MGM Mirage Selling Treasure Island for $500M

By  | 

LAS VEGAS (AP) _ Casino operator MGM Mirage Inc. is selling the Treasure Island Hotel & Casino on the Las Vegas Strip to Wichita, Kan., billionaire Phil Ruffin for $500 million.

Ruffin's interests include casinos and greyhound race tracks. He bought the Treasure Island property through Ruffin Acquisition LLC for $500 million cash and $275 million in secured notes issued by Ruffin Acquisition.

MGM Mirage says the combined value of the deal, including debt, is $775 million.

Ruffin and MGM Mirage say the sale has to clear regulatory and governmental reviews. The acquisition is targeted to close by the end of the 2009 second quarter.

(Copyright 2008 by The Associated Press. All Rights Reserved.)