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MGM Handing Treasure Island to Ruffin for $775M

LAS VEGAS-The price includes $500 million in cash and $275 million in secured notes. The deal is expected to close by the end of the second quarter of 2009.

By Brian K. Miller | Updated on December 15, 2008

LAS VEGAS-MGM Mirage said on Monday it has agreed to sell the Treasure Island casino-resort on the Las Vegas Strip for $775 million. The buyer is Witchita billionaire Phil Ruffin, who sold a 35-acre development site on the Strip last year for $1.24 billion . The Treasure Island deal is expected to close by the end of the second quarter of 2009.

Treasure Island has 2,885 guest rooms and suites, approximately 90,000 square feet of gaming space and several fine and casual dining outlets. It also is home to Mystere, the first permanent production in Las Vegas by Cirque du Soleil, and the Sirens of TI–its pirate battle attraction.

Ruffin describes the property as being in “pristine condition” and “ideally located in the heart of the Strip.” It wasn’t immediately clear how much land Ruffin would get along with the resort. In its annual report MGM Mirage lists its Mirage and Treasure Island properties as sharing a 102-acre property. An MGM executive was not immediately available Monday morning for comment.

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