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Expansion & Development of Mirage Resorts

" Mirage Resorts experiences this pattern of earnings growth. Therefore, expansion through the development of new hotels and casinos is a crucial element of the company's long-term strategy.

The development of new resorts by Mirage also is designed to assure that the new facilities will complement the existing operations of the company. The last thing that top management at Mirage wants to do is to build a new resort that will compete directly with one of the company's highly performing existing resorts.

The expansion and development policy followed at Mirage Resorts calls for the company to continually seek new opportunities for the development of new hotels and casinos. A key element of this policy is to seek opportunities in those states where gaming is newly legalized. Over the past decade, the legalization of gaming has spread rapidly among those states that previously prohibited the activity.

The development of a new resort property by Mirage Resorts typically requires approximately two years from the commencement of construction to the opening of the resort. During the construction period, the company ties up a major amount of capital funds before the property becomes an income producing resort.

Analysis of the Relationship Between Expansion and Development At Mirage Resorts and the Company's Operational Performance

To assess the relationship between expansion


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