Wynn's company, Mirage Resorts, announced the Treasure Island project on October 30, 1991. Wynn had always wanted to build a second casino on the remaining acreage, which was being used as a parking lot for the Mirage. He opened a resort, The Mirage, on the southern portion of the land in 1989. In 1986, casino owner Steve Wynn purchased property on the Las Vegas Strip extending north to Spring Mountain Road. The pirate shows ended the following year, although the ships remain on display. He added two signature restaurants: Gilley's Saloon in 2010, and Señor Frog's in 2012. Ruffin targeted a middle-class clientele, making various changes to appeal to the demographic. In 2009, it sold Treasure Island to Ruffin for $755 million. MGM struggled financially during the Great Recession. MGM's revamp included new signage abbreviating the resort's name as 'TI', while the original pirate show, Battle of Buccaneer Bay, was replaced by Sirens of TI. Treasure Island's pirate theme was scaled back during a 2003 project aimed at attracting a more mature audience, in contrast to the family trend of the 1990s. acquired Mirage Resorts and was renamed MGM Mirage. The resort has also hosted Mystère since 1993, making it the longest-running show by Cirque du Soleil. Free pirate battles were performed daily for spectators over the next two decades. Treasure Island's facade was built with a lagoon containing two pirate ships. Treasure Island was among several family-oriented resorts to open in Las Vegas during the 1990s, taking advantage of the growing tourist demographic.

Wynn announced Treasure Island in October 1991, and construction began four months later. Project designers included Joel Bergman and Jon Jerde.

Treasure Island was developed by casino owner Steve Wynn through his company, Mirage Resorts. The resort is owned and operated by businessman Phil Ruffin. Treasure Island Hotel and Casino (also known as Treasure Island Las Vegas and ' TI') is a pirate-themed hotel and casino located on the Las Vegas Strip in Paradise, Nevada, U.S.