Las Vegas billionaire buys 21-acre Casino Miami, plans hotel

Phil Ruffin paid cash for the 200K sf facility near Miami International Airport

Miami /
Dec.December 06, 2018 01:00 PM

Phil Ruffin (Credit: Getty Images)

Las Vegas billionaire Phil Ruffin is gambling on a new city.

Ruffin, who owns the Treasure Island Hotel and Casino in Vegas and a number of other businesses, bought Casino Miami, a 21-acre casino near Miami International Airport at 3500 Northwest 37th Avenue, according to a press release.

Property records show Fronton Holdings LLC, tied to Boston-based Summit Partners, sold the sprawling site. The 200,000-square-foot facility includes 1,000 slot machines with a license to hold up to 2,000, an electronic table game area with digital blackjack and roulette, a club, bar, restaurant, jai-alai games and betting.

Ruffin said in a statement that he looks forward to entering the gaming market with this deal, and expects to unveil plans for the property soon. It will remain Casino Miami. He told the Wichita Eagle that he paid cash for the property, but declined to disclose a purchase price. He also said he plans to build a hotel on the site.

By purchasing an operating casino, Ruffin is bypassing a new Florida law that requires any future gambling facility not located on tribal land be approved by 60 percent of Florida voters.

Voters approved the ballot measure in November, which means that developers like Jeffrey Soffer, who has long been rumored to try to bring gambling to his Fontainebleau Miami Beach, would have to launch a statewide campaign to approve it at his properties. (He would also need to go to Florida voters should he decide to expand the Mardi Gras Casino and Race Track, which he purchased in April for $12.5 million, renaming the property the Big Easy Casino.)

Ruffin, who co-owns the Trump International Hotel in Las Vegas with President Trump, is worth an estimated $2.5 billion. He has his hand in a number of hotels, casinos, greyhound racing tracks, oil production and other industries.


Related Articles

arrow_forward_ios
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
The current building on Dania Beach (Google Maps)
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Arnaud Karsenti, managing principal of 13th Floor Investments (iStock, 13th Floor)
Brickell church votes to sell waterfront land to developer for condo tower
Brickell church votes to sell waterfront land to developer for condo tower
503 South Krome Avenue in Homestead and Armando Bravo (Google Maps)
Developer buys OZ land in bet on Homestead as “future” of real estate
Developer buys OZ land in bet on Homestead as “future” of real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...