“MGM Resorts completes $825M sale of Circus Circus to Ruffin - Las Vegas Review-Journal” plus 3 more

“MGM Resorts completes $825M sale of Circus Circus to Ruffin - Las Vegas Review-Journal” plus 3 more


MGM Resorts completes $825M sale of Circus Circus to Ruffin - Las Vegas Review-Journal

Posted: 20 Dec 2019 12:00 AM PST

MGM Resorts International announced Friday that it has closed the sale of Circus Circus to TI-owner Phil Ruffin for $825 million.

Ruffin now owns the 3,700-room resort-casino, along with 37 adjacent acres. The purchase price includes $662.5 million in cash and a $162.5 million note due 2024. The Nevada Gaming Commission approved the deal Thursday.

MGM confirmed Oct. 15 that Ruffin was buying the property, which opened in 1968. The Review-Journal reported the deal in September.

MGM said in a Friday press release that the sale was part of the company's "asset-light" strategy, which is "designed to focus on MGM Resorts' core business and maximize value for its shareholders." The company plans to utilize the proceeds from this sale to "further its capital allocation strategy and enhance its strategic and operational flexibility."

This is Ruffin's second purchase from MGM. In December 2008, he purchased TI — then known as Treasure Island — from the company for $775 million. He also owns the 200,000-square-foot Casino Miami in Florida and about 50 percent of Trump International in Las Vegas.

Ruffin told the Nevada Gaming Commission earlier this week that he has big plans for Circus Circus.

He's working to get "The Illusionists," a Cirque du Soleil show playing in New York, to move to the property. He said the show would be housed in a new 2,000-seat, $11 million theater.

Visitors can also expect an updated casino with a stadium-style gaming area, according to Ruffin. And the property's 10 acre RV lot — the only one of its kind on the Strip — is set to be replaced with a sand-beach pool with a wave machine.

But not everything will change under Ruffin. The 5-acre Adventuredome and popular steakhouse will stay, and Ruffin intends to rehire nearly all of the existing employees.

Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.

Las Vegas’ top 10 real estate deals of 2019 - Las Vegas Review-Journal

Posted: 04 Jan 2020 08:56 AM PST

With 2019 behind us, here are Las Vegas' top 10 real estate deals of the year, as ranked by yours truly.

1. Bellagio

New York financial giant The Blackstone Group, which has been on a real estate buying binge in Southern Nevada for years, purchased the Bellagio for more than $4 billion — by all appearances the most expensive sale ever of a Las Vegas resort.

Blackstone bought the Bellagio's real estate from MGM Resorts International and leased it back to the casino operator. The sale closed in November.

The Fountains of Bellagio show on Tuesday, Oct. 9, 2018, at Bellagio, in Las Vegas. (Benjamin H ...

The Fountains of Bellagio show on Tuesday, Oct. 9, 2018, at Bellagio, in Las Vegas. (Benjamin Hager/Las Vegas Review-Journal) @benjaminhphoto

2. Rhodes mansion

Developer Jim Rhodes sold his Las Vegas megamansion for $16 million to a buyer shrouded in mystery.

Rhodes sold the 2-acre spread with a roughly 19,800-square-foot main house in July to an entity called Dacia LLC. It was one of the most expensive home purchases ever in the valley, and public records gave no indication who was behind it, rare for Las Vegas.

Even Rhodes said he was in the dark on the buyer's identity.

"I've been asked that question a million times, but I do not know," he said.

3. Bleutech Park

Months after announcing a futuristic mini-city, the developer reached a deal to buy a project site for more than $300 million.

Bleutech Park Properties reached a purchase agreement for 210 acres at Las Vegas Boulevard and Cactus Avenue, south of the Strip, for more than $1.5 million per acre.

At $7.5 billion, Bleutech Park Las Vegas is the most expensive and complex development pitched in Southern Nevada in recent memory, and its backers have used an arsenal of buzz words to describe the tech-heavy proposal.

The land deal, announced in November, has not closed yet.

A rendering of Bleutech Park Las Vegas, a proposed "digital infrastructure city" that would cos ...

A rendering of Bleutech Park Las Vegas, a proposed "digital infrastructure city" that would cost $7.5 billion. (Bleutech Park Las Vegas)

4. Sullivan Square

A Minnesota fitness chain bought a giant hole in the ground across from Ikea for $14 million, breathing life into a failed bubble-era site.

