Casino News: Ruffin's Casinos, Parq Refinances, Slots Jackpot

Casino News Roundup

This week’s casino headlines start us off in Las Vegas where the owner of the Treasure Island wants to add to his collection. Are any other casinos on The Strip up for sale, though?

Treasure Island Owner And Billionaire Phil Ruffin Looking To Expand

Las Vegas casinos are all about the joining forces these days, aren’t they? Harrah’s has their harem and MGM Resorts International has slowly built up a group over the years. Now the owner of the Treasure Island wants to follow that model and expand his portfolio.

Phil Ruffin has his eye on expanding the list of Las Vegas properties he has under his control in the very near future. The Treasure Island owner and billionaire has said that he would be interested in buying any Las Vegas Strip property that Caesars Entertainment Corporation may choose to put up for sale.

According to the Las Vegas Review-Journal newspaper, Ruffin revealed his desire to expand at the same time that he made it clear his company would be able to produce as much as $1 billion in cash to fund any such purchase. He also made it known that he was willing and prepared to raise even more than that $1 billion to make sure a transaction took place if it was available.

The list of gambling properties that could potentially be made for sale includes Caesars Palace, Harrah’s and Paris.

Parq Vancouver Casino Is Successful In Refinancing Deal

A week ago, we reported that the Parq Casino in Vancouver was facing some financial challenges. Absent of a refinancing of their debt, their survival could have been jeopardized. Fast forward to today and now we can report that they’ve managed to refinance.

With plenty of speculation about what would happen next to the Parq Vancouver casino following missed debt payments, it was revealed that the casino’s controlling company was able to successfully refinance its loans and reduce its interest payments. In a statement released by the company, the Parq Vancouver said it refinanced its loans with a fixed rate, long-term financing structure. That will give them plenty of stability going forward.

When the casino was first built, the owners of the building took on about $450 million of debt in order to build the casino complex, which includes two luxury hotels, eight restaurants and a conference centre. After being forced to deal with high interest payments before the complex was built, Parq Vancouver struggled to turn a profit. With the refinancing deal complete, the Parq Vancouver casino is now positioned to succeed following a small stumble in the road in its first couple of years in business.

California Women Celebrates $950K Jackpot At Las Vegas Casino

Lady Luck smiled down upon one Californian woman this past week. She was visiting Las Vegas and playing some slots when a life-changing payday came her way.

A woman who was identified only by her first name – Rhonda – ended up winning a generous jackpot of $954,263.11 while playing a Wheel of Fortune machine at the South Point Hotel, Casino and Spa. The lucky Californian woman, who was playing at the casino located just off the main strip, was in complete disbelief when the wheel spun her way.

She’s one of many Vegas visitors that have collected near seven-figure jackpots in the first half of 2019.