagio hotel, Wynn praised his company's new owner, MGM Grand, which now becomes the second-largest gaming company in the United States.
BUSINESS
May 6, 1992 | From Associated Press
Donald Trump offered to sell his three Atlantic City casinos in exchange for stock in Mirage Casino Hotel's parent company, the chairman of Mirage Resorts Inc. said Tuesday. Trump denied the report, saying Mirage officials were making false statements to get publicity on the shirttails of the Trump name. Steven Wynn, chairman of Las Vegas-based Mirage, told business owners in Bridgeport, Conn., that Trump made the offer on Monday.
BUSINESS
May 5, 2000 | Reuters
A shareholder is trying to block Mirage Resorts Inc.'s sale to MGM Grand Inc. over a clause that gives casino mogul Steve Wynn the right to buy Mirage artworks below market prices. Wynn, chairman and chief executive of Mirage, has first right of refusal in any sale of art owned by Mirage or its subsidiaries, according to documents filed with the Securities and Exchange Commission. Wynn will leave Mirage after completion of its $4.4-billion sale to MGM, as early as this summer.
ENTERTAINMENT
March 10, 2000 | SUZANNE MUCHNIC, TIMES ART WRITER
An agreement Monday for MGM Grand to buy Mirage Resorts Inc. for $4.4 billion has sparked questions about the fate of the renowned art collection amassed by Mirage's flamboyant chairman, Steve Wynn. The collection of Modern, Impressionist and Old Master artworks--valued at about $400 million--is displayed at the luxurious Bellagio hotel-casino in Las Vegas.
NEWS
March 7, 2000 | JAMES F. PELTZ, TIMES STAFF WRITER
Kirk Kerkorian, the 82-year-old billionaire and brash deal maker who controls MGM Grand Inc., would become the unrivaled kingpin of Las Vegas gaming under an agreement Monday for MGM Grand to buy Mirage Resorts Inc. for $4.4 billion in cash. The deal would give Kerkorian and MGM Grand control of more than 18,000 rooms up and down the Las Vegas Strip at such famed hotel-casinos as MGM Grand, Mirage, Bellagio, New York-New York and Treasure Island, among others.
BUSINESS
March 1, 2000 | JAMES F. PELTZ, TIMES STAFF WRITER
Mirage Resorts Inc. on Tuesday rejected as too low a $3.4-billion, unsolicited takeover bid from rival gaming giant MGM Grand Inc. But Mirage left the door open to negotiate a higher offer with MGM Grand, which is controlled by billionaire Kirk Kerkorian. To further ensure that any merger is to Mirage's liking, Mirage adopted a so-called poison pill plan that would make any hostile attack on Mirage prohibitively expensive for the unwanted suitor.
BUSINESS
February 26, 2000 | From Reuters
Shares of casino operator Mirage Resorts Inc. rallied on Friday after a report that Harrah's Entertainment Inc. and Park Place Entertainment Corp. may be considering bids to rival a $3.4-billion takeover offer from MGM Grand Inc. Harrah's declined to comment specifically about Mirage. But spokesman Gary Thompson said Harrah's was "interested in any strategic acquisition that would add value for shareholders." Park Place was not immediately available for comment.
BUSINESS
February 24, 2000 | JAMES F. PELTZ, TIMES STAFF WRITER
MGM Grand Inc. launched a $3.4-billion bid to buy Mirage Resorts Inc. in a surprise move Wednesday that pits two of Las Vegas' most powerful gaming figures in a potentially hostile fight: Kirk Kerkorian, the Beverly Hills billionaire who is MGM Grand's controlling stockholder, and Steve Wynn, Mirage's flamboyant chairman.
NEWS
June 6, 2000 | From Associated Press
Within days of announcing plans to sell some assets of its newly merged company, MGM Grand Inc. on Monday reported the sale of 11 paintings once owned by Mirage Resorts Inc. for $124 million. Three of the 11 paintings were purchased by former Mirage Chairman Steve Wynn, who had assembled the $400-million art collection. MGM Grand spokesman Alan Feldman would not disclose which three paintings Wynn acquired nor the purchase prices.
BUSINESS
May 5, 1998
Equitable Cos., the fourth-largest U.S. life insurer, said its first-quarter earnings from operations rose 62%, as rallies in financial markets boosted annuity sales, investment banking and money management. Profit rose to $213.9 million, or 92 cents a diluted share, from a year ago, exceeding analyst estimates of 79 cents. The New York company's investment unit--investment bank Donaldson, Lufkin & Jenrette Inc. and money manager Alliance Capital Management--saw profit rise 38% to $105.
BUSINESS
January 20, 2000 | Reuters
Are casino stocks about to get on a roll? Despite a recent profit warning from Mandalay Resort Group (ticker symbol: MBG), gaming companies are expected to report generally strong fourth-quarter results, meeting or beating Wall Street estimates, as hotels and casinos cashed in during "millennium" celebrations, analysts said. "We believe that business trends in Las Vegas remain strong," said Harry Curtis of Robertson Stephens. MGM Grand Inc.
BUSINESS
September 8, 1999 | Bloomberg News, Times Staff
Mirage Resorts Inc.'s stock, already on a losing streak, fell to a 52-week low Tuesday amid reports that Chief Financial Officer Daniel Lee resigned from the third-largest U.S. casino company in a dispute. Lee said in an interview that he is leaving to start his own company, denying reports of a fallout with Chief Executive Stephen Wynn.
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