Phil Ruffin | $1B+
Get in touch with Phil Ruffin | Phil Ruffin, casino and real estate magnate, built a fortune through high-conviction bets on hospitality, energy, and distressed assets, most famously in Las Vegas. After early success in oil and gas, Ruffin acquired and revitalized major properties including the Treasure Island hotel-casino, applying hands-on operations and disciplined capital allocation. Known for opportunistic dealmaking and a long-term owner’s mindset, he has remained a powerful figure in gaming and commercial real estate, pairing bold acquisitions with tight cost control and patient value creation.
Phillip Gene Ruffin (born March 14, 1935) is an American billionaire businessman and casino owner best known for his ownership of Treasure Island Hotel and Casino, acquired in 2009, and Circus Circus Hotel and Casino, purchased in 2019, both on the Las Vegas Strip.[1][2]
Raised in Wichita, Kansas, as the son of a grocer, Ruffin dropped out of Wichita State University after three years to pursue entrepreneurship, starting with self-service gas stations and expanding to a chain of 60 locations by 1972, alongside convenience stores and early real estate ventures like strip malls and Marriott hotels.[3][1] His entry into the casino industry came in 1995 with the acquisition of the Crystal Palace resort in the Bahamas for $80 million, which he sold for $150 million, followed by the high-profile purchase of the New Frontier Hotel and Casino in Las Vegas for $167 million in 1998 and its sale for $1.2 billion in 2007, yielding substantial returns.[3]
Ruffin's Las Vegas holdings generate significant revenue, with Treasure Island alone producing around $400 million annually, while his 2019 acquisition of Circus Circus included 102 acres of prime Strip land, which he has valued at up to $5 billion as of early 2025 amid plans to potentially sell and reinvest in another property.[3][4] He also co-owns the Trump International Hotel Las Vegas with longtime associate Donald Trump, a partnership stemming from their meeting nearly three decades ago, and Ruffin has maintained a close personal friendship with Trump, serving as best man at his 2008 wedding.[1][5] Beyond gaming, his portfolio includes diverse assets such as Casino Miami, acquired in 2018, manufacturing firms like Harper Trucks, and oil production interests.[3]
Early Life
Family Background and Upbringing
Phillip Gene Ruffin was born on March 14, 1935, in Potter County near Amarillo, Texas, to Roy J. Ruffin, a grocer, and Blanche Ruffin (née Cohlmia).[6][7] His parents were Lebanese immigrants who had settled in the United States, with the family's original surname recorded as "Rufan."[8][6]
Ruffin grew up in Wichita, Kansas, after his family relocated there, as the fifth child in a household of five siblings: two older brothers (Roy Jr. and Pat) and two older sisters (Elaine and Pam).[9][10] His father's ownership and operation of a local grocery store provided early, direct exposure to retail commerce during Ruffin's formative years in the late 1930s and 1940s.[9][11]
The family's modest circumstances, rooted in immigrant entrepreneurship without substantial inherited assets, reflected the economic constraints typical of many Depression-era households in the American Midwest, shaping Ruffin's initial environment amid post-Depression recovery efforts.[9][6]
Education and Early Influences
Ruffin graduated from Wichita North High School in Wichita, Kansas, in 1953, where he excelled as a wrestling champion, winning the Kansas All-Class State Tournament title in the 145-pound weight class.[12] His high school years emphasized athletic achievement over academic distinction, reflecting an early orientation toward practical discipline and competition rather than scholarly pursuits.[12]
After high school, Ruffin enrolled at Washburn University in Topeka, Kansas, for three years and later attended Wichita State University, studying business administration but ultimately leaving without earning a degree.[13] This decision to drop out in the mid-1950s marked a pivotal shift from formal education to immediate entrepreneurial action, driven by opportunities in the local economy.[14] Instead of completing coursework, he partnered with friends to sell hamburgers, generating initial capital for investments that bypassed traditional credentialing paths.[15] [3]
These early choices were shaped by the entrepreneurial ethos of Wichita's mid-20th-century business environment, including family-instilled values of self-reliance and risk assessment in retail and services, which favored hands-on experience over extended academic training.[3] Ruffin's forgoing of a college degree underscored a preference for real-world application, enabling rapid entry into ventures like early convenience operations amid Kansas's growing postwar commerce.[14] This approach contrasted with prevailing norms promoting prolonged higher education, positioning practical risk-taking as a more direct route to economic independence.[15]
Business Career
Initial Ventures in Retail and Services
Ruffin initiated his business endeavors in the early 1950s by purchasing a hamburger stand in Wichita, Kansas, as a teenager, marking his first independent venture funded through personal initiative rather than external capital.[16] Profits from this operation enabled him to acquire his initial convenience store in 1959, establishing a foundation in retail without reliance on loans or investors.[17] This bootstrapped approach emphasized reinvestment of earnings into scalable, low-overhead operations centered on everyday consumer needs in the Midwest.
