Phil Ruffin, the billionaire owner of the iconic Treasure Island casino in Las Vegas, has acquired the Casino Miami near downtown Miami in Florida for an undisclosed sum. The purchase comes after Florida voters passed Amendment 3 in November which could prevent the development of new gaming facilities in the state.
Amendment 3 is a piece of legislation that gives Florida residents, as oppose to state legislature, the final say on whether or not casino expansion should be allowed throughout the state. It has the support of Disney and the Seminole Tribe who, according to media speculation, are likely to resist any further expansion of gaming. In doing so, it is expected that established gaming properties will see their values increase.
Casino Miami, which is located on a 21-acre site, is the first to be bought by Ruffin in more than 10 years. One of eight commercial casinos in the state, it currently has more than 1,000 slots and electronic table games and delivered $68m GGR in 2017.
Ruffin, who is thought to be considering building a hotel on the site, told the Las Vegas Review Journal: “I look forward to entering the Miami gaming market through this acquisition. We have exciting plans for Casino Miami that we will be revealing in the near future.”