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But all will entertain an immovable idea that when things die, there is someone or something that pulled the trigger. Welcome to This Is the End Week. In the late s, shortly before he was indicted on 98 counts of racketeering and securities fraud, Milken, who was then the most powerful financier in America, helped an upstart casino executive finance his first resort on the Las Vegas Strip. There were , fewer visitors to Vegas in than in , room occupancy plunged from 77 percent to 70 percent, and the annual migration of American quarters into desert slot machines started to look like something David Attenborough would get mournful about in a nature documentary.
Hotel operators slashed their prices and ripped amenities out of rooms. A junk bond, by the way, is a bond that a credit rating agency thinks has a good chance of not being paid back. Credit agencies look at these loan instruments and score them based on how likely the seller is to actually do it.
If the bond looks safe, i. If the bond looks unsafe, i. Does it maybe vaguely recall a certain pastime associated with a particular desert city? No Mike, no Mirage. This was a couple of decades before credit default swaps made everyone realize that a 3 a. The Wikipedia page for the Mirage notes—in the same paragraph—that it was the first resort ever financed by junk bonds and that real gold dust was used to tint the windows; these facts are deeply linked.
Old-guard Vegas executives like William G. Wynn understood that what middle-class tourists want from a gambling destination is the feeling of escaping from the middle class. The attraction of a gambling resort is not that it caters to middle-class logic but that it enables the suspension of it. The Mirage was conceived as the gambling resort of the future, and the gambling resort of the future had to do something more complicated than just offer the tantalizing possibility of striking it rich.
So: Give them spectacle, size, dazzle. Show them the world, literally, through gold dust. At the time it opened, the Mirage was the largest hotel on Earth.
It was magic and white tigers Siegfried and Roy operated out of the Mirage for years, until Roy was nearly killed by one of his own big cats and contortionist acrobats Cirque du Soleil first played Vegas in a tent in the Mirage parking lot. The Mirage, being one of the first heavily themed hotel and casinos in the Las Vegas Valley since Caesars Palace in , began a period in Las Vegas's history known as the "family-friendly era" where previously mob-run hotels and casinos were replaced by heavily themed resorts that catered mostly to families and children.
A smaller inspiration for hotel and casinos on the Las Vegas Strip were the Mirage's Y-shaped wings, used on hotels built after the resort, including the Monte Carlo, Mandalay Bay, Bellagio, and the Venetian. Despite the Westgate being the first to use this layout, the Mirage would make it easier for elevator placement, room placement, and its overall design. CasinoCyclopedia Explore. Wiki Content. Explore Wikis Community Central. Register Don't have an account? The Mirage. Edit source History Talk 0.
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