Life Time Fitness purchased nearly 15 acres of land at Durango Drive and Sunset Road from Ireland-based Harcourt Developments in November.

Harcourt had partnered with a Las Vegas firm in 2006 to build Sullivan Square, one of numerous high-rise proposals from Las Vegas' bubble days that never materialized.

The former Sullivan Square site at the southeast corner of Sunset Road and Durango Drive, acros ...

The former Sullivan Square site at the southeast corner of Sunset Road and Durango Drive, across the street from Ikea, photographed on Tuesday, Nov. 12, 2019, in Las Vegas. Fitness chain Life Time has acquired the site for $14 million. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye

5. George Clooney's former land

Southern California firm 3D Investments bought nearly 60 acres of mostly empty real estate just east of the Strip for $130 million in February. Like countless other parcels around town, it has seen big plans come and go.

Investors in 2005 announced plans for the $1.7 billion W Las Vegas, and soon after, movie star George Clooney, Miami condo developer Jorge Perez and others unveiled an adjacent $3 billion project called Las Ramblas.

The W's developers bought the Las Ramblas site in 2006, and a diamond magnate's group acquired the whole spread in 2007, property records indicate.

Nothing was built, and lenders foreclosed on the site in late 2014.

A vacant lot is seen east of Koval Lane and north of Harmon Avenue on Tuesday, Feb. 19, 2019, i ...

A vacant lot is seen east of Koval Lane and north of Harmon Avenue on Tuesday, Feb. 19, 2019, in Las Vegas. A Southern California investor recently bought nearly 60 acres of mostly vacant land east of the Strip for $130 million. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye

6. Faraday land

Faraday Future, after bailing on its much-hyped car plant in North Las Vegas, sold the project site at a steep discount.

The electric-car maker sold 913 acres of land at Apex Industrial Park to Toronto-based H&R REIT for $16.9 million in September. It initially listed the spread for $40 million.

Faraday drew up plans for a 3.4 million-square-foot factory and landed $335 million in state incentives. It broke ground in 2016, but construction stalled amid reports of financial troubles.

It backed out of the project in 2017, saying it wanted an existing facility instead.

Aerial view of 900 acres at Apex Industrial Park that Faraday Future put on the market for $40 ...

Aerial view of 900 acres at Apex Industrial Park that Faraday Future put on the market for $40 million, seen Thursday, March 14, 2019. (Michael Quine/Las Vegas Review-Journal) @Vegas88s

7. Lucky Dragon

The shuttered Lucky Dragon was purchased by an unlikely hotel operator after numerous wannabe buyers took a look.

Don Ahern, chairman and chief executive of Las Vegas construction-equipment firm Ahern Rentals, purchased the off-Strip property for $36 million in April from lenders who foreclosed in 2018.

The Chinese-themed resort had closed less than two years after it opened. It drew tremendous interest from prospective buyers, but mostly people who had no chance of closing a deal.

"It was very weird," listing broker Michael Parks of CBRE Group said of the response.

The exterior of Lucky Dragon, which shut down gaming and casino restaurant operations in early ...

The exterior of Lucky Dragon, which shut down gaming and casino restaurant operations in early Jan., in Las Vegas on Monday, April 16, 2018. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye

8. Huntridge Theater

Developer J Dapper reached a deal to buy the Huntridge Theater, raising hopes the rundown venue will be renovated and reopened.

The Las Vegas City Council voted in November to facilitate Dapper's purchase of the long-shuttered theater from its owners, the Mizrachi family, for $4 million.

Dapper told the council he wants to "restore the theater back to its original glory," but if he finds out he can't save the World War II-era building, his interest in buying it "would go away."

The sale has not closed yet.

The historic Huntridge Theater photographed on Thursday, Oct. 31, 2019, in Las Vegas. (David Gu ...

The historic Huntridge Theater photographed on Thursday, Oct. 31, 2019, in Las Vegas. (David Guzman/Las Vegas Review-Journal)

9. Haas Automation

Gene Haas, owner of machine tool builder Haas Automation, purchased 279 acres of land for almost $27.4 million from the city of Henderson in November.

He has filed plans to build 4.3 million square feet of commercial space a few miles from the M Resort, including a 2.3 million-square-foot manufacturing facility for his company.

The massive proposal is one of dozens of projects in the fast-growing west Henderson area at the southern tip of the valley.

