Treasure Island was opened by Mirage Resorts in 1993 under the direction of Steve Wynn at a cost of $450 million. The initial plans called for a tower addition to The Mirage, but later evolved into a full-fledged separate hotel casino resort.

Treasure Island originally intended to attract families with whimsical pirate features and icons such as the skull-and-crossbones strip marquee, a large video arcade, and staged pirate battles nightly in "Buccaneer Bay" in front of the casino entrance on the Strip.

In 2003, the hotel largely abandoned its pirate theme for a more contemporary resort choosing to provide primarily adult amenities and services. The original video arcade and kid-friendly pool areas were replaced with a party bar, hot tub, and nightclub.

The famous skull-and-crossbones sign at the Strip entrance was replaced by a dual-purpose "TI" marquee displaying the hotel logo and serving as a large LCD video screen. The exterior color of the hotel was also changed from a light orange to a darker maroon color.