Kansas billionaire Phil Ruffin is back in the casino business after stepping into the owner’s seat at Treasure Island March 20. The former CEO of the New Frontier (which has since been demolished) purchased the Treasure Island in December, and is in the process of fulfilling his payment obligations.

Ruffin hopes to complete the $775 million sale in cash, if he can find a bank to finance the transaction. MGM Mirage is offering Ruffin a $20 million discount if he can pay $600 million in cash and $175 million in notes by April 30. If Ruffin cannot find financing through banks, he will not receive the discount and will finance the rest of the sale through MGM Mirage.

After receiving approval from the Nevada Gaming Commission on Thursday, March 19, Ruffin took control of his property at 3 a.m. the next day. There was no ceremony to commemorate the occasion; instead, Ruffin used the opportunity to grant interviews and meet his new staff.

Ruffin has no immediate plans to make big changes at the property, though he did tell the Las Vegas Sun he intends to fill positions vacated by MGM Mirage corporate executives.

By Casino Connection Staff