Haas Automation plans to build a manufacturing facility in Henderson a few miles from the M Res ...

Haas Automation plans to build a manufacturing facility in Henderson a few miles from the M Resort, seen here on Wednesday, Oct. 16, 2019. (L.E. Baskow/Las Vegas Review-Journal) @Left_Eye_Images

10. Bonnie Springs

Bonnie Springs Ranch, the replica Old West town with mock gunfights and hangings and a petting zoo, was sold to a developer with plans for luxury housing.

Developer Joel Laub purchased the 64-acre desert attraction west of Las Vegas for $25 million in April. Bonnie Springs had closed in March amid the pending sale and drew big crowds through its final weekend.

Snow falls around the entrance to Bonnie Springs outside of Las Vegas on Wednesday, Feb. 20, 20 ...

Snow falls around the entrance to Bonnie Springs outside of Las Vegas on Wednesday, Feb. 20, 2019. (Chase Stevens/Las Vegas Review-Journal) @csstevensphoto

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

15 Surprising Facts About The Bellagio Hotel In Las Vegas - TheTravel

Posted: 01 Jan 2020 02:15 PM PST

The Marriage Capital of the World, Sin City, The City that Never Sleeps - Las Vegas, Nevada has many faces. It's no surprise that all the colorful shows, flashing lights, and fancy casinos in Vegas attract more than 40 million visitors a year.

Among all the luxury resorts, artsy clubs, and romantic restaurants, there's one place that stands out - Bellagio Hotel and Casino. Bellagio, built by Steve Wynn and operated by MGM Resorts, is a synonym of opulence. From spacious rooms to mesmerizing views, Bellagio offers an outstanding experience.

Even though not many people can afford to stay there, there's one thing that attracts tourists and celebs from all over the world: the unique Fountains of Bellagio, one of the most famous and photographed spots on the glitzy Las Vegas Strip.

Although the Bellagio resort is popular all over the world, here are 15 surprising things that not many people know.

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15 Five-Star Dining Experience

A woman holding a glass at Picasso- Bellagio
stylecaster.com

From white chocolate bread pudding and velvet pancakes to all-you-can-eat sushi and black cod with saffron cream sauce, Vegas has it all. Interestingly, Picasso - Bellagio is considered the most artistic and stylish restaurant in Las Vegas, as reported by Casino City Times. Picasso is a Michelin-awarded restaurant that offers a five-star dining experience and stunning views.

14 The Fountain Shows Use More Than 22 Million Gallons Of Water

Game of Thrones Bellagio Fountain ShowShow at
matadornetwork.com

Seeing the Fountains of Bellagio is one of the most beautiful experiences when in Vegas. The daily shows attract millions of tourists and are among the most photographed events in Las Vegas. Surprisingly, the Fountains of Bellagio need 22 million gallons of water, held in the 8.5 acres the lake takes up.

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13 Named After The Pearl Of Lake Como, Italy

A woman in Bellagio, Italy
amelialiana.com

No doubt that one of the most interesting things about the Bellagio resort is its name. Bellagio is inspired by Bellagio, Italy - one of the pearls of Lake Como. With its colorful villas, cobbled streets, and stunning views, the town of Bellagio is known for its elegance and artistic atmosphere. Simply bellissimo!

12 Steve Wynn Remade Las Vegas

Steve Wynn smiling in front of the Bellagio
pinterest.com

With its luxury rooms and breathtaking shows, Bellagio is a synonym of splendor. Interestingly enough, Bellagio cost $1.6 billion to build, making it the most expensive place ever built at the time. With his innovative project started in 1996, Steve Wynn reshaped Vegas. Now the Fountains of Bellagio are iconic - and among the most photographed spots in the US.

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11 Pink Is The New Black

Victoria's Secret "angels" in front of the Bellagio, Las Vegas
pinterest.com

The Fountains of Bellagio are mesmerizing; they can tickle your senses and romance your mind. Interestingly, in 2004, the lights in the Fountains turned pink for Victoria's Secret models Heidi Klum, Tyra Banks, Gisele Bundchen, Adriana Lima, and Alessandra Ambrosio. In the end, Vegas is still America's most wicked city (as per Forbes).

