![]() His purchase comes at a time when the Strip’s north end is the focus of more than $8 billion in expansion and development. In total, Ruffin now owns 102 acres – a majority of which is undeveloped – on the Strip’s north end. The purchase included the 25-acre resort site and surrounding land parcels, including 33 acres at the corner of Sahara Boulevard and the Strip used as a festival space. Gaming regulators approved the deal in December and the sale closed two months after it was announced. “They had some other offers, but (the buyers) couldn’t have been licensed for more than a year,” adding that MGM wanted the money quickly. ![]() “It was kind of a pre-emptive bid and it was probably more than everyone else,” Ruffin said in an interview at his Treasure Island office. The transaction included $662.5 million in cash and $162.5 million in notes due in 2024. He sheepishly admitted last week that he might have overpaid for the aging hotel-casino. His $825 million offer was accepted in a handshake deal with MGM Chairman and CEO Jim Murren. Ruffin, who acquired Treasure Island from MGM in 2009 for $755 million, moved quickly.
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