Robert H. Baldwin
    President
                              B E L L A G I O

December 31, 1998


Mr. Stephen A. Wynn
Chairman of the Board and
  Chief Executive Officer
Mirage Resorts, Incorporated
3600 Las Vegas Boulevard South
Las Vegas, Nevada  89109

  Re:  Rental of Fine Art

Dear Steve:

This  letter sets forth the agreement between Bellagio and you effective
this date with respect to the rental of the works of fine art identified
on  Exhibit  A  hereto  (individually,  a  "Work"  and collectively, the
"Works"),  and supersedes and amends in their entirety the letter agree-
ments between Bellagio and you dated January  14,  1998, March 12, 1998,
April 21, 1998, July 31, 1998 and September 1, 1998.

  1.  You  hereby  rent each of the Works to  Bellagio for exhibition in
      any  hotel-casino  operated by  Bellagio or any other wholly owned
      subsidiary  of Mirage Resorts, Incorporated.   The  Works shall be
      maintained   on   public   display  and  shall  be  available  for
      educational  purposes  in  one  or  more  of such hotel-casinos in
      conformity with the requirements of NRS 361.068(k) and NRS 374 and
      any regulations validly promulgated thereunder.

  2.  Bellagio shall pay you monthly rent for each of the  Works  in the
      respective  amounts set  forth on  Exhibit A.    The rent for each
      month, commencing January 1999,  shall  be  payable in advance not
      later than the fifth calendar day of such month. In the event that
      the rental with respect to one or more Works is in effect for less
      than a full calendar month,  the rent for such month shall be pro-
      rated based on the actual number of days during which  the  rental
      was in  effect  and  a  month  consisting  of  30  days.  Any such
      reduction  shall be  credited against Bellagio's next monthly rent
      payment.

  3.  Bellagio  and  you  shall  each  have  the option to terminate the
      rental as to one or more of the Works on 30 days'  notice  to  the
      other party.   Bellagio and you may also mutually agree to include

                P.O. BOX 7700, LAS VEGAS, NEVADA 89177-7700

                              EXHIBIT 10.6
<PAGE>
Mr. Stephen A. Wynn
Mirage Resorts, Incorporated
December 31, 1998
Page Two


      additional  works of  fine art in this rental agreement, in  which
      event the parties shall execute an amendment to Exhibit  A setting
      forth the  additional  works of  fine art and the monthly rent for
      such works.

  4.  Bellagio  shall be  responsible for  insuring and  maintaining the
      security of the Works subject to this rental,  and  for any Nevada
      sales, use or personal property taxes applicable to this rental.

Please sign below to  confirm  your  agreement  to  the  foregoing.   My
signature below confirms Bellagio's agreement thereto.

Very truly yours,

BELLAGIO


By:   ROBERT H. BALDWIN
      -------------------------------------
      ROBERT H. BALDWIN
      President and Chief Executive Officer


I hereby agree to the foregoing.

      STEPHEN A. WYNN
      -------------------------------------
      STEPHEN A. WYNN


cc:   Bruce A. Levin
      Peter C. Walsh
      James E. Pettis
      George J. Panek

<PAGE>
<TABLE>
<CAPTION>
                               EXHIBIT A


                        Work                                Monthly Rent
     --------------------------------------------           ------------
     <S>                                                       <C>
     "Girl with Straw Hat, Sitting in the Wheat,"              $163,145
     also  known  as  "Portrait of a Peasant Girl
     in a Straw Hat"  by  Vincent van Gogh (1890,
     oil on canvas, 36-1/4 x 28-3/4 inches)

     "Dancer,  Taking  her  Bow"  by  Edgar Degas                41,215
     (1878, pastel on paper, 33-1/2 x 27 inches)

     "Highway"  by  Jasper Johns (1959, encaustic                32,018
     and collage on canvas, 33-1/2 x 27 inches)

     "Police Gazette" by Willem de Kooning (1955,                40,750
     mixed  media  on  canvas,  42-7/8  x  39-5/8
     inches)

     "Frieze" by Jackson Pollock (1953-1955, oil,                32,018
     enamel  and  aluminum   paint   on   canvas,
     26-1/8 x 85-7/8 inches)

     "Femme Assise" by  Pablo  Picasso (1949, oil                 8,587
     on canvas, 51-1/4 x 38-1/4 inches)

     "Seated Woman" by  Pablo  Picasso (1949, oil                 9,445
     on canvas, 51 x 38-1/4 inches)

     "Magritte  II"  by  Escobar  Marisol  (1998,                   190
     wood, oil paint, plaster,  charcoal,  cloth,
     58 x 30 x 14 inches)

     "Untitled  XXXII"   by   Willem  de  Kooning                 2,835
     (1977, oil on canvas, 54 x 60 inches)
</TABLE>