- From: Steve Kucera <stevehk@xxxxxxxxxxxxxx>
- Date: 23 Jun 2010 17:52:19 GMT
On 2010-06-23, Walt <none@xxxxxxxxx> wrote:
Regarding the New Frontier, owner Phil Ruffin timed his moves brilliantly,
selling the property at the peak of the Vegas boom to developers with
grandiose plans which promptly fell through when the economy went south. They
are now left with an empty lot. Meanwhile MGM/Mirage needed desperately to
raise cash to finish CityCenter. Ruffin pounced, buying Treasure Island from
MGM for much less than he sold the Frontier for. So in effect he traded up
from the dumpy Frontier to the bigger and much nicer TI, and was paid several
hundred million dollars to do it.
And it was a f*cking beautiful thing!
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