Phil Ruffin / Ruffin Companies

Phil Ruffin is the sole owner of both Treasure Island (bought from MGM in March 2009 for $600M cash + $175M secured notes) and Circus Circus (bought from MGM in December 2019 for $825M, including the Slots-A-Fun and Adventuredome). Ruffin is one of the few Strip operators that owns both operations and real estate outright — there's no REIT in the stack on either property.

A long-time friend of Donald Trump, Ruffin co-developed Trump International Hotel Las Vegas (the 64-story off-Strip non-gaming tower) in 2008. The Circus Circus property has been in a "for sale" process since 2025 — at a reported $5B valuation on the 102-acre footprint.

Properties owned (2)

• Treasure Island Hotel & Casino — Phil Ruffin owns operations AND real estate
• Circus Circus Las Vegas — Phil Ruffin owns; for-sale process underway since 2025