By the late 1960s and into the 1970s, Ruffin expanded his holdings into a regional chain under the Town & Country brand, growing to 83 convenience stores across multiple states through organic profits and operational efficiencies.[18] In 1972, he pioneered self-service gasoline stations in Kansas, overcoming regulatory hurdles to integrate fuel sales with convenience retail, which propelled the network to over 60 locations in the Midwest and generated steady cash flows for further internal growth.[19] This innovation not only boosted margins by reducing labor costs but also diversified revenue streams within service-oriented retail, maintaining a debt-free expansion model focused on asset accumulation.
Ruffin's early diversification extended into complementary services such as full-service gas stations, leveraging synergies with his store network to enhance customer traffic and profitability without diluting control through partnerships.[20] These ventures demonstrated a pattern of causal scalability, where verifiable returns from high-volume, essential goods and services funded iterative acquisitions, culminating in a robust pre-gaming portfolio by the 1980s.[6]
Entry into Gaming and Hospitality
Ruffin's entry into hospitality began in the late 1980s, leveraging profits from his convenience store chain to develop lodging properties that emphasized operational efficiencies such as stringent cost controls and asset-light management. In 1987, he constructed the Wichita Marriott Hotel in Kansas, marking his initial foray into the sector and demonstrating a focus on value-driven investments tied to regional demand from his retail operations.[19] This move established foundational expertise in hotel operations, which later informed his approach to integrated gaming-resort assets.
Ruffin's pivot to the gaming industry occurred with the acquisition of the New Frontier Hotel and Casino on the Las Vegas Strip in 1998 for $167 million, capitalizing on an undervalued property amid a stabilizing post-recession market. He invested in renovations to enhance appeal during Las Vegas's expansion cycle, operating the 984-room venue until conditions ripened for exit. In 2007, amid a booming real estate environment fueled by surging tourism and development, Ruffin sold the property to Israel's Elad Group for $1.2 billion, achieving returns exceeding sevenfold on his initial outlay through disciplined holding and timing market peaks.[21][22]
Building on this success, Ruffin targeted distressed opportunities during the 2008 financial crisis, acquiring the Treasure Island Hotel and Casino from MGM Mirage in March 2009 for $775 million in a cash-and-note deal that reflected the seller's liquidity pressures. This purchase exemplified his strategy of extracting long-term value from undervalued assets in downturns, with subsequent operational improvements underscoring focus on efficiency over expansion.[23] The transaction positioned him to benefit from Las Vegas's eventual recovery, prioritizing cash flow generation through cost discipline rather than speculative redevelopment.[24]
Major Casino Acquisitions and Operations
Phil Ruffin acquired the Treasure Island Hotel and Casino in Las Vegas from MGM Mirage in March 2009 for $775 million, consisting of $600 million in cash and a $175 million promissory note.[23][24] The purchase occurred amid the 2008-2009 financial crisis, which strained Las Vegas operations, yet Ruffin maintained steady performance through cost controls and emphasis on non-gaming revenue streams such as shows, dining, and retail amenities.[19] Under his ownership, the property has generated consistent cash flows, supported by targeted marketing to mid-market tourists and conventions, contributing to long-term operational stability without reliance on high debt levels.[25]
Ruffin holds a 50% ownership stake in the Trump International Hotel Las Vegas, a 1,287-room luxury non-gaming property that opened in 2008 as a joint venture with the Trump Organization.[5][26] The hotel's focus on high-end accommodations, spa services, and celebrity chef restaurants aligns with industry shifts toward diversified, non-casino hospitality experiences on the Strip, where gaming revenue has declined relative to total visitor spending.[27] This partnership has enabled resilient operations, with the property achieving premium occupancy rates during peak seasons through branding and loyalty programs, even as broader market dynamics favored experiential amenities over traditional slot and table games.[28]
In December 2019, Ruffin purchased the Circus Circus Hotel and Casino from MGM Resorts International for $825 million, structured as $662.5 million in cash and a $162.5 million note due in 2024.[2] The acquisition targeted the property's established family-oriented niche, featuring the Adventuredome indoor theme park and circus acts, which differentiate it in a competitive Strip landscape dominated by adult-focused resorts.[29] Ruffin has pursued upgrades to lodging and dining facilities while preserving core attractions, fostering revenue growth from budget-conscious families and groups; by 2025, he valued the asset at approximately $5 billion, reflecting enhanced operational efficiencies and land appreciation.[30] This repositioning demonstrates adaptive management, leveraging the 102-acre site's potential for mixed-use development amid rising Strip property values.[31]
Diversified Business Holdings
Ruffin's manufacturing portfolio includes ownership of Harper Trucks, recognized as the world's largest producer of hand trucks, which serves as a stable industrial asset mitigating fluctuations in the gaming sector.[8] This venture traces roots to earlier acquisitions in the 1980s and 1990s, when Ruffin expanded from convenience store operations into supply chain-related manufacturing, including hand truck production to support logistics needs.[11] Additional manufacturing interests encompass Angelus equipment for canning and packaging, further diversifying into consumer goods production and emphasizing vertical integration for operational resilience.[8]
