Phil Ruffin, owner of Las Vegas Treasure Island casino is eyeing at Caesars’ properties along the Las Vegas Strip.
The company is looking forward to making a deal, should Caesars decide to sell its properties at the premium locations. The stories about a potential Caesars’ acquisition have been floating in the US gambling industry for quite some time now.
It all started after activist investor Carl Icahn increased his stakes in Caesars and became the single largest investor.
Icahn has also been vocal about the future of the company, and on several occasions, he has publicly suggested that a merger or acquisition is the only way ahead for Caesars.
There were reports that Icahn along with the Golden Nugget owner Tilman Fertitta would place a bid for Caesars acquisition; however, it doesn’t seem to be happening as of now.
Joining the league of investors looking for potential deals with Caesars, Treasure Island CEO, Phil Ruffin has expressed his interest in purchasing top Caesars’ properties on the Vegas Strip which include, Caesars Palace, Caesars Harrah’s Casino and Paris Casino. Ruffin has also indicated that he is prepared to shell up to $1 billion in cash on the table.
Currently, Caesar’s Vegas Strip casinos seem to be doing just fine, and analysts estimate that the casinos could sell for about ten times the annual revenue they generate.
Ruffin’s net worth is estimated a $3 billion. He is an experienced investor and had purchased Vegas Treasure Island from gambling and hospitality giant MGM Resorts International back in 1998 for $775 million.