November 28, 2014
LAS VEGAS (AP) - Nevada gambling regulators have given final approval for businessman Phil Ruffin's $775 million purchase of the Treasure Island hotel-casino from MGM Mirage Inc.
The Nevada Gaming Commission voted Thursday to let Ruffin return to ownership on the Las Vegas Strip with his acquisition of the nearly 3,000-room property.
Ruffin previously owned the New Frontier, which he sold for $1.2 billion in July 2007. It was demolished to make room for a multibillion-dollar resort bearing The Plaza brand and the $1.2 billion Trump International Hotel & Tower.
Ruffin has said he plans to keep the Treasure Island's 3,200 employees and management at intact, as well as its Cirque du Soleil and pirate shows.
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