American businessman Phil Ruffin has built up much of his total net worth through the gambling industry. The entrepreneur has had fingers in many pies during his career, such as hand trucks and oil production, but it is arguably involvement in the gambling industry he is best known for.
The son of a grocer made good
Early life
Born in Texas in 1935, Ruffin – who is of Lebanese descent – was the son of a grocer and he went on to become a high-school wrestling champion.
Ruffin showed an early aptitude for making money. When he dropped out of school early he set up a business selling hamburgers with his friends.
After moving to Kansas, Ruffin began to pioneer self-serve gasoline and he ran dozens of stores across the Midwest of the United States.
Using the cash, he made, he moved into the hotels business and later leased his shops to oil giant Total so that he could afford to buy even more property.
Occupation
Putting a label on Ruffin’s occupation is not easy as he made his money in various sectors.
Ruffin is a classic American entrepreneur in that he has been happy to move across different industries whenever he has spotted an opportunity where he can make a lot of money.
It was in the 1990s when Ruffin first made his move into the world of gambling, having already amassed quite a fortune through his various other businesses.
The Crystal Palace casino resort, which is located in the Bahamas, was his first purchase and he then went on to make his name further by buying up the New Frontier Hotel and Casino.
That casino is one of the most famous in all of Las Vegas, despite staff being on strike at the time of his buyout. That purchase immediately made Ruffin one of the most interesting businessmen operating in the gambling industry as he welcomed back all the striking staff. Ruffin had intended to turn the New Frontier into a new resort, which was set to be called The Montreaux, but the development never got off the ground.
Instead, he opted to sell the site on, with a $1.2 billion sale price paid by El Ad Properties – owned by Israeli billionaire Yitzhak Tshuva – in 2007. At the time of the sale, it was the biggest purchase in Strip history on a per-acre basis.
Career highlights
Ruffin has clearly got a taste for the gambling industry as in 2009 he bought Treasure Island Hotel and Casino from MGM Mirage. According to a report, he paid $600 million in cash and a further $175 million fee in secured notes.
Various offers to buy Treasure Island Hotel and Casino from Ruffin have been made over the years but he has been insistent he wants to hold on to the site. Having purchased the casino during the recession, it is estimated the site is now worth at least twice as much as he paid.
Ruffin has also continued to deepen his involvement in the gambling sector. In 2019, despite his advancing age, he purchased Circus Circus Las Vegas from MGM Resorts International for $825 million. The deal also included the Adventuredome amusement park as well as the Slots-A-Fun Casino, which are all in the same area. Ruffin has signalled that he intends to build a swimming pool complex on the same site.
Like many people who got rich from the gambling industry, Ruffin also has a strong property portfolio. In the mid-2000s he went into business with his close friend Donald Trump. The pair worked together on the Trump International Hotel and Tower, which is just off the Strip in Vegas.
Ruffin’s company now runs more than a dozen different hotels. They include Oklahoma, Kansas and California, as well as in his home state of Texas. Ruffin – now married to his third wife, the former Miss Ukraine OleksandraNikolayenko – also holds stocks in a number of major gambling brands such as MGM Resorts, Wynn Resorts and Las Vegas Sands.
Phil Ruffin quotes
“Whatever the customers are saying, I listen. ‘Your pool closes too early.’ OK, write that down. ‘We want bigger TVs.’ Noted.”
“Remember at one time in my life I only had 28 cents. I did it all myself.”
“I was the largest landowner in the Bahamas for 10 years.”
“Donald is one of my best friends; he was best man at my wedding. He’s been a great, great friend. The partnership has been superb and is going to make us a lot of money.”
“I never gamble where it’s going to hurt me financially: I just gamble at the level where it doesn’t mean anything. I’ve done it all my life; I’ve always taken gambles in business.”
Summary
As of 2020, Phil Ruffin’s total assets are said to be worth close to $2.5 billion.
