It seems like just yesterday when we were talking about how nothing major was going on in Las Vegas. How quickly things change. MGM Mirage announced this morning it is selling Treasure Island to former New Frontier owner Phil Ruffin. What does this mean for TI? Will Sirens’ Cove be filled with mud for the return of Cold Beer, Dirty Girls? Will Christian Audigier: The Nightclub be replaced by Gilley’s? Will Sigma Derby return to the north end of The Strip? Will Ruffin resurrect his plans for either City by the Bay or Montreux? We’ll ponder these and other questions about Treasure Island on the next show.
9 thoughts on “MGM Mirage Sells Treasure Island”
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Wow, that was unexpected. Seems like most speculation about sales was things like Bill’s or Imperial Palace.
I wonder if they’ll keep the tram to Mirage?
Thar be cold grog and dirty wenches. Arr.
i just hope they keep Kahunaville.
But…how much will it cost to put the bull ride onto the deck of the pirate ship?
I miss the cold beer and dirty girls
I would have guessed that Harrah’s would have been more desperate to sell something. Maybe he’ll bring decent video poker back to the strip
This just in: Elad Group announces unsolicited bid to buy Treasure Island from Ruffin even before deal closes with MGM Mirage Corp. Reportedly offers Ruffin $1 Trillion and announces intent to implode the hotel and replace it with a dirt lot.
Those crazy Israeli’s!
This is great news. It will shore up the financials for 2009.
BTW I took a peak at the 2007 statements. Did you know they recorded a #1 billion gain on the sale of 50% of City Ceter to Dubai?
What did they sell in 2008?
Dan
So it looks like Ruffin, over 19 months, essentially traded New Frontier (sold @ 1.2 B) for TI (775M), _and_ got 400+ million on top. Wow.
From the R-J article: “…the resorts will remain connected by an elevated tram.”.
Wonder what the fate of Social House will be? A lot of cash went into that joint and while it doesn’t have the buzz that Yellowtail or Nobu’s has, it’s got a nice ambiance. And while their sushi is average, their Japanese sake list is quite good and makes for a nice place to stop by on trips being that the Venetian has NOTHING and Okada is astoundingly overpriced for its fare. I used to know the sake sommelier at Social House, who’s since gone to Japan and I can vouch for their selection as being created by a well-trained artisan. If you like sake, you’ll enjoy the surprisingly well-selected list of brews there.