Phil Ruffin
From the Frontier to Treasure Island and Circus Circus
An independent owner whose Strip history links the Elardi family, a billion-dollar land sale and two major purchases from MGM.
Buying the Frontier — and ending the strike
Ruffin agreed in October 1997 to buy the Frontier from Margaret Elardi’s family for a reported $167 million. His February 1, 1998 takeover ended the long-running labor strike. He restored the New Frontier name. The agreement and takeover belong to different calendar years. [2] [1]
The Elad deal: a sale, then an unbuilt resort
The sale announced in May 2007 closed in August. The Review-Journal reported final papers signed August 7 and a $1.24 billion price for 34.5 acres. The buyer, Elad IDB Las Vegas, paired Yitzhak Tshuva’s Elad with the IDB/Property & Building group. The New Frontier closed July 16 and was imploded November 13, 2007. A proposed Plaza-branded replacement never opened. [3] [1] [9]
Following the land after Ruffin
In 2014, a Crown Resorts venture with Andrew Pascal and Oaktree acquired control of the former Frontier land and proposed another resort. By December 2017 the site was identified as the former Alon project when Wynn announced a $336 million agreement covering it and adjoining parcels. These later development plans were separate from Ruffin’s completed 2007 sale. [9] [10]
Treasure Island: why two prices appear
Ruffin Acquisition completed the Treasure Island purchase from MGM MIRAGE on March 20, 2009 for $775 million: $600 million cash and a $175 million note. On April 29, early repayment earned a $20 million discount. That produces $755 million before interest and other adjustments, explaining the two figures often attached to the deal. [4] [5]
Circus Circus and the wider portfolio
MGM closed its sale of Circus Circus and 37 adjacent acres to a Ruffin affiliate on December 20, 2019 for $825 million, subject to adjustments. His wider history includes a Bahamas casino, Kansas racing properties and a hotel partnership with Donald Trump. October 2026 reporting still identifies Ruffin as owner of Treasure Island and Circus Circus. [6] [7] [8]
Key dates
- October 1997
Agrees to buy the Frontier. [2]
- February 1, 1998
Takes over; the strike ends. [1]
- August 7, 2007
Signs final New Frontier sale papers, according to the Review-Journal. [3]
- March–April 2009
Buys Treasure Island and earns the early-payment discount. [4] [5]
- December 20, 2019
Circus Circus transaction closes. [6]
People in the same story
Margaret Elardi
The family ownership before Ruffin. [1]
Read the profileYitzhak Tshuva
The Elad side of the 2007 land purchase. [3]
Read the profileNochi Dankner
The IDB side of the proposed Plaza project. [11]
Read the profileBill Bennett
An earlier Circus Circus operator who supported the Frontier strikers. [2]
Read the profileIn the archive
2 matching entries in the saved collection.
Phil Ruffin's options abound at Las Vegas Strip's festival grounds
Indexed press reference · View the bibliography. The original report has not been independently read for this entry.
TI owner Phil Ruffin talks more Circus Circus plans
Indexed press reference · View the bibliography. The original report has not been independently read for this entry.
Subscription or access restrictions may apply. Access check: Oct 4, 2026. Search for this source (search results)
Go deeper into the record.
Sources for this profile and starting points for further research. Access notes mark links we could not open directly during the October 3–4, 2026 checks. Historical accounts describe their own period; they do not necessarily describe current operations.
- 1
Frontier Hotel and Casino Collection, MS-00297
Read October 14, 2026. The historical note supports the ownership sequence and closure dates; the underlying collection was not reviewed in full. Its May 2007 sale reference is the announcement stage, distinct from the August closing reported by the Review-Journal.
- 2
Striking Frontier workers thank Bennett
Substantive publisher text retrieved through search on October 14, 2026; direct opening returned 403. The $167 million October agreement is distinguished from Ruffin’s February 1998 takeover. UNLV supplies the strike’s September 21, 1991 start date.
- 3
With deal signed, Ruffin era on Strip officially ended
Substantive indexed publisher text read October 14, 2026; direct request returned 403. Reports final papers signed August 7, a $1.24 billion price and Elad IDB Las Vegas as buyer. The headline describes 2007, not Ruffin’s later return to the Strip.
Indexed press reference · View the bibliography. The original report has not been independently read for this entry.
Subscription or access restrictions may apply. Access check: Oct 4, 2026. Search for this source (search results)
- 4
Form 8-K: Treasure Island sale completed
Read October 14, 2026. Item 8.01 records the March 20 closing, $775 million consideration and early-payment discount option.
- 5
First-quarter financial results: early payment of the TI note
Read October 14, 2026. Records $155 million plus interest received April 29 in settlement of the $175 million note, with a $20 million early-payment discount.
- 6
Closing of Circus Circus sale
Publisher release read October 14, 2026. Completed sale, not the October 15 agreement announcement; $825 million subject to final adjustments.
- 7
2016 Honoree — Phil Ruffin
Read October 14, 2026. Used for the Bahamas, Kansas and Trump partnership context; present-tense holdings belong to 2016. The SEC filings provide the more precise Treasure Island payment sequence.
- 8
Sons of Las Vegas gaming giants advance toward Nevada licensing
Indexed publisher text checked October 14, 2026 confirms Phil Ruffin as Treasure Island and Circus Circus owner. A Board recommendation is not final Commission approval; this profile makes no claim that the applicants have final licenses.
- 9
Australian billionaire planning new Strip casino
Substantive indexed text retrieved October 14, 2026; direct opening failed. Identifies the Crown/Andrew Pascal/Oaktree successor venture and reports the $280 million figure with attribution to Bloomberg.
- 10
Agreement to purchase land across from Wynn Las Vegas
Official release checked October 14, 2026. An agreement for approximately 38 acres, including the former Frontier/Alon site and adjoining land, for $336 million; this source alone does not establish its closing date.
- 11
Tshuva and Dankner seek to extend $620m Las Vegas Plaza loan
Substantive indexed text retrieved October 14, 2026; direct opening failed. Documents Elad and IDB’s financing relationship and planned Plaza project, not a completed resort.