MGM Mirage announced yesterday that it agreed to sell its Treasure Island hotel and casino, on the Las Vegas Strip, to real estate and gambling mogul Phil Ruffin for $775 million.
The sale of Treasure Island will help MGM with its financing of CityCenter, a luxury complex that it is currently building on the Las Vegas Strip.
Ruffin will pay $500 million in cash for Treasure Island and will owe another $275 million in secured notes. Ruffin's investments include casinos and greyhound race tracks.
MGM Mirage has owned Treasure Island since 2000, when MGM Grand purchased Mirage Resorts. Treasure Island opened in 1993, has 2,885 hotel rooms and was built for $450 million. The sale must still be approved by regulatory authorities.
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