Ruffin: 'No deal' on New Frontier sale |
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Mon, 26 Mar 2007 19:52
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LAS VEGAS (AP) - Billionaire Phil Ruffin said Monday that there is no deal to sell his New Frontier casino-hotel on the Las Vegas Strip to New York-based real estate group El Ad Properties.Ruffin had been scheduled to meet with El Ad executives on Tuesday, but said he canceled the trip to New York after it was apparent the deal would fall through.'Any time a deal starts to wobble, there's always a problem they are not telling you about,' Ruffin told The Associated Press. 'It doesn't look like we have a deal.'A spokesman for El Ad Properties declined to comment.Last week, a Web site reported that El Ad was about to announce it would buy the casino on a 38.5-acre site for $1.5 billion, or $40 million per acre. The price would have vastly overshot the price for similar deals recently.El Ad is in the midst of renovating the Plaza Hotel in New York, which it acquired for $675 million in 2004, and has a portfolio of properties valued at about $2.5 billion.Ruffin Companies is a privately owned casino, property, trucking and hotel company based in Wichita, Kan.Ruffin was ranked 717th on Forbes' global billionaires list this month with an estimated net worth of $1.4 billion.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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