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News Treasure Island (TI) has been sold to former New Frontier owner! Former New Frontier owner Phil Ruffin has agreed to purchase Treasure Island Hotel and Casino. Date: 12/15/08 Room: Treasure Island (TI) Summary: Treasure Island Hotel and Casino, a Las Vegas fixture since its opening in October 1993, is being sold to Phil Ruffin, former owner of the Frontier Hotel and Casino. Content: Treasure Island Hotel and Casino has been sold to Phil Ruffin, a self made billionaire businessman who recently sold is New Frontier property garnering him a profit of over 1 Billion dollars. The sale is expected to close within about 6 months. The purchase price was $775 Million, $500 million of which will be paid in cash. The hotel was built in 1993 at a cost of $450 million, and was largely remodeled in 2003 and 2006. Ruffin purchased the New Frontier in 1999 for approximately $175 million and sold the property 8 years later for $1.2 Billion, while retaining a few acres in the back for Trump Tower (he is business partners with Trump). The new Treasure Island owner is approximately 72 years old and is listed on the Forbes 400 list of Billionaires. The New Frontier did not have a poker room when it closed. The Frontier's poker room was shut down prior to the poker boom, and was never reopened. To discuss this news, please see the dedicated AVP forum Topic located HERE. |
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