Funny Business
- In Search of America's ‘Hottest Forecasters’
- Mick Fleetwood on the MP3 ‘Dumbing Down’ of Music
- Is America Ready for a Bacon Milkshake?
- ‘Goodnight iPad’ — A Bedtime Story for Adults
- Can't Get in on the Facebook IPO, How About a Real Gamble?
- Funny Businesses For Ex-Lovers and Office Meetings
- Super Bowl Party Food Inflation
- Facebook Vs Apple - Who'd You Rather
- The Bennie Awards: Celebrating the Worst in TV
- CSI: Miami, The Funny Years
MOST SHARED
- We're Not Greece: Italian Prime Minister Monti
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- To Play Senate Cybersecurity Bill, Cramer Likes Fortinet Stock
- Greek Cabinet Approves EU, IMF Bailout Bill
- Special Feature: Wall Street History - How Wall Street Got Its Name
- How to Trade the Turmoil in Greece
- Private Homebuilders: Dead Men Walking
- Why Cramer Likes Select Comfort Over Tempur-pedic Stock
- Cramer: 10 Earnings to Watch Next Week
- Lightning Round: Trina Solar, Zoltek, Affymax and More
- In Search of America's ‘Hottest Forecasters’
- Dow vs. S&P 500: Which is a Better Investment?
- Mick Fleetwood on the MP3 ‘Dumbing Down’ of Music
- Avis on the Road to Strong Growth: Analyst
- Private Homebuilders: Dead Men Walking
- LinkedIn’s Growth Is Already Priced In: Analyst
- The Real Reason Behind Bank of America’s Rally
- 5 Hedge Funds’ Top Stocks Soar After 2011 Rout
- This Valentine’s Day Love Is Served on a Silver Platter
- Greek Cabinet Approves EU, IMF Bailout Bill
- We're Not Greece: Italian Prime Minister Monti
- Private Homebuilders in the US: Dead Men Walking
- Dividend Payout Could Hit Record Amount This Year
- With Investors So Bullish, Stock Pullback Must Be Ahead
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- New York Fashion Week Fall 2012
- NetNet: Why Saving Greece Could Destroy the World
- My Funny Valentine: When Love and the Fed Collide
RSS FEED
Vegas' Quiet Billionaire
Text Size 
CNBC Correspondent
Phil Ruffin is a patient man. He snapped up Treasure Island from MGM Resorts International [MGM
Loading...
()
] (the new name for MGM Mirage) at a relative bargain two years ago, paying about $755 million.
Cash.
He's invested another $20 million or so into the resort, adding a five-star spa and putting Gilley's, complete with electric bull, right on the Strip. He plans to build the first Starbucks [SBUX
Loading...
()
] you can walk into from the street on Las Vegas Blvd., something this reporter considers long overdue.
So how's business?
"Not good," Ruffin says bluntly.
And it's not going to be good for some time. "We didn't expect a 30 percent drop in cash flow."
In an extended interview with Ruffin, who offered to also buy MGM's Mirage resort (they turned him down), explains why he wouldn't touch the troubled Fontainebleau up the street. "It's toxic."
He says Vegas will not improve for a couple more years, so does he have any regrets buying a casino as the market tanked?
No. "We still have cash."
Questions? Comments? Funny Stories? Email
Data is a real-time snapshot *Data is delayed at least 15 minutes
