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 not available for comment Friday, but a story in the business magazine Forbes outlined Ruffin’s strategy for selling the property, saying it and the surrounding 102 acres were used as an outdoor festival is worth 5 billion dollars.
“It’s the best piece of land on the West Coast,” Ruffin said in the Forbes article. “It’s got the freeway, 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 huge amount of land — you could 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 he acquired Frontier in 1998 for $165 million. After helping to resolve a labor dispute on the frontier, Ruffin established New Frontier, but ended up selling it nine years later for $1.2 billion.
He used it as seed money to acquire Treasure Island and to partner with Trump, one of his best friends, to build the adjacent non-gaming Trump International Hotel
“Why do you think I bought Circus Circus?” Ruffin said in the Forbes article. “For the 102 acres. It’s the national game. Remember what I did at the border, how the value of the land went crazy – here it gets crazier.”
The Northern Strip appears 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 who hope to build a 752-foot, 2,605-unit hotel and condominium project with an 18,000-seat arena and a 6-seat theater 000 seats. The Clark County Commission has green-lighted 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 with two 600-foot towers and a 439-foot amusement ride at Las Vegas and Elvis Presley boulevards.
The towers would include a 750-room non-gaming hotel and a 425-unit multifamily residence. A 3,310-seat domed venue also has tabs 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 the Sphere, the 17,000-seat venue that has activated a new effort to become one of the most active venues with multiple shows daily and a series of concert residencies that currently include the Eagles, Dead & Company and the latest addition, the country star Kenny Chesney, whose shows begin in May.
While the future looks bright for the neighborhood, not all existing locales are thriving.
Sphere Entertainment, which runs 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 revenue down 23 percent.
Fontainebleau, which is partially owned by Koch Real Estate Investments, is reportedly struggling to find its financial footing, the Forbes article said.
Bright days for Circus
Ruffin sees brighter days ahead and says Circus Circus is performing well.
“We’re doing well,” Ruffin told Forbes. “We sell $2 beers, $2 hot dogs, $2 popcorn. People love it. A guy can eat and drink for six bucks.”
While the property routinely attracts low-budget patrons, it has a steady customer base with its live circus acts—a staple of the property since it opened—its indoor theme park, Adventuredome, and its 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. He prefers 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 doesn’t work out for Ruffin’s next move, he’s willing to look for opportunities in other states.
“I have my eyes on some properties,” Ruffin said. “It could be in another city, if it’s good enough.”
Ruffin already owns a greyhound track in his former hometown of Wichita, Kansas, and converted it into 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 on Treasure Island in the fall.
He also owns Casino Miami in Florida and operates it from his office in Las Vegas.
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