Wichita businessman Phil Ruffin Sr. is buying the Treasure Island Hotel & Casino in Las Vegas in a deal valued at $775 million.
Ruffin, whose interests include casinos and greyhound race tracks, purchased the property through Ruffin Acquisition LLC.
The deal with Ruffin is also includes $275 million in secured notes. The notes, which will be senior to any other financing, will be issued by Ruffin Acquisition and secured by Treasure Island's assets.
MGM Mirage acquired Treasure Island, famous for its pirate ship and staged battles outside, as part of the 2000 merger between MGM Grand and Mirage Resorts. The hotel-casino is located on the Las Vegas Strip and features 2,885 guest rooms and suites.
Casino gambling revenue on the Strip declined for the 10th straight month in October as consumers curbed travel spending and airlines reduced the number of flights to the city amid the U.S. recession.
0 comments:
Post a Comment