In lodging and services, Ruffin's holdings are anchored in Kansas-based operations, where his company developed the Wichita Marriott in 1987, leveraging cash flows from prior retail ventures.[19] This foundation expanded to a portfolio of approximately 13 hotels, primarily under Marriott brands such as Fairfield Inn and Courtyard, operating across Kansas and Oklahoma to generate consistent revenue streams decoupled from Las Vegas market cycles.[32] These properties, managed through Ruffin Hotel Group, prioritize mid-tier hospitality services, providing a buffer against hospitality volatility in gaming-dependent regions.[6]
Ruffin extended his Florida presence with the acquisition of Casino Miami on December 3, 2018, purchasing the 200,000-square-foot facility and its 21-acre site for $23.15 million in real estate value.[33][34] The property features over 1,000 slot machines and jai-alai fronton operations, marking Ruffin's first gaming expansion outside Nevada in a decade and targeting South Florida's card room and parimutuel wagering market for geographic diversification.[35] This move complements core gaming assets while introducing exposure to state-specific gaming regulations, including slots and live events, as a hedge against Nevada-centric economic pressures.[36]
Recent Developments and Strategic Moves
In January 2025, Phil Ruffin disclosed plans to sell the Circus Circus Hotel and Casino, estimating its value at $5 billion, representing a substantial appreciation from the $825 million acquisition price in 2019.[30] [37] This prospective transaction underscores the escalation in Las Vegas Strip land values, fueled by tourism resurgence and limited developable acreage, with Ruffin signaling intent to redirect proceeds toward purchasing alternative Strip real estate to sustain portfolio optimization.[31] The strategy counters perceptions of short-termism by evidencing sustained holding through the 2020-2022 pandemic downturn, during which casino revenues plummeted before rebounding to record levels by 2024, thereby amplifying asset worth via operational resilience and market timing.[30]
Ruffin's net worth stood at an estimated $4.7 billion in early 2025, per Forbes assessments, propelled by the gaming sector's post-pandemic recovery, including heightened visitor volumes and revenue per available room metrics at properties like Treasure Island and Circus Circus.[30] This valuation reflects disciplined capital allocation, with casino EBITDA margins expanding amid cost controls and demand normalization after COVID-19 restrictions lifted.[38]
In July 2025, Ruffin secured a franchise affiliation for Treasure Island with Accor, integrating the property into the company's Handwritten Collection while preserving his operational oversight, as Accor's inaugural Las Vegas venture.[39] [40] This arrangement leverages Accor's international distribution network for enhanced bookings without ceding equity, exemplifying selective partnerships that bolster revenue streams amid competitive pressures, rather than divestitures.[39]
Association with Donald Trump
Business Partnerships and Joint Ventures
Phil Ruffin and Donald Trump formed a 50-50 joint venture in 2005 to develop the Trump International Hotel Las Vegas, a 1,282-room non-gaming luxury hotel and condominium tower on the Las Vegas Strip. Groundbreaking occurred on July 12, 2005, and the property opened in spring 2008, strategically avoiding Nevada's casino licensing requirements to prioritize high-margin hotel operations and condo sales over gambling revenue.[41][42]
This partnership positions Ruffin as the only non-family member to co-invest in a Trump-branded real estate project, combining Ruffin's operational expertise in Las Vegas hospitality—gained from managing properties like Treasure Island—with Trump's branding and marketing capabilities to drive premium positioning and customer appeal.[43] The equal ownership structure aligns incentives through shared profits from hotel earnings, unsold condo units (over 400 million dollars in total sales since inception), and integrated timeshare operations following a 2012 deal with Hilton Grand Vacations for 205 units.[42]
The venture has delivered consistent returns, with Trump's share of income reaching 33.4 million dollars in 2023, up from 28.6 million dollars in 2019, reflecting resilience amid economic fluctuations including the 2008 recession and the COVID-19 downturn.[42] This performance underscores the benefits of the deal's focus on diversified revenue streams without casino overhead, maintaining debt-free operations and appealing to high-end clientele seeking non-gaming luxury accommodations.[11]
Political Support and Campaign Contributions
Phil Ruffin has provided substantial financial backing to Donald Trump's presidential campaigns, consistent with support from other self-made entrepreneurs favoring reduced government intervention in business operations. In the 2016 election cycle, Ruffin donated $1 million to a super PAC aligned with Trump's candidacy.[44] He further contributed over $2.5 million to Trump's campaign efforts and inauguration fund that year.[45]
Ruffin's endorsements emphasize alignment on economic policies promoting deregulation and growth, which benefit capital-intensive industries like gaming that face stringent state-level oversight often intensified under left-leaning regulatory frameworks. He publicly spoke in support of Trump at the 2016 Republican National Convention, highlighting their shared perspectives on fostering business-friendly environments.[46] This stance reflects a broader pattern among casino operators wary of expansive compliance burdens, such as those imposed by agencies prioritizing environmental or labor mandates over operational efficiency.
