Circus Circus, the venerable 56-year-old north Strip resort that caters to families and low-budget visitors, may soon be sold by owner Phil Ruffin, according to a published report.
Ruffin, who also owns Treasure Island, is in Washington for President-elect Donald Trump’s inauguration and was unavailable for comment Friday, but a story in business magazine Forbes outlined Ruffin’s strategy for selling the property, saying it and the surrounding 102 acres used as an outdoor festival grounds is worth $5 billion.
“It’s the best piece of land on the West Coast,” Ruffin said in the Forbes article. “It’s got the highway, it’s got the Sahara, it’s got 2,000 feet on the Strip, and it’s the last Strip property. And 102 acres is just a massive amount of land — you can almost build a city on it.”
Ruffin said he has been approached by buyers to sell the 3,767-room property, but he did not say who the potential buyers are. If he sells Circus Circus, Ruffin told Forbes he will use the proceeds to buy another property, possibly in Las Vegas.
Ruffin’s potential sale of Circus Circus mirrors a strategy he used when acquiring the Frontier in 1998 for $165 million. After helping settle a labor dispute at the Frontier, Ruffin established the New Frontier, but ended up selling it nine years later for $1.2 billion.
He used that as seed money to acquire Treasure Island and to partner with Trump, one of his best friends, to build the neighboring non-gaming Trump International Hotel
“Why do you think I bought Circus Circus?” Ruffin said in the Forbes article. “For the 102 acres. That’s the land play. Remember what I did at the Frontier, how the value of the land went crazy — here it’s going crazier.”
The north Strip seems to be well positioned for prosperity, even as some of Circus Circus’ neighbors struggle.
Other north Strip properties
Snuggled between the Sahara and Fontainebleau Las Vegas is a 17-acre property under development by LVXP, a team of Las Vegas-based real estate professionals that hopes to build a 752-foot, 2,605-unit hotel and condominium project with an 18,000-seat arena and a 6,000-seat theater. The Clark County Commission has green lit development of that project.
Just south of Fontainebleau on 10 acres where the Riviera once stood is land being developed by Brett Torino and his BPS Partners LLC.
County commissioners voted unanimously to approve the plan for the mixed-use attraction featuring two 600-foot towers and a 439-foot amusement ride at Las Vegas and Elvis Presley boulevards.
The towers would include a 750-room nongaming hotel and a 425-unit multifamily condominium. A 3,310-seat domed performance venue also is tabbed for the easternmost five acres, which Fontainebleau is buying for $112.5 million.
The north Strip is home to the city’s newest convention venue, the Las Vegas Convention Center’s West Hall. And, a few blocks south is Sphere, the 17,000-seat entertainment venue that has activated a new push to become one of the most active arenas around with multiple shows daily and a lineup of concert residencies that currently includes the Eagles, Dead & Company and the newest addition, country star Kenny Chesney, whose shows begin in May.
While the future appears bright for the neighborhood, not all of the existing resorts are flourishing.
Sphere Entertainment, which operates the Sphere, lost $480 million last year. The company’s next earnings call is weeks away.
Resorts World Las Vegas, which opened in 2021 and is mired in regulatory issues, recently reported its worst quarter in two years with revenues down 23 percent.
The Fontainebleau, partly owned by Koch Real Estate Investments, is reportedly struggling to find its financial footing, the Forbes article stated.
Bright days for Circus
Ruffin sees brighter days ahead and says Circus Circus is performing well.
“We do well,” Ruffin told Forbes. “We sell $2 beer, $2 hot dogs, $2 popcorn. People love it. A guy can eat and drink for six bucks.”
While the property routinely attracts customers on a low budget, it has a steady customer base with its live circus acts – a staple for the property since it opened – its indoor amusement park, Adventuredome, and its next-door neighbor, Slots O Fun.
According to the Forbes article, when Ruffin sells Circus Circus, he plans to buy another property on the Strip with the proceeds, thus avoiding paying capital gains. His preference is to buy something in Las Vegas, where Brendan Bussmann, a gaming industry analyst with Las Vegas-based B Global, said “everything is always on the table” at the right price.
But if Las Vegas does not work out for Ruffin’s next move, he is willing to look for opportunities in other states.
“I have my eyes on some properties,” Ruffin said. “It could be in another town, if it’s good enough.”
Ruffin already owns a greyhound racing track in his former hometown, Wichita, Kansas, converting it to a racino to be called The Golden Circle with a $200 million investment. He plans to add an outdoor concert venue and install a Gilley’s Saloon similar to what he has at Treasure Island by fall.
He also owns Casino Miami in Florida, managing it from his Las Vegas office.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.
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