New Owner Of Treasure Island Las Vegas Hotel Was Approved Last Week

Treasure IslandNew owner of Treasure island Las Vegas hotel was approved last week.  Phil Ruffin, previous owner of New Frontier, was ok’d by the Nevada Gaming Commission to become the new operator from MGM Mirage.  They are the same company building the massive Project CityCenter Resort located on the Las Vegas Strip.

Ruffin changed his initial payment to MGM Mirage by adding $100 million to the $500 million initially agreed.  This financial move is to decrease his total payment of $775 million by a $20 million discount.

Continue reading New Owner Of Treasure Island Las Vegas Hotel Was Approved Last Week

Tags: , , , , | E-Mail This Post/PageEMail This Post | Print This Post/PagePrint This Post | Comments

Purchase Of Treasure Island Las Vegas Hotel For $775 Million Approved

Treasure IslandPurchase of Treasure Island Las Vegas hotel for $775 million approved by the Gaming Control Board. The Board didn’t take long to ok the real estate transaction by Phil Ruffin.  Final ruling will commence on March 19, 2009 and 11 days later it will close with approval.

Terms for the commercial real estate deal will start with $500 million due to MGM Mirage at closing.  Another $100 million will be payable in six months.  Finally, $175 million balance due in two years with a 10 percent interest rate.

Continue reading Purchase Of Treasure Island Las Vegas Hotel For $775 Million Approved

Tags: , , , , | E-Mail This Post/PageEMail This Post | Print This Post/PagePrint This Post | Comments

MGM Mirage Sells Treasure Island Las Vegas To Ruffin For $775 Million

Treasure Island MGM Mirage sells Treasure Island Las Vegas hotel to Phil Ruffin for $775 million.  Ruffin, is the previous owner from Kansas, of the New Frontier hotel, across from the soon to open Encore Las Vegas.  He’s decided that there is no better time to invest in Vegas.

The New Frontier Strip hotel was sold for $1.24 billion in May 2007 to the Elad Group.  Imploded in Nov 2007 to a lot of fanfare.

Continue reading MGM Mirage Sells Treasure Island Las Vegas To Ruffin For $775 Million

Tags: , , , , | E-Mail This Post/PageEMail This Post | Print This Post/PagePrint This Post | Comments

Google