Circus Circus Plans to Sue Insurance Company

Las Vegas is home to some of the best casino-resorts in the world. Some consider Circus Circus to be one of the least-impressive venues in the city. This week, news broke that Circus Circus plans to sue its insurance company due to an unpaid claim.Circus Circus In Las Vegas

As many are aware, Las Vegas casinos have taken a major hit due to the global pandemic. Many are now in desperate need of support in order to remain functional. Today, we’re going to look at the lawsuit that the owners of Circus Circus have planned.

Let’s get into it!

Nearly All Las Vegas Strip Casinos Have Reopened

At the start of this year, the idea of shutting down the Las Vegas Strip was inconceivable. This is one of the largest tourist destinations in the country, drawing in millions of visitors each year to take part in the gambling and entertainment. By March, the US began entering into lockdown and all of the casinos in Nevada were forced to close down.

Governor Sisolak was very hesitant to get the state’s casino industry back to normal. Las Vegas Mayor Carolyn Goodman, however, almost immediately begin demanding that casinos be allowed to reopen. It wasn’t until June 4th that the state’s gaming venues were allowed to start accepting guests again.

Initially, only a few casinos in Las Vegas reopened. As the weeks went on, more of the state’s major gambling venues opened back up. Today, almost all of the casinos on the Las Vegas Strip are operating again.

That doesn’t mean things are completely back to normal here. The casinos in Las Vegas look much different than they did prior to March. Slots are separated, plexiglass barriers separate table game players, and masks are now officially required when on the casino floor.

It’s a very unusual time for what is considered the entertainment capital of the United States. The amount of revenue that casinos here are earning is considerably lower than it was pre-pandemic. One major casino in this city is now filing a lawsuit, alleging it should be paid for the damage caused by the coronavirus spreading around the world.

Circus Circus Plans to File Lawsuit Against AIG Specialty Insurance Company

Every single casino in Las Vegas has been affected by the events unfolding around the world. Some are being hit harder than others. For the venues that were already struggling, this situation has become extremely difficult.

That can be applied to Circus Circus. This property is now considered one of the worst hotel-casinos on the Las Vegas Strip. It was recently purchased by Phil Ruffin, who felt he could turn things around here.

This week, officials within Circus Circus announced they plan on suing AIG Specialty Insurance Company. Casino officials claim the insurance company is refusing to cover losses that Circus Circus has experienced during the pandemic. The company released a statement that claims the “All-Risk” policy AIG offers does not live up to its word.

“AIG relies on sleight-of-hand, distortions of fact and contortions of law to escape from Circus Circus’s covered claim,” Circus Circus lawyers claimed. “But no illusion or death-defying feat can alter the plain language of AIG’s policy and the broad all risks coverage that it provides.”

Interestingly, Circus Circus claims that it suffered major losses even before shutting down. The casino claims people infected with Covid-19 had already visited this property and spread the virus to employees. More than 1,600 sick days were recorded between January 1st and March 18th, Circus Circus claims.

We’ll need to wait and see how AIG Insurance responds to this lawsuit.

What to Expect in Las Vegas Over the Next Six Months

Not even the best gambling analysts in the country can accurately say how the US casino industry will look by the end of the year. This is the toughest spot this industry has ever been in. As of now, the casinos in this country are simply trying to earn enough money to stay above water.

Tourism is still extremely slow in Las Vegas. Rates of visitors dropped even further after Governor Sisolak’s announcement that masks are now required on the casino floor. As rates of Covid-19 increase around the country, fewer people are willing to travel.

It seems highly unlikely that the casinos in Las Vegas will be forced to close down again. These companies are doing everything they can to make things safe for employees and guests. There are still complaints that workers inside casinos are still being put in danger.

Circus Circus plans to sue its insurance company. The Nevada Culinary Union is planning a lawsuit of its own against several major casinos on the Strip. This union represents workers inside casinos, many of whom claim things are not safe enough.

Casinos will remain open here. As time goes on, tourism rates are likely to increase. It could be years before the casinos in this city return to the way they were at the start of 2020.

Are you surprised to hear Circus Circus plans to sue its insurance company? Do you think this casino will win the lawsuit? Let us know in the comments section below!

The Sportsbook at Circus Circus is About to Improve

Not long ago, MGM Resorts International officially sold Circus Circus. Since that time, the new owner has claimed he wants to significantly upgrade the property. Recent reports indicate that the sportsbook at Circus Circus is set to improve dramatically.

Circus Circus Hotel-Resort

It’s extremely exciting news for fans of this venue. The new sportsbook is expected to be fantastic. Today, we’re going to take a quick look at why this property was sold, and how it may change in 2020.

Let’s get into it!

The Sale of Circus Circus is Officially Complete

Las Vegas is home to many of the biggest and best casino-resorts in the world. Some of these venues have been open for decades. Others are fairly new. Circus Circus first opened its doors to the public in 1968. Years ago, MGM Resorts International acquired this venue.

