He has his sights set on Florida, prepared to bring a Las Vegas vibe to the Sunshine State.
Legislation Changes Bring Opportunity:
The purchase of this property was completed at an undisclosed price point. The sale has been made possible as a result of passage of Amendment 3 back in November. Industrial gambling permit approval is now a choice to be made by voters in the state instead of lawmakers. Mr. Ruffin believes this makes the existing gaming permit at the casino a whole lot more valuable.
The venue managed to create close to $60 million in gambling revenues from January to October, which will be an 8% increase when contemplating year on year totals. The property also offers 21 acres which have yet to be developed. Mr. Ruffin has plans to use this space, possibly adding hotel rooms.
According to this Miami Herald…
Casino Miami will likely be retaining around 150 employees and the title will stay. The casino currently offers table games and slots along with dwell jai-alai, an action that takes place every single day of this week. The new proprietor, Mr. Ruffin, is set to create a new atmosphere to the venue, however, how the venue will change has yet to be declared.
Las Vegas History:
Mr. Ruffin is 83 years old and known for important casino operations in Las Vegas. In 2007, he offered the New Frontier Casino for a whopping $1.2 billion. The billionaire still owns the Treasure Island Hotel and Casino in the region and continues to be a big name in the gaming world.