Expansion & Development of Mirage Resorts

This research analyzes expansion and development by Mirage Resorts, Incorporated. A general discussion of the company's expansion and development activities is followed by an analysis of the relationship between the company's expansion and development activities and the company's operational performance. The period of analysis is 1992-1996.

Expansion and Development by Mirage Resorts

The key to the expansion and development activities at Mirage Resorts is the company's stated goal of creating value for the shareholders of the company. The key to the creation of value, according to top management at Mirage, is to build and operate fine hotels and casinos. New construction, according to Mirage top management, "generally results in a better asset."

Policy at Mirage Resorts is to finance capital construction through a combination of internally generated funds and borrowed funds. Mirage borrows approximately one-half of the capital required for the construction of each new project.

Mirage expects each of the company's new projects to generate returns on investment (ROI) "exceeding 20% per year." Over the past 10 years, Mirage Resorts has invested $1.5 billion in new resorts and have projects under constructions values at $2 billion.

Mirage builds large projects. Large projects in the gaming industry produce what is known as step-function growth. Under a step-growth pattern, a company's earnings in

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te financial data. There are several statistical procedures which are used in the testing of hypotheses. Three procedures which are widely used are (1) analysis of variance (ANOVA), (2) linear regression analysis, and (3) correlation analysis. Analysis of variance is a statistical technique that assesses the effects of one or more categorical independent variables (factors), measured at any level upon a continuous dependent variable that is usually assumed to be measured at an interval level. In other words, an attempt is made to explain the movement in a dependent variable through the analysis of movements in independent, or explanatory, variables. The interval level requirement for measurement of the dependent variable means that an equality of interval exists between the points on the scale with which the variable is measured. A major difference between the analysis of variance procedure and regression analysis is that, in analysis of variance, the emphasis is on analysis of the variations in the independent variable, as opposed to the joint interaction of the variations in dependent and independent variables. One result of this difference in emphasis is that, in regression analysis, both the independent and the depend
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Approximate Word count = 2121
Approximate Pages = 8 (250 words per page)

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