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The Mirage was built by developer Steve Wynn and designed by Joel Bergman. It opened in November 1989 and was the first resort that was built with the money of Wall Street through the use of junk bonds. It was built on the site, formerly occupied by the Castaways (casino) and previous to that, theRed Rooster Nite Club.

The Mirage was the most expensive hotel/casino in history, with a construction cost of US$630 million. The hotel's distinctive gold windows get their color from actual gold used in the tinting process. It was reported that the resort would have to bring in a million dollars a day to pay off a 7-year construction loan. But in fact the Mirage did so well, the loan was paid off in just 18 months.

Its construction is also considered very noteworthy in that Wynn had set a new standard for Vegas resorts, and is widely considered to be the father of today's Las Vegas. Prior to the Mirage's opening, the city was experiencing a decline in tourism that began in the 70s, especially around the time the state of New Jersey legalized gambling and tourists (in particular those on the East Coast) began to frequent the casinos of Atlantic City. Also, this was a time when Las Vegas was no longer considered a fashionable destination, so a new, high-profile, project was necessary to jump-start the ailing industry. When it opened, the Mirage was the first casino to use security cameras full time on all table games.^[1]

From 1990 through 2003, the Mirage was the venue for the Siegfried & Roy show. The two headliners combined magic and the use of wild animals. The closing of the popular attraction in 2003, after Roy Horn was injured by one of the white tigers used in the show, affected the Mirage for a while.