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It’s official. Phil Ruffin wants to sell Circus Circus for Five Billion Dollars. He said he wants to sell it to raise money to buy another Strip property. Some Strip experts say it’s not worth that much, but when have the experts been right? I put my money on Phil and the $ 5 billion.
Background
Jay Sarno and Stanley Mallin, the men behind the creation of Caesars Palace, originaly opened Circus Circus in 1968. They leased the property in 1974 to William Bennett and William Pennington, who revitalized the family-friendly casino.
Bennett and Pennington eventually purchased Circus Circus in 1983, forming Circus Circus Enterprises, while building Excalibur and Luxor. The company was renamed Mandalay Resort Group in 1999 and acquired by MGM Mirage (later MGM Resorts International) in 2005.
Phil Ruffin, who acquired Treasure Island from MGM in 2009 for $775 million and latery purchased Circus Circus from them in 2019 for $825 million, is now lookign to sell Circus Circus. Sorry. Disney is NOT interested in buying the property.
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