News about Ruffin’s interest in expanding his company’s portfolio with Caesars hotel and casino resorts arrived as the company’s largest stockholder, investor Carl Icahn, is pressing it to sell itself or divest properties.
Ruffin said that he is particularly interested in buying Caesars properties on the Las Vegas Strip. The company’s Strip catalog includes its flagship resort Caesars Palace as well as Harrah’s and Paris, among others.
Ruffin revealed that he could pay $1 billion in cash and raise even more in debt for a Caesars property on the Strip, if the gaming and hospitality giant succumbs to pressure from its largest stockholder.
The Treasure Island owner went on to explain that Caesars has some “great locations and [they] would have strong intrerest.” He added that his company has no debt which means that they can “borrow a lot of money if [they] found the right deal.”
The Colorado businessman is optimistic that they can borrow up to six times the cash flow of a property they might have intrerest in. He also noted that Strip properties with annual cash flow of between US$200 million and US$300 million are of primary interest.
Source: GMB / Casino News Daily
