Saturday, 21st November 2009

 

16 December 2008 - Press Briefing

Billionaire buys Vegas casino from MGM Mirage

MGM Mirage has sold the Treasure Island Hotel and Casino on the Las Vegas Strip to Ruffin Acquisition, the investment vehicle controlled by billionaire Phil Ruffin, for $775m (€564m), according to a report in The Times, London.

Ruffin is paying $500m cash and $275m in secured notes, issued by Ruffin Acquisition, for the deal.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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