MGM Mirage agreed to sell the Treasure Island Hotel & Casino to billionaire Phil Ruffin for $775 million, the company announced.
“This is a terrific deal for everyone involved," said Alan Feldman, spokesman for Las Vegas-based MGM Mirage. “We are able to complete a transaction at the right price with no financing involved through any other third party.”
MGM Mirage has owned Treasure Island since May 2000, when MGM Grand Inc. purchased Mirage Resorts Inc.
Joseph Greff, an analyst at JP Morgan, said the move improves MGM Mirage’s liquidity. The deal is expected to close by the end of second quarter 2009.
