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RUMOR: You heard it here first, the Mirage will be SOLD to Ruffin w/n next few weeks

Discussion in 'Casino Industry & Development' started by Tellafriend, Dec 19, 2012.

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  1. Tellafriend

    Tellafriend High-Roller

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    The President of Mirage resigned today. He had been with MGM at various properties for roughly 20 years. He resigned suddenly and out the air. Well, kind of. MGM is in a financial crunch to get properties built/developed on the East Coast. They are not in a sound position to borrow more $, so what do they do? Go back to Ruffin who can certainly turn a good/decent spot into nothing! More importantly, why else would the President resign so quickly and without commnet? B/c of how immenient and undeniable the new transition is going to be. After all, who wants to be taken over and then let go?! Yep, you heard it from Tellafriend first.....
     
  2. Crazycrue

    Crazycrue Low-Roller

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    Very sad news

    I love the Mirage it is my go to hotel and casino. I was hoping this wouldn't happen. Guess I better enjoy my stays there in 2013 because if it goes down hill I will be finding myself an new favorite hotel further down the strip.:cry:
     
  3. alexanbo

    alexanbo High-Roller

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    Definitely didn't hear it by reading any of the vegas news sites yesterday or Ruffin's interview a week ago with Ralston.
     
  4. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    lol, exactly! This rumor has circulated for more than a year and even Ruffin himself confirmed his interest well before this post. That being said, the executive resigning is hardly dispositive evidence that Ruffin isa buying them out. Depending on the exec's employment contract, there could be substantial tax advantages to leaving in this calendar year as opposed to the next. I'm not syaing that's the reason he left, either. I'm merely saying there are other plausible reasons the exec would resign other than an impending sale to another operator
     
  5. BeeeJay

    BeeeJay President of The Red Lobster Hostess Satisfaction

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    I heard some Chatter they were turning the Mirage into an Olive Garden. Maybe he doesn't want to sling the soup n salad special?
     
  6. MWJ51102

    MWJ51102 Low-Roller

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    He was ok with the soup and salad. The issue was with the unlimited breadsticks.
     
  7. JosieCat

    JosieCat VIP Whale

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    OK, I hate to be "me, me, me". Anyone know how quickly this would happen. I have a kick-butt offer from them that I was going to use in May, but if they aren't going to be part of MGM anymore, I'm not sure that's where I would want to stay.
     
  8. Royal Flusher

    Royal Flusher Savvy Gambler

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    I hope they open another KahunaGilley's with the shitkicking tropical cowgirl waitresses. Aloha, pardner!
     
  9. Pattie

    Pattie Low-Roller

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    Well, CET isn't in the best of financial shape either and they are trying to expand on the east coast, Maryland specifically. Maybe they will sell off a LV property or two to help finance future projects.
     
  10. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I think they have been trying to sell Rio for years, but no buyers seem interested
     
  11. C0usineddie

    C0usineddie VIP Whale

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    I think its great. Why should MGM be saddled with debt they cant repay? We end up getting the cost of it passed on to us in the end.

    I dont care if Mr Ruffin wants to "cheapen" the places like everyone seems to claim. i like the cheap places. there are plenty of high end places to throw your money away at but people like me, and there are many, are getting priced out.

    This is how this town was built after all, by catering to joe and jane punch clock and giving them some fun they can afford.
     
  12. JRSOBX

    JRSOBX Low-Roller

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    I've been trying to trade my condo in Myrtle Beach for an airplane...but I'd probably consider trading it for the Rio instead.
     
  13. Packer Backer

    Packer Backer Low-Roller

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    Has the Mirage gotten a "makeover" recently like other MGM proerties? When Phil bought the TI they had just done a makeover on the rooms so they were fresh when he got it. Probably hasn't put money into the place at all since other than revamping some restaurants.
     
  14. leo21

    leo21 VIP Whale

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    Pretty much all their Midwest props are up for sale. Those will probably move first before a Vegas one. I don't know what they are trying to accomplish east. It makes sense to have a presence there but they are about to completely overdevelop those markets.
     
  15. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Call Loveman, he might take you up on it!
     
  16. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I think two years ago they upgraded the furnishings in each room. That's when I last stayed there and liked the tower room. But I felt like I got better treatment at Mandalay Bay, so I kinda stopped going to Mirage
     
  17. sammasseur

    sammasseur VIP Whale

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    That was priceless.
     
  18. klawrey

    klawrey High-Roller

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    Buyers have been interested in the Rio, multiple buyers actually. The problem is that every buyer wants the WSOP to come with the purchase of the Rio and CET isn't going to part with the WSOP because frankly why would they? That'd be a terrible business decision.
     
  19. earth-3

    earth-3 High-Roller

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    Seems like reducing your presence in Las Vegas is a better business decision than staying. It may be a good thing for MGM or CET, but it isn't sending a vote of confidence to others looking at the LV market. There is just as much concern with the casino operators out east about their own well being.
     
  20. serenasea

    serenasea Tourist

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    Would they sell Bellagio too?

    To add an odd twist to this thread, when I saw that my "helpful" votes on TripAdvisor declined last week, I noticed that my two Bellagio reviews disappeared from TripAdvisor, although the Mirage review is still there. I e-mailed them to ask why they'd been deleted, and received a response this morning:

    Bellagio on the block too?
     
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