real estate investment las vegas: Las Vegas Real Estate Investment - Ruffin Buys Treasure Island - Canadian Invasion of Vegas Continues
- 12/15/08 05:58 PM
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 … (6 comments)
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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.
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