The Palm Beach Post from West Palm Beach, Florida • Page 96

3 $500,000 ambled 20D THE PALM BEACH POST SUNDAY, DECEMBER 11, 1988 l5S 17 T51 5 showrooms open Monday 'til 8:30 rj 0 (Stain's SKCUl 0 0 Buy with confidence Housekeeping'-) ESMSlLuJ WMISIS onmw.iwiism A-r SAVE MOO ON STRATOLOUNGER LoBACK RECUNER $29995 The look of a stylish club chair on a name Casino executive pays heavily for a 'Mirage' LAS VEGAS Golden Nugget Inc. Chairman Steve Wynn said Friday he liked the name "The Mirage" so much, he paid $500,000 to use it for his new $585 million resort on the Las Vegas Strip. Wynn's announcement ended speculation that the new resort on the Las Vegas Strip would carry the same name as his hotel-casino in the downtown's Glitter Gulch. Wynn said he and others at the resort knew they had to have a new name for the new property, or the downtown Golden Nugget would become know as "the old one" and the Strip resort "the new one." "It didn't seem fair that this property would be called 'the old Wynn said. The downtown casino dates to 1946, but renovations, a new tower and luxury suites have pushed the value to $200 million, Wynn said.

The gaming chief said he settled on the name "The Mirage" because of the South Pacific theme, then had to wrestle with the problem of two other Las Vegas motels that carry the same name. 2 motels sell their names Wynn said he went to the owners of the Mirage Motel and La Mirage, and paid them $250,000 each to change their name as of July 1. Wynn said the new property will open early next December. He said he planned to be a major player in bringing boxing matches to Las Vegas, joining Hilton and neighboring Caesars Palace as a major promoter of the events. "We're going to be the third player in the game," Wynn said.

Wynn said he had no intention of selling his downtown property. "It has broken every profit record this year," Wynn said. "Anything's for sale," he added, qualifying his statement. "I didn't think I'd ever sell Atlantic City, then they came along and offered me $440 million." Wynn sold his Golden Nugget hotel and casino in Atlantic City to Bally Corp. in 1987.

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