Phil Ruffin has bought Treasure Island! Phil Ruffin has bought Las Vegas hotel and casino Treasure Island from MGM Mirage moments ago. Phil Ruffin paid $500 million in cash.

Ruffin made the purchase through his his company Ruffin Acquisition LLC. Treasure Island was part of the MGM Mirage portfolio since MGM Grand bought Mirage Resorts in 2000.

The value of the deal – reportedly $775 million.

MGM is expected to make a “substantial gain”. The deal will close in Q2 2009.

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