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Ruffin: $1.3 billion offer for The Mirage rejected by MGM Resorts

Discussion in 'Casino Industry & Development' started by leo21, Nov 10, 2015.

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  1. leo21

    leo21 VIP Whale

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  2. ken2v

    ken2v This Space For Rent

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    Thanks for the link, l.

    Really TOO bad Ruffin doesn't get the chance to turn another one-time Wynn property into another trailer park.
     
  3. PopMegaphone

    PopMegaphone VIP Whale

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    Phil Ruffin is amazing:

    [video=youtube;7tvrzKOyFGI]https://www.youtube.com/watch?v=7tvrzKOyFGI[/video]
     
  4. Publius

    Publius Low-Roller

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    Ha. I just laughed so hard that my coworker thought I was going crazy
     
  5. Dean Martin

    Dean Martin VIP Whale

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    Isn't that the truth. We were just in town in Oct and I saw for the first time he must have sold off a corner of the old Pirate Show property to CVS to put in a drugstore.....nice touch. Maybe he could sell the rest of it and put in a Walmart:poke:

    Such a shame too. The whole Mirage/Treasure Island used to be such a cool complex. All one resort with two different personalities, very much like Wynncore.

    We used to be very loyal to the Mirage until MGM ****ed it up. I don't stay anyplace but Wynncore anymore. We only get to Vegas once or twice a year and I learned my lesson about staying someplace that's comping you better but it's not the resort you really enjoy. Steve Wynn and his crew know how to design, build and run a 1st class resort.....it'll be a shame when he's gone someday. I know he's kind of eccentric but I think you almost have to be a little bit to do something special that stands out from the rest.
     
  6. Krh2o

    Krh2o MIA

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    MGM splitting into a REIT and an Operating Co will make it really hard to sell any of their casinos now. A potential buyer will have to negotiate with two separate companies to get the deal done. That is tough when the book value of these casinos is higher then the selling price will likely be.
     
  7. leo21

    leo21 VIP Whale

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    Odds are they will only be willing to sell the building and not the property it sits on. And I think most buyers are going to be like Ruffin and more owning the whole thing.
     
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