In the 2024 cycle, Ruffin joined a coalition of high-net-worth individuals donating significant sums to Trump-affiliated groups, aiding in narrowing the fundraising disparity with Democratic counterparts during the first quarter.[47] His contributions underscore personal loyalty rooted in a decades-long friendship rather than transactional expectations, with no documented instances of policy concessions or favoritism linked to donations—contrary to speculative media narratives from outlets like The New York Times that have portrayed such support as potentially influential without substantiating causal ties.[48]
Key Events and Public Interactions
In November 2013, Phil Ruffin accompanied Donald Trump to Moscow aboard Ruffin's private Bombardier Global 5000 jet for the Miss Universe pageant, where Trump held discussions on potential hotel developments that ultimately did not materialize.[49][50] The trip, conducted as business associates exploring opportunities in Russia, involved no documented deals or evidence of impropriety beyond routine real estate scouting, consistent with international expansion efforts by high-profile developers.[51][52]
Ruffin publicly supported Trump through appearances at campaign and Republican events, including a speech at the 2016 Republican National Convention praising Trump's business acumen and reliability as a partner.[46][53] He hosted Trump for a "Latinos for Trump" roundtable at his Treasure Island Hotel and Casino in Las Vegas in September 2020, highlighting their ongoing professional rapport without associated controversies.[54] In March 2017, Ruffin dined at the White House with Trump, described by associates as a personal gesture among longtime friends, amid no reports of policy influence or ethical lapses beyond normalized elite networking.[55]
These interactions reflect standard practices in business and political alliances, with flight records and event logs confirming transparency in travel and endorsements, absent proven violations of law or fiduciary duty when benchmarked against comparable corporate dealings.[56][57]
Personal Life
Family and Relationships
Ruffin has been married three times, with his second marriage to Lynne Ruffin producing three children: Michelle, Chris, and Phillip Jr..[58] In January 2008, he married Oleksandra Nikolayenko, a former Miss Ukraine Universe 2007, in a ceremony where Donald Trump served as best man.[1] The couple has two children: son Richard William Ruffin, born April 2010, and daughter Malena Ruffin, born 2013.[59]
Of Lebanese descent—his parents immigrated from Lebanon, with the family surname originally "Rufan"—Ruffin's heritage extends to his five children and their descendants, instilled within a family background emphasizing self-reliance and business acumen.[9] Details about his children and grandchildren are sparse in public records, underscoring the family's commitment to privacy amid Ruffin's high-profile business life.[60]
Interests, Philanthropy, and Legacy
Ruffin's personal interests encompass gambling and horse racing, pursuits aligned with his longstanding involvement in the gaming industry and recent developments such as the incorporation of historic horse racing machines and live race betting at his Gilley's casino project north of Wichita, Kansas.[61][62] He retains deep community ties to Wichita, his hometown, where business initiatives reflect a commitment to local economic enhancement rather than detached leisure. A notable influence stems from his longtime friendship with the late country singer Mickey Gilley, which inspired entertainment features like the Gilley's Dance Hall nightclub within the forthcoming Kansas casino and earlier ventures such as Gilley's Saloon at Treasure Island in Las Vegas.[61][63]
Philanthropy occupies a secondary role in Ruffin's pursuits, characterized by targeted, low-profile contributions to specific causes rather than high-visibility campaigns. In Las Vegas, he donated $2 million to the United Way of Southern Nevada in 2012, representing the organization's largest single gift at the time.[64] Support extends to health-related initiatives, including donations for cancer and diabetes research and treatment.[12] In Kansas, giving focuses on community needs in Wichita and surrounding areas, emphasizing practical impact over broad institutional affiliations.
Ruffin's legacy manifests through empirical business achievements, rising from the son of a Wichita grocer to a billionaire casino operator via disciplined risk-taking and operational efficiency in acquisitions like Treasure Island and Circus Circus.[11] This trajectory exemplifies self-reliant entrepreneurship, prioritizing sustained value creation over retirement or delegation. At age 89, he has expressed intent to continue working until death, planning to "die at his desk" in Las Vegas, underscoring an unyielding work ethic that sustains his enterprises without reliance on successors or external validation.[30]
Disclaimer: This profile is based on publicly available information. No endorsement or affiliation is implied.
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