Phil Ruffin
Encyclopedia
Phillip G. Ruffin is an American
businessman. His business interests lie largely in casino
s, greyhound racing
tracks, oil
production, convenience store
s, and real estate
. Ruffin lives in Las Vegas, Nevada.
Ruffin has been listed on the Forbes 400
list of the country's richest people multiple times, most recently at #215 in 2008 with a net worth of $2.1 billion. In the 2006 list, he was listed at #606 on the Forbes Magazine list of the world's billionaires, with a reported net worth of $1.3 billion. (This figure was before his 2007 record-setting sale of the New Frontier Hotel and Casino
on the Las Vegas Strip
.)
and dropped out of college.
In 1972, Ruffin pioneered self-serve gasoline in Kansas, creating a chain of 60 convenience stores in the Midwest. In 1987, he then used cash from the convenience stores to build his first hotel, a Marriott in Wichita. His businesses also included oil distribution and one of the country's largest manufacturers of hand trucks.
In 1994, Ruffin leased his convenience stores to Total
, using the money to purchase more hotels. Then, in 1995, Ruffin acquired the Crystal Place casino resort in the Bahamas. Mortgaging the casino, Ruffin then purchased the New Frontier Hotel and Casino
in Las Vegas, NV.
.(Now 29) They just recently had their first child together, Richard William Ruffin. All together Ruffin has 4 children.
Ruffin appeared on the 7th season of GSN's High Stakes Poker
.
, one of the most powerful unions in Las Vegas. Ruffin settled the strike very soon after his purchase in 1999. Soon after, the casino-hotel became known as the New Frontier.
Ruffin announced plans to demolish the New Frontier and replace it with a new resort to be called The Montreaux, but the development never got off the ground.
Ruffin sold the New Frontier to El Ad Properties in 2007. The $1.2 billion sale price for the 36 acres (14.6 ha) property was the largest per-acre price in The Strip's history.
to Phil Ruffin. The negotiated price was $600 million in cash and $175 million in secured notes. Ruffin estimates that to build a casino like Treasure Island from the ground up would cost $2.7 billion. The Treasure Island is about 700 yards from the site of his former casino, the New Frontier. In calendar year 2008, Treasure Island reported $376M in revenue (down from $431M in 2007) and $101M in EBITDA
. Ruffin expressed his lack of concern about buying a casino in a down market, because the TI will have very little debt. Ruffin took complete ownership of the hotel and casino resort in the early morning of March 20, 2009.
involved a portion of the New Frontier land. The Trump International Hotel and Tower
, built immediately adjacent to the Fashion Show Mall
, broke ground in July 2005. The tower opened in March 2008, and plans for an identical second tower have been announced. Ruffin has half interest in the development, having contributed the land for his part of the deal.
to allow slot machine
s or casino
gambling at the track failed.
and operated by Diamond Shamrock over a three-state area.
and Courtyard by Marriott
brands in Oklahoma
, Kansas
, California
, Texas
and Alabama
.
area.
s and Angelus Manufacturing, a maker of steel hand trucks.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman. His business interests lie largely in casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
s, greyhound racing
Greyhound racing
Greyhound racing is the sport of racing greyhounds. The dogs chase a lure on a track until they arrive at the finish line. The one that arrives first is the winner....
tracks, oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
production, convenience store
Convenience store
A convenience store, corner store, corner shop, commonly called a bodega in Spanish-speaking areas of the United States, is a small store or shop in a built up area that stocks a range of everyday items such as groceries, toiletries, alcoholic and soft drinks, and may also offer money order and...
s, and real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
. Ruffin lives in Las Vegas, Nevada.
Ruffin has been listed on the Forbes 400
Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
list of the country's richest people multiple times, most recently at #215 in 2008 with a net worth of $2.1 billion. In the 2006 list, he was listed at #606 on the Forbes Magazine list of the world's billionaires, with a reported net worth of $1.3 billion. (This figure was before his 2007 record-setting sale of the New Frontier Hotel and Casino
New Frontier Hotel and Casino
The New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
on the Las Vegas Strip
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
.)
