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Word Count: 998
At Mirage Resorts we dream our guests address their desires and build resorts to accommodate the experience Over this past year we have fulfilled some dreams ourselves including the opening of two spectacular new resorts- Bellagio on the Las Vegas Strip and Beau Rivage in Biloxi Mississippi Mirage Resorts is the worlds leading developer and operator of casino-based resorts Bellagio a spectacular 16 billion resort inspired by the drama and elegance of fine art opened in October 1998 Its sister property The Mirage ranks first in operating income in the State of Nevada Treasure Island located adjacent to The Mirage is one of the states most profitable resorts In addition the company owns 50 of the very successful Monte Carlo hotel-casino Each of these resorts is located on the Las Veags Strip and ranks among the worlds largest hotels Mirage Resorts also owns the Golden Nugget the largest and most profitable hotel in downtown Las Vegas and the Golden Nugget-Laughlin which is located approximately 90 miles south of Las Vegas In March of 1999 the company opened Beau Rivage a luxurious 685 million reort in Biloxi Mississippi that captures the vitality and grace of the New South The company also intends to build a destination resort in Atlantic City New Jersey and recently has assembled another development site at the heart of the Las Vegas Strip Financially speaking 1998 was a transitional year We incurred a great deal of costs associated with the successful launch of Bellagio We also were affected by the financial turmoil in the Far East which hurt our high-end business The costs of opening Bellagio are now behind us and the Beau Rivage opening costs will be expensed in the first quarter of 1999 As for the Far East we have seen considerable improvements in our high-end business in recent months Our progress during 1998 really is best
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