What is Phillip Ruffin’s Net Worth?
Phil Ruffin, a casino tycoon with a net worth of $3.5 billion, is among the richest people in Nevada. He owns several casinos, racing tracks, convenience stores, and other ventures, and is active in real estate. Ruffin is also the owner of the world’s largest manufacturer of hand trucks.
Although Ruffin was well-known in the gambling industry, he gained wider recognition due to his business dealings with Donald Trump. The two co-own the Trump International Hotel in Las Vegas.
Early Life and Education
Phil Ruffin was born on March 14th, 1935 in Potter County, Texas. He grew up in Wichita, Kansas with four siblings in a family with Lebanese roots. While in high school, Ruffin became a wrestling champion and won the state championship. After graduating in 1953, he attended Washburn University before transferring to Wichita State University. He dropped out without obtaining a degree to focus on his business career.
Phil Ruffin’s Entrepreneurial Ventures
Phil Ruffin introduced the concept of self-serve gasoline in Kansas and created 60 convenience stores by 1972. He invested his revenue into the creation of his first Marriott hotel in Wichita and became the world’s largest manufacturer of hand trucks. He transitioned towards hotels completely in 1994, leasing his convenience stores to Total and purchasing more hotels, including the Crystal Palace in the Bahamas and the New Frontier Hotel and Casino in Las Vegas. Ruffin settled the longest-running strike in American history at the New Frontier and sold it to El Ad Properties in 2007 for $1.2 billion, the largest per-acre price in Las Vegas history.
Phil Ruffin’s Impressive Casino Portfolio
Phil Ruffin has made a name for himself in the casino industry, with an impressive portfolio of properties. In 2016, Ruffin purchased the historic Circus Circus casino hotel from MGM for $825 million. Despite the outdated condition of the property, Ruffin remained committed to updating the hotel, with renovations estimated to cost upwards of $4 billion.
Ruffin’s purchase of Circus Circus was just one of many in his career. In 2009, he acquired the Treasure Island hotel casino from MGM for $775 million. Known for its pirate ship battles and exciting events, Ruffin was dedicated to pushing the profits of the Treasure Island even further. In 2018, he turned down a lucrative offer from a Chinese firm that wanted to buy the property.
With each new purchase, Ruffin adds to his already impressive casino portfolio. His dedication to updating and improving each property has made him a major player in the industry.
Phil Ruffin’s Las Vegas Estate: Primm Ranch
Phil Ruffin purchased Primm Ranch, a massive estate in Las Vegas, in 2015. The property, previously owned by casino developer Gary Primm, was listed at $14.5 million but Ruffin won it for just over $6.7 million.
Primm Ranch spans 10 acres of land and features amenities such as its own gas station, a driving range, a beauty salon, and equestrian facilities. The mansion on the property is 15,000 square feet with 12 bedrooms and 19 bathrooms. Inside, residents can enjoy the use of an elevator, a gym, a 5,000-bottle wine cellar, a pool area, and a casino room. Outside the mansion, there are waterslides, caves, and waterfalls. Guests can also stay at a 3,000-square-foot detached home.
Phil Ruffin plans to use the property as a theme park for his children and bought it because a developer planned to construct multiple homes across the ten acres. The estate also features a network of hidden tunnels, some of which lead to an underground, soundproofed shooting range.
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