Early life and career
Ruffin is from Wichita, KansasWichita, Kansas
Wichita is the largest city in the U.S. state of Kansas.As of the 2010 census, the city population was 382,368. Located in south-central Kansas on the Arkansas River, Wichita is the county seat of Sedgwick County and the principal city of the Wichita metropolitan area...
and dropped out of college.
In 1972, Ruffin pioneered self-serve gasoline in Kansas, creating a chain of 60 convenience stores in the Midwest. In 1987, he then used cash from the convenience stores to build his first hotel, a Marriott in Wichita. His businesses also included oil distribution and one of the country's largest manufacturers of hand trucks.
In 1994, Ruffin leased his convenience stores to Total
Total
-Mathematics:*Total, the summation of a set of numbers* Total function, a type of partial function in mathematics* Total order, a common total relation in mathematics* Total relation, a type of binary relation in mathematics-Business and enterprise:...
, using the money to purchase more hotels. Then, in 1995, Ruffin acquired the Crystal Place casino resort in the Bahamas. Mortgaging the casino, Ruffin then purchased the New Frontier Hotel and Casino
New Frontier Hotel and Casino
The New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
in Las Vegas, NV.
Personal
Ruffin's reputation is one of shying away from press coverage and publicity, so many details of his life are not well cited. Ruffin had been married four times. On January 6, 2008 the 72 year old Ruffin married the 26 year old supermodel and Miss Ukraine 2004 title holder Oleksandra NikolayenkoOleksandra Nikolayenko
Oleksandra Nikolayenko-Ruffin is a Ukrainian model and actress.-Education:She studied at the Odessa National Law Academy, and worked for Savrox Models Agency in Odessa. She takes an active part in charitable projects...
.(Now 29) They just recently had their first child together, Richard William Ruffin. All together Ruffin has 4 children.
Ruffin appeared on the 7th season of GSN's High Stakes Poker
High Stakes Poker
High Stakes Poker is a cash game poker television program broadcast by the cable television network GSN in the United States. The poker variant played on the show is no limit Texas hold 'em. It premiered on January 16, 2006 and ended on December 17, 2007 and it returns back on March 1, 2009 and is...
.
New Frontier Hotel and Casino
Ruffin is best known for his purchase of the Frontier Hotel and Casino, one of the Strip's venerable properties. When he bought the resort from Margaret Elardi and her family, it had been mired in a longtime, sometimes violent strike with the Culinary Workers UnionCulinary Workers Union
Culinary Workers Union or UNITE HERE local 226 is a private sector local union in Nevada, USA, affiliated with UNITE HERE, a national labor union. With 60,000 members, the Culinary Workers Union represents more members than any other union in Nevada, is the largest union local in a right-to-work...
, one of the most powerful unions in Las Vegas. Ruffin settled the strike very soon after his purchase in 1999. Soon after, the casino-hotel became known as the New Frontier.
Ruffin announced plans to demolish the New Frontier and replace it with a new resort to be called The Montreaux, but the development never got off the ground.
Ruffin sold the New Frontier to El Ad Properties in 2007. The $1.2 billion sale price for the 36 acres (14.6 ha) property was the largest per-acre price in The Strip's history.
Treasure Island
MGM-Mirage sold Treasure Island Hotel and CasinoTreasure Island Hotel and Casino
Treasure Island Hotel & Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA with 2,664 rooms and 220 suites, and is connected by tram to The Mirage as well as pedestrian bridge to the Fashion Show Mall shopping center...
to Phil Ruffin. The negotiated price was $600 million in cash and $175 million in secured notes. Ruffin estimates that to build a casino like Treasure Island from the ground up would cost $2.7 billion. The Treasure Island is about 700 yards from the site of his former casino, the New Frontier. In calendar year 2008, Treasure Island reported $376M in revenue (down from $431M in 2007) and $101M in EBITDA
EBITDA
EBITDA is an acronym for earnings before interest, taxes, depreciation, and amortization. It is a non-GAAP metric that is measured exactly as stated. All interest, tax, depreciation and amortization entries in the income statement are reversed out from the bottom-line net income...
