Posted on: July 18, 2024, 12:15h.
Last updated on: July 17, 2024, 03:51h.
Treasure Island Hotel & Casino on the Las Vegas Strip is hoping to capitalize off the closing of The Mirage.
Treasure Island and The Mirage have been neighbors for decades, but that ended Wednesday with the latter shutting its doors. Hard Rock International plans to renovate the Polynesian-themed integrated resort into a rock ‘n’ roll-themed destination highlighted by a towering guitar-shaped hotel.
With Hard Rock Hotel & Casino Las Vegas not expected to open until 2027, Treasure Island is appealing to The Mirage’s longtime guests to give its resort a try. Calling The Mirage its “beloved neighbor,” Treasure Island is running a promotion all summer long to entice former Mirage guests to the pirate-themed complex.
Wanted: Mirage Guests
Treasure Island says it’s discounting its hotel rooms by up to 35% all summer long. Former Mirage rewards members who present their player cards receive not only discounted rooms but a two-for-one cocktail voucher and a $50 pool cabana credit good for weekdays through October.
Former Mirage loyalty members who sign up for the TI Players Club will additionally receive $60 in free slot and table play. Treasure Island will also match any comp offer Mirage casino guests hadn’t used before the resort’s closing this week.
Treasure Island is immediately north of The Mirage and across the Strip from The Venetian Resort.
Treasure Island has nearly 3,000 guestrooms and a casino floor with 1,200 slot machines, 70 live dealer table games, and a sportsbook. Unlike Treasure Island’s nearby neighbors, including The Mirage, Venetian/Palazzo, Wynn/Encore, and Caesars Palace, TI typically has lower table minimums in a more casual and relaxed environment.
Treasure Island is home to eight full-service restaurants, plus numerous bars and lounges. The casino’s entertainment is highlighted by Cirque de Soleil’s Mystere.
Billionaire Phil Ruffin privately owns Treasure Island. Ruffin acquired the property from MGM Resorts, then known as MGM Mirage, in the Great Recession of 2008 for $755 million.
Ruffin additionally owns a 50% stake in Trump International. That nongaming hotel and residential building is a block north of Treasure Island. Ruffin’s empire also includes Circus Circus.
Mirage Benefactors
The Mirage’s closure takes 4,511 guestrooms and suites offline on the Strip. Gaming analysts believe the room reduction will benefit most resorts, but especially Caesars Entertainment and MGM. Those two firms operate the bulk of the hotel rooms on the Strip.
Smaller operators, however, are also expected to benefit from The Mirage’s shuttering. Along with Treasure Island, The Strat, and Sahara — two resorts that don’t sell out nearly as often as more centrally located properties do — are likely to see increased demand in the coming months and years.
As of May, there were 154,035 hotel rooms in Las Vegas. The Las Vegas Convention and Visitors Authority (LVCVA) reports that from January through May, those rooms were occupied 83.9% of the time, which is up just 0.2% from 2023. Rooms on the Strip were occupied higher at a rate of 86.2%, up 0.4%.
The average nightly rate for a Strip occupancy this year through May was $200 across the city and $213 on the Strip.
