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Las Vegas Real Estate Investment - Ruffin Buys Treasure Island - Canadian Invasion of Vegas Continues
Former Frontier Casino owner Phil Ruffin says "He's putting his money on Vegas." This is to the tune of $775 million to purchase Treasure Island from MGM Mirage. The deal is said to involve $500 million in cash, with the balance in secured notes. The transaction is expected to close around the 2nd. quarter 2009, pending regulatory approvals.

This gives MGM a liquidity boost in these difficult economic times. It's also a boost to City Center that is scheduled to open late 2009, as the credit markets having tightened, this inflow of cash gives them some breathing room. It also shows a substantial vote of confidence in Las Vegas, to have an investment like this with all the negativity still in the air.

Phil Ruffin sold the Frontier to ELAD Group in 2007, which then partnered with IDB Group to build a Las Vegas version of New York's Plaza Hotel on the site. The project has been delayed by a dispute over the Plaza name, which has since been settled, and of course by the tightening of the credit markets. Although delayed, it appears at the moment that they are proceeding with the development, and are asking for a ... more

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