. Ruffin expressed his lack of concern about buying a casino in a down market, because the TI will have very little debt. Ruffin took complete ownership of the hotel and casino resort in the early morning of March 20, 2009.
Trump International Tower
Ruffin's joint venture with his good friend Donald TrumpDonald Trump
Donald John Trump, Sr. is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have...
involved a portion of the New Frontier land. The Trump International Hotel and Tower
Trump International Hotel and Tower (Las Vegas)
The Trump Hotel Las Vegas is a 64-story luxury hotel-condominium located on Fashion Show Drive near Las Vegas Boulevard just off the Las Vegas Strip in Paradise, Nevada, named for famed real estate developer Donald Trump...
, built immediately adjacent to the Fashion Show Mall
Fashion Show Mall
Fashion Show Mall is a shopping mall located on the Las Vegas Strip in Paradise, Nevada. Fashion Show Mall is owned by the General Growth Properties Inc. With of space, this is one of the largest enclosed malls in the world...
, broke ground in July 2005. The tower opened in March 2008, and plans for an identical second tower have been announced. Ruffin has half interest in the development, having contributed the land for his part of the deal.
Wichita Greyhound Park
Ruffin's company owns Wichita Greyhound Park. On August 7, 2007, Ruffin announced that he would close the track, after a referendumReferendum
A referendum is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal. This may result in the adoption of a new constitution, a constitutional amendment, a law, the recall of an elected official or simply a specific government policy. It is a form of...
to allow slot machine
Slot machine
A slot machine , informally fruit machine , the slots , poker machine or "pokies" or simply slot is a casino gambling machine with three or more reels which spin when a button is pushed...
s or casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
gambling at the track failed.
Convenience stores
Ruffin Companies' web site states that the company owns 61 convenience stores leased to TotalTotal
-Mathematics:*Total, the summation of a set of numbers* Total function, a type of partial function in mathematics* Total order, a common total relation in mathematics* Total relation, a type of binary relation in mathematics-Business and enterprise:...
and operated by Diamond Shamrock over a three-state area.
Lodging
Ruffin's Hotel Group division owns and operates 13 hotels under the Marriott Hotels, Fairfield InnFairfield Inn by Marriott
Fairfield Inn by Marriott is a lower cost brand of hotels that are franchised by Marriott International. The intended use is for guests requiring simply a place to sleep with fewer amenities. This allows Marriott to offer lower prices than would otherwise be possible...
and Courtyard by Marriott
Courtyard by Marriott
Courtyard by Marriott is a brand of hotels owned by Marriott International. Courtyard by Marriott is designed for business travelers but also accommodates to families. Its rooms feature large desks, couches, free broadband Internet access, and "big" breakfasts. The majority of locations have...
brands in Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
, Kansas
Kansas
Kansas is a US state located in the Midwestern United States. It is named after the Kansas River which flows through it, which in turn was named after the Kansa Native American tribe, which inhabited the area. The tribe's name is often said to mean "people of the wind" or "people of the south...
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
and Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
.
Real estate
Ruffin owns various commercial real estate holdings in Kansas and in the Tulsa, OklahomaTulsa, Oklahoma
Tulsa is the second-largest city in the state of Oklahoma and 46th-largest city in the United States. With a population of 391,906 as of the 2010 census, it is the principal municipality of the Tulsa Metropolitan Area, a region with 937,478 residents in the MSA and 988,454 in the CSA. Tulsa's...
area.
Manufacturing
Ruffin owns and operates Harper Trucks, the world's largest manufacturer of hand truckHand truck
A hand truck, also known as a Hannibal lectern, two wheeler, stack truck, dolly, trolley, trolley truck, sack barrow, sack truck, or bag barrow, is an L-shaped box-moving handcart with handles at one end, wheels at the base, with a small ledge to set objects on, flat against the floor when the...
s and Angelus Manufacturing, a maker of steel hand trucks.