Treasure Island owner Phil Ruffin has bought Casino Miami in Florida from Fronton Holdings for an undisclosed fee.
The property, which covers a footprint of 200,000 sq.ft, fetched a price of $155m back in 2014. It has a license to operate 2,000 slot machines although it currently only operates 1,000.
Mr Ruffin, a Strip billionaire, said: “I look forward to entering the Miami gaming market through this acquisition,” said Ruffin. “We have exciting plans for Casino Miami that we will be revealing in the near future.”
Dave Jonas, President of Fronton Holdings, added: “We are proud of what Casino Miami has become and thank all of our employees and customers for their loyalty and support. We look forward to watching Casino Miami’s continued development under the new ownership of Phil Ruffin.”
The casino offers slots along with digital blackjack and roulette, live jai-alai games and simulcast betting.
Last month, Florida voters passed an amendment to prevent new gaming properties opening in the state. Mr Ruffin i splanning to add a hotel to the casino.
Mr. Ruffin’s spokeswoman Michelle Knoll added that Mr. Ruffin ‘had been interested in the Florida gaming market for quite some time. When this property came available, he felt that it met his financial parameters for acquisition. This purchase became even more valuable with the Florida law that will seriously impair the issuance of future gaming licenses.’