Casino mogul Phil Ruffin acquires Las Vegas hotel property from MGM Resorts International
Circus Circus Las Vegas, an MGM Resorts International property, has been acquired by renowned Las Vegas-based casino mogul and businessman, Phil Ruffin.
Ruffin purchased the hotel property along with its 37 adjacent acres for $825 million, paid with $662.5 million in cash and $162.5 million senior notes due 2024, which will be secured by the 37 acres of adjacent land. The property’s name will remain the same.
“The opportunity to own 102 acres on the Las Vegas Strip was very interesting. From a strategic standpoint, Circus Circus is the most recognizable name on the north strip,” said Ruffin. “Treasure Island is the crown jewel in my portfolio and Circus Circus adds another layer of gaming customer to my holdings.”
The property at 2880 Las Vegas Boulevard South has 3,767 guest rooms, including 135 suites; The RV Park at Circus Circus; multiple dining, shopping and entertainment options; more than 101,000 square feet of gaming, including table games such as Blackjack, Craps, Roulette, Pai Gow and Three Card Poker; more than 1,400 slot and video keno machines; a Race & Sports Book; as well as the Adventuredome theme park.
This transaction is expected to close in the fourth quarter of 2019 subject to customary closing conditions, including receipt of necessary regulatory approvals. The acquisition builds on Ruffin’s legacy in and beyond the gaming space, with current holdings including Treasure Island Hotel and Casino on the Las Vegas Strip and Casino Miami, located less than 20 minutes from Downtown Miami.