leelaurra642   Album Posted Feb.29th, 2024, viewed 22 times

Treasure Island Trading Set

Former New Frontier owner Phil Ruffin is buying Treasure Island from MGM Mirage for $775 million (W75 million), sources confirmed on Sunday night. The deal will be announced today.

Ruffin, a businessman in Wichita, Kansas, sold the new frontier to the elard group for more than $1.24 billion in May 2007. The aging casino closed in July 2007 and was demolished in November 2007.

MGM Mirage officials have not commented on the deal, and Ruffin could not be reached. The deal comes amid the current global credit crisis, which has dried up the lending market to the gaming industry, and is surprising. In addition, other development projects, especially Boyd Gaming's $4.8 billion Echelon, have also stalled, which closed in August and may be pushed back to 2010.

Ruffin owns seven acres of land that houses the $1.2 billion Trump International Hotel & Tower. He is believed to be the partial owner of 1,282 apartments with Donald Trump, a billionaire in New York. He appeared at the property's opening ceremony in April.

MGM Mirage bought Treasure Island as part of its $6.4 billion acquisition of Mirage Resort in 2000. The pirate-themed casino was opened by Steve Wynn as a sister resort of Mirage in 1993 for $450 million.

Treasure Island has 2,885 rooms including 220 suites and 90,000 square feet of casinos.

The Wynn-owned strip resort provided food for families and featured live-action pirate battles every 90 minutes in Buccaneer Bay at the resort's front.

MGM Mirage abandoned the family theme to a more modern, adult-oriented theme in 2003, marketing it as TI. "The Sirens of TI" replaced the whimsical pirate battle.

Ruffin paid $167 million for New Frontier in 1998 and has been looking for an equity partner to help redevelop the resort and 36 acres for several years.

However, he was considered a savior of the New Frontier when he took over the casino from the Eladi family.

The building was the longest-running site of business disruption in the country when more than 550 employees backed by the culinary union quit the company in September 1991.

Workers spent 2,325 days on the picket line, and went back to their work when ruffins took control of the casino at 12:01 a.m. on February 1, 1998.

The New Frontier was bombed to pave the way for a planned $5.7 billion mixed-use development, modeled after the New York Plaza Hotel owned by the Ellard Group.

However, the collapsing credit market put the project on hold.

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