Billionaire casino mogul Phil Ruffin has announced plans to sell Circus Circus Las Vegas, a property he purchased in 2019 for $825 million. Ruffin now values the property at $5 billion and has confirmed that there is interest from potential buyers. The 102-acre site, located on the north end of the Strip, is considered a prime real estate opportunity, with Ruffin describing it as “the best piece of land on the West Coast.”
Ruffin, known for his strategic investments in Las Vegas real estate, emphasized that his acquisition of Circus Circus was primarily a land play. “Why do you think I bought Circus Circus? For the 102 acres,” he told Forbes, drawing comparisons to his past investment in the New Frontier Hotel and Casino. He acquired the Frontier in 1998 for $167 million and later sold it for approximately $2.1 billion, marking a substantial return on investment.
Despite investing $60 million in renovations and adding features such as a sand-bottom pool and a 2,000-seat theater, Circus Circus remains largely unchanged from its original form. The property continues to attract budget-conscious travelers, with room rates sometimes as low as $38 per night according to SFGATE. However, its location on the northern end of the Strip, far from the bustling center, presents challenges in drawing higher-end clientele.
Another Investment in Sight
Once the sale of Circus Circus is finalized, Ruffin intends to reinvest the proceeds into another Las Vegas Strip property. However, he remains open to exploring opportunities outside of Nevada. “I have my eyes on some properties… It could be in another town, if it’s good enough,” Ruffin stated, hinting at potential investments beyond Las Vegas.
Ruffin’s current Las Vegas holdings include Treasure Island, which he acquired from MGM Resorts in 2009 for $775 million. He also co-owns Trump International Hotel Las Vegas with President-elect Donald Trump, with whom he shares a long-standing friendship and business relationship. Ruffin has donated millions to Trump’s presidential campaigns according to Las Vegas Sun and has engaged in discussions with him about foreign and domestic policies, including immigration and economic strategies.
The potential sale of Circus Circus comes at a time of significant development in the northern Strip area. Nearby, the newly opened Fontainebleau and the planned NBA arena have brought renewed interest to the region. Analysts suggest that Ruffin’s decision to sell may be influenced by these emerging developments and the potential for substantial profit from the sale.
In addition to his Las Vegas ventures, Ruffin is currently investing $200 million into a new casino project in Wichita, Kansas. The development, known as The Golden Circle, will feature parimutuel gaming, an outdoor concert venue, and a honky-tonk bar.
With Ruffin’s track record of successful real estate investments, industry observers are eager to see where his next venture will take him. Whether he chooses to remain in Las Vegas or explore opportunities elsewhere, his business acumen and strategic approach to property investment continue to shape the casino landscape.
