The 83-year old billionaire declared on Wednesday, exactly how he had bought the 200,000 sq. ft. Casino Miami for an approximated $155 million; his very first purchase in nearly 10 years.
Ruffin stated ” I look forward to entering the Miami gaming market through this acquisition. We have exciting plans for Casino Miami that we will be revealing in the near future”
Situated on 37th Avenue in downtown Miami, the casino site is a 5 min trip from Miami’s International Airport (a benefit that greatly affected the acquisition) and also rests on top of 21 acres of expansible land. At this moment, the facility residences over 1000 Vegas-style video slot machines as well as digital table video games such as Poker and also Pai-Gow. It includes a dining establishment, a sports bar and also broadcast wagering, in addition to space for entertainment, shows, performances and also jai-alai.
Further Growth and Developments Required
President of Fronton Holdings, LLC Dave Jonas claimed to the media, “We are proud of what Casino Miami has become and thank all of our employees and customers for their loyalty and support. We look forward to watching Casino Miami’s continued development under the new ownership of Phil Ruffin.”
In 2017 the Florida-based casino made over $68 million in revenues on sports betting for the sunny state. As well as $60 million in the very first 10 months of this year, based on statistical information exposed by the UNLV’s Center for Gaming Research. Michelle Knoll, talking in support of Ruffin, he told the media just how the gambling establishment is looking to expand the casino by also adding a hotel – however would not mention anymore information concerning various other future strategies they have in shop for the hotel.
The sale comes not long after Amendment 3 was formally handed down November 6th. A legislation which restricts the development of casino centers, and also limits particular kinds of betting such as pari-mutuel wagering and also sports betting. It also accredits citizens to have a unique say on casinos throughout Florida, which includes slots machines and other video games.
The legislature has actually been greatly backed by corporations such as Disney along with the well-known Seminole Tribe, after the casino operators were afraid a gaming expansion might lure rivals to the location and impact their prerogative to run certain games in the region. A right which comes with an annual price of $250 million to the Tribe.
When Ruffin initially entered into the casino industry back in 1998, he bought the New Frontier in Las-Vegas for $167 million. When he sold the facility almost a years later, it was purchased for $1.2 billion which broke the record for the biggest price per-acre sale of the Strip.
In 2007, the billionaire used some of that money to purchase Treasure Island from MGM Resorts International for a total amount of $600 million, and also $175 million in notes– after the operators were dealing with bankruptcy throughout a financial decline. That same year, he closed the doors to Wichita Greyhound Park, as a result of a unsuccessful majority vote that would allow people to play slot machines and gamble at the racetrack.
Ruffin still has tons of assets and also owns shares in a variety of businesses, consisting of corner stores, hotel and resorts, property real estate, the oil business as well as the biggest hand-truck maker in the world. He is also a good friend President Donald Trump, of who both have a 50/50 interest in the land where the Trump International Tower is located.