Vegas’s TI owner Phil Ruffin has bought the 200k sq foot Casino Miami, his first casino acquisition for over a decade. Whilst the sale price has not been disclosed it is believed to be significantly higher than the previous sale price of $155M 4 years ago.
Ammendment 3, which was passed a few month ago in Florida gives Floridians the right the authorize new casino developments, thus slamming the brakes on many proposed developments, and driving the price of existing licenced properties significantly upwards.
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Ruffin, who also owns 50% of The Trump International Hotel in Las Vegas, said: “I look forward to entering the Miami gaming market through this acquisition. We have exciting plans for Casino Miami that we will be revealing in the near future,”
Casino Miami has 21 acres of developable land and currently offers over 1,000 slot machines and electronic table games. The property generated almost $70 million in GGR last year and and impressive $60 million over the first 10 months of 2018.
Casino Miami also features a live entertainment space, bar, café dining area, live jai-alai games and simulcast betting.
According to Ruffin spokeswoman, Michelle Knoll, the 83 year old billionaire intends to build an impressive hotel on the property.