10 A Maze Of Suites And Facilities

A woman enjoying her Bellagio fountain view room
travelwithgrant.boardingarea.com

Bellagio is elegantly enormous. Did you know that Bellagio has 3,950 rooms, making it the 14th largest hotel in the world, as stated by Casino City Times. The Spa tower itself has 33 floors and 915 rooms. Furthermore, the Bellagio resort has more than 100,000 square feet of gaming.

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9 Millions Of Plants And Colors

Bellagio Conservatory's floral display
pinterest.com

One of the most stunning features of the Bellagio resort is its 14,000-square-foot Conservatory and Botanical Gardens. During Christmas, the Conservatory attracts more than 30,000 people per day. No surprise that the Conservatory is staffed by a team of 125 people. Also, Bellagio has a garden on its roof, providing fresh herbs to many restaurants in Vegas.

8 Bellagio Can Get Crowded

People queueing for the Buffet at Bellagio
http://theinspiredhomeandgarden.com

No doubt Bellagio is amazing. The Buffet of Bellagio, in particular, is one of the best places to enjoy a special dining experience at an affordable price. From spicy seafood to juicy steaks, you can easily satisfy your taste buds. Yet, the crowds can be daunting. So let's hope your belly can wait!

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7 MGM Is Taking The Bellagio Abroad

A smiling woman staying at Bellagio - Shanghai
http://4evajessie.com

Given its popularity and success, it's no surprise that MGM is taking the Bellagio abroad. There's a non-gaming Bellagio-branded property in Shanghai, China; and the company is planning to open another one in Dubai in 2021. Yet, the elegance of the original Bellagio - with its unreal fountains and water shows - is simply unique.

6 Staying At The Bellagio Can Be Sweet

A woman next to the famous Bellagio chocolate fountain
www.waymarking.com

If you like sweet chocolate, luxury experience, and crazy nightlife, Bellagio - Las Vegas is just for you. The Spa Tower is home to the world's tallest chocolate fountain. This delicious art installation circulates more than 2,100 pounds of chocolate 24 hours a day. Bellagio simply offers a feast for the senses!

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5 Sky Displays Vs. Water Shows

Drone light show over the Bellagio - Las Vegas
twitter.com

Bellagio - Las Vegas is best known for the impressive water shows organized daily. Well, did you know that for $250,000, guests of the hotel can be in control of the Bellagio fountains and choose from the 35 fountain shows offered (as stated by Review Journal)? And perhaps one of the most impressive shows ever was the stunning drone light display in 2018.

4 Bobby's Room Is One Of The Most Exclusive Poker Rooms Across The Globe

A guy playing in Bobby's Room
www.thirstlounge.net

Las Vegas is one of the best gambling cities in the world, which often attracts some weird players. Nevertheless, Bellagio is home to one of the most exclusive poker rooms ever: Bobby's Room. The room is named after Bobby Baldwin, the winner of the 1978 World Series of Poker Main Event. To play there, you have to prepare a $20,000 buy-in.

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3 Making Waves Of Fame

Richard Branson jet skiing in lake Bellagio
twitter.com

The Bellagio resort offers more than one can imagine. Some celebs have taken jet skies for a spin on the lake in front of the hotel. Sir Richard Branson, who actually owns a villa on the shores of Lake Como, is one of the lucky people who can afford that.

2 The Bellagio Has Gone Hollywood

Filimg of Ocean's 13 - Bellagio
http://tvtn.free.fr

The Bellagio resort attracts musicians and actors from all over the world. Interestingly, one of the most iconic movies filmed there is Ocean's 11. Perhaps it was back then when hot George Clooney fell in love with Bellagio, which encouraged him to buy a villa on the shores of Lake Como, Italy.

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1 The Wedding Chapel At Bellagio Holds More Than 600 Wedding Parties A Year

A couple kissing in front of the Bellagio - Las Vegas
www.paparazzi-proposals.com

We should note that some of the famous couples who got married in Vegas include Kelly Ripa and Mark Consuelos, Richard Gere and Cindy Crawford, Angelina Jolie and Billy Bob Thornton, and Bruce Willis and Demi Moore. Bellagio, in particular, is iconic. Did you know that more than 600 wedding ceremonies are held there every year?

GameCo CEO Blaine Graboyes Sees 2020 as Big Year for Video Game and Esports Casino... - Casino.Org News

Posted: 26 Dec 2019 12:00 AM PST

[unable to retrieve full-text content]GameCo CEO Blaine Graboyes Sees 2020 as Big Year for Video Game and Esports Casino...  Casino.Org News

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