Circus Circus has been the object of ridicule and the butt of many jokes for year, bit now the 56 year old result may be on the market. The owner, Phil Ruffin, is considering the sale of the property he purchased for $825 million just over 5 years ago, which could not be worth $5 billion.
Ruffin plans to use the proceeds from the sale to acquire another property on the Strip, highlighting the land’s strategic value as a key factor in his decision. The property, which caters to families and budget-conscious travelers, features attractions like the Adventuredome indoor amusement park, live circus performances, and affordable food options such as $2 beers and hot dogs.
The occupies a prime location with considerable development potential. Ruffin’s approach mirrors his previous success with the Frontier property, which he acquired for $165 million and later sold for $1.2 billion.
The sale of Circus Circus comes amidst a surge of development activity on the north Strip, including a 2,605-unit hotel and condo complex, an 18,000-seat arena, and the Las Vegas Convention Center’s expanded West Hall. However, nearby properties like Resorts World Las Vegas and Fontainebleau are facing financial challenges.
Ruffin’s next acquisition could either be on the Strip or in other states. Potential opportunities include a $200 million racino project in Wichita, Kansas, and Casino Miami in Florida. Ruffin also owns the Treasure Island casino.