MGM Resorts International has offloaded it’s another Vegas strip property. In a deal with Treasure Island owner Phil Ruffin, MGM has sold the property for $825 million.
While the casino and hospitality giant confirmed the sale, it said that the transaction is expected to close by the end of the year. The sale also includes the 5-acre Adventuredome amusement park, a 10-acre RV park and 37-acre festival grounds.
MGM CEO Jim Murren told the Las Vegas Review-Journal that Circus Circus was “not strategic to our long-term vision” and that Ruffin “has some ambitious plans” for the north Strip resort, though he did not specify what the new owner has in mind.
In a statement to the press, MGM CEO Jim Murren said: “MGM Resorts has engaged in an exhaustive process to evaluate its owned real estate. The Company expects to utilize the proceeds from this transaction to enhance its capital allocation strategy and complement its strategic and operational flexibility.”
“Circus Circus has anchored the north end of the Las Vegas Strip for over 50 years, and I am excited to add it to my casino portfolio,” Ruffin said in the statement. “I have tremendous respect for Jim Murren and the MGM team, and my relationship with them goes back to my friendship with Kirk Kerkorian and continues to this day.”