TI - formerly known as Treasure Island, but now all (well almost all) the pirates have been taken down - recently changed owners. It was part of the MGM empire, but they needed money to finish up City Center. Phil Ruffin had just sold the New Frontier and had lots of cash, so he was able to buy the place mortgage free.
Treasure Island used to have a pirate theme, with skull and crossbones symbols all over, employees dressed like pirates, a kids arcade and a small lagoon out front where there were daily battles of pirates versus the good guys. (depending on your view of who the good guys are) A while back the place was converted to more of an adult contemporary theme, the arcade pulled out and the pirate battle changed to a ship battle between Sirenes (attractive young women dressed in bikinis) fighting pirates. (spoiler: the pirates always lose, and their ship sinks)
The new owner decided to do a minor makeover: instead of competing with the Wynn and Venetian which are on the same intersection (average rooms there: $189) he moved to the lower priced market, with $ 49 rooms. He pulled out the Audinger night club and brought back Gilley's (which he had at the Frontier). He kept the Cirque show Mystere.
This is what Sirene's Cove and the ships look like from Gilley's window: