MGM Resorts to Sell Circus Circus to Phil Ruffin for $825 Million

(Bloomberg) -- MGM Resorts International agreed to sell its Circus Circus resort in Las Vegas to real estate mogul Phil Ruffin for $825 million.

The sale price includes $662.5 million in cash and a $162.5 million note that’s due in 2024, the parties said Tuesday. The deal includes a 10-acre RV park and 37-acre festival grounds, in addition to the hotel and casino, which employ 2,300.

MGM has been restructuring under pressure from activist investors. The company has cut and reorganized management, and previously sold all but four of its wholly owned casinos to MGM Growth Properties Inc., a real estate investment trust it created three years ago.

To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum

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