Casino and hospitality giant, MGM Resorts International, is reportedly in talks with real estate tycoon Phill Ruffin about a potential sale of its Circus Circus property.
Bloomberg reports from unconfirmed sources that MGM officials are already planning to sell the property to Phil Ruffin.
Bloomberg reports that, an accord to sell the resort could be announced as part of a larger transaction involving the company’s real estate portfolio, which also includes the Bellagio and the flagship MGM Grand.
For Ruffin, it would not be his first deal with MGM, he bought the Treasure Island casino from MGM for $746 million in 2009. MGM had sold the Treasure Island casino to raise funds for its promising city center project.
MGM has been trying to cut its operational costs and has also confirmed its plans for a Japanese casino in Osaka prefecture.
Earlier in May, MGM, in its bid to minimize costs, announced that they would be cutting at least 1000 jobs across the US.
MGM is also planning to invest about $9 billion in the Osaka casino project in Japan. The company has said that its casino project will generate employment to the tune of 15,000 jobs. They will also channel the investment through at least 10 local companies.
MGM partnered with Oryx, a local Japanese company to contend for a casino license in Japan.