This week, it was announced that Phil Ruffin is the new owner of Casino Miami, a gaming venue located near the Miami International Airport. Mr. Ruffin is a casino operator based in Las Vegas who became a billionaire after developing several casinos on the Strip. He now has his sights set on Florida, ready to bring a Las Vegas vibe to the Sunshine State.
Legislation Changes Bring Opportunity:
The acquisition of the property was completed at an undisclosed price point. The sale was made possible due to the passage of Amendment 3 back in November. Commercial gaming license approval is now a decision to be made by voters in the state instead of lawmakers. Mr. Ruffin believes this makes the existing gaming license at the casino much more valuable.
The venue was able to generate close to $60 million in gaming revenues from January to October, which is an 8% increase when considering year on year totals. The property also has 21 acres that have yet to be developed. Mr. Ruffin has plans to use this space, possibly adding hotel rooms.
According to the Miami Herald…
Casino Miami will be retaining around 150 employees and the name will remain. The casino currently offers table games and slots along with live jai-alai, an activity that takes place every day of the week. The new owner, Mr. Ruffin, is set to create a new atmosphere to the venue, however, how the venue will change has yet to be announced.
Las Vegas History:
Mr. Ruffin is 83 years old and known for major casino operations in Las Vegas. In 2007, he sold the New Frontier Casino for a whopping $1.2 billion. The billionaire still owns the Treasure Island Hotel and Casino in the region and continues to be a big name in the gambling world.