Technically, Steve Wynn (through his company Mirage Resorts) did not sell the Bellagio as an individual transaction; rather, the entire Mirage Resorts company was sold to MGM Grand Inc. (now MGM Resorts International) in May 2000 for $4.4 billion in cash plus the assumption of $2 billion in debt. This landmark deal included the Bellagio, The Mirage, and Treasure Island. At the time of its opening in 1998, the Bellagio was the most expensive resort ever built, costing approximately $1.6 billion to construct. Wynn had originally purchased the site (the former Dunes hotel) for just $75 million in 1992. The sale to MGM was one of the most significant "changing of the guards" in Las Vegas history, effectively ending Wynn's first major era on the Strip and providing him the capital to eventually build the Wynn and Encore resorts. While the "Bellagio" portion of that $4.4 billion was the crown jewel, its value has only grown since, now being worth many multiples of its original "sale" price.