For a time, this was a popular hotel-casino that attracted visitors from around the country. Over the past few decades, however, the popularity of Circus Circus has declined. It’s gone through very little renovations and does not offer nearly as many amenities as most other hotel-casinos in the city.

The location of Circus Circus also leaves a lot to be desired. It’s in the northern area of the Las Vegas Strip, which has struggled to attract tourists. Officials within MGM Resorts eventually decided that it was time to sell this property.

Surprisingly, it didn’t take long for MGM to find a buyer. Phil Ruffin immediately expressed his desire to purchase the hotel-casino. He eventually agreed to purchase Circus Circus for $825 million.

Not long ago, members of the Las Vegas Gaming Commission officially approved this sale. Now, Mr. Ruffin can begin to officially come up with new plans for this venue. It now appears that he’s interested in upgrading the sportsbook at Circus Circus. Will this help to bring in more visitors?

Plans to Improve the Sportsbook at Circus Circus Are Announced

Not long after Ruffin purchased Circus Circus, he teamed up with William Hill to operate the casino’s sportsbook. William Hill is one of the largest sports betting operators in the world. It’s based in the UK, yet it’s begun to push heavily into the US market over the past year.

This week, William Hill announced its plans to upgrade the sportsbook at Circus Circus. Joe Asher, CEO of William Hill US, claims the improvements will come after the Super Bowl in February of 2020. He spoke to the media and claimed that the improvements will help to bring new life to the Strip’s northern area.

“The north end of the Strip has so many new and updated offerings opening over the next few years and we’re excited to plant another flag in this part of town,” Asher said.

The upgrades to this sportsbook include updated video screens, odds boards, and direct access to William Hill’s mobile betting application. It will be one of the largest changes to this sportsbook since its opening.

The new sportsbook at Circus Circus will certainly help this venue. It’s been criticized in the past for its outdated amenities. Hopefully, more people begin choosing to stay and gamble here.

The Northern Las Vegas Strip is About to Get Better

As we already mentioned, the northern area of Las Vegas has struggled over the past couple of decades. Many of the city’s most impressive venues are located in the central area. Fewer individuals are now choosing to stay in the north.

This may be changing soon, though. Several impressive projects are underway in the northern Las Vegas Strip that will have a major impact. This includes the upgrades to the sportsbook at Circus Circus.

The biggest project here is called Resorts World Las Vegas. This is a massive casino-resort being constructed by the Genting Group. It’s costing more than $4.3 billion to construct, making it the most expensive hotel-casino ever built in the city.

Resorts World is expected to be incredible. Many believe it will completely transform the northern area of the Strip. Resorts World will finally open to the public in 2021.

It’s an exciting time for both locals and tourists in this city. We’ll need to wait and see how much this city changes once Resorts World is built. Stay tuned for updates over the next few months!

Future Plans for Circus Circus Are Beginning to Emerge

For the past few months, MGM Resorts International has been focused on selling some of its major Las Vegas properties. One of the venues recently sold was Circus Circus. This week, new plans for Circus Circus were officially revealed to the public.

Circus Circus Hotel-Resort

This isn’t one of the most popular venues in Las Vegas. In recent years, it’s struggled to bring in guests. Today, we’re going to talk about why the property was sold, and what is planned for its future.

Let’s get into it!

Circus Circus Sale Has Been Officially Approved

Circus Circus, located in the northern area of the Las Vegas Strip, is considered by many to be the worst hotel-casino in the city. It opened its doors back in 1968 and has gone through little renovations over the years. MGM Resorts International took control over the property years ago, yet many felt it would eventually be sold.

These predictions turned out to be correct. In November, news broke that MGM Resorts was officially selling Circus Circus. Phil Ruffin agreed to purchase the property for $825 million.

The same month, MGM decided to sell the Bellagio, as well. The Blackstone Group acquired the property for an astounding $4.2 billion. It’s the largest casino-resort sale in the history of Las Vegas. MGM Resorts International will continue to operate the venue and lease it back for $245 million per year.

This week, Nevada’s Gaming Commission officially approved Phil Ruffin’s purchase of this hotel-casino. Tony Alamo, chairman of the commission, is excited to see what Ruffin has in store.

“The property’s tired and kind of needs a new look,” he said. “I’m very excited that you’re going to bring it back to where it was and beyond.”

Ruffin claims he’s fully committed to Las Vegas. He now owns several major properties in this city. Hopefully, he manages to bring new life into Circus Circus.

Plans for Circus Circus Begin to Surface

It’s clear that something needs to change for this property. It’s one of the worst-performing venues in the city. Not many gamblers frequent Circus Circus anymore and fewer people are staying in the hotel every year.

Phil Ruffin is hoping to change this. Today, plans for Circus Circus were officially revealed to the public. Ruffin spoke with regulators and claims he has ideas to significantly improve the hotel-casino for guests.

Ruffin claims he’s interested in adding a massive pool complex to the hotel. It will feature a wave machine, sand machine, and a lazy river water ride.

According to the casino mogul, a brand new 2,000 seat theater will also be constructed here. The casino will undergo a massive renovation and a new sports betting operator will be brought in, too.

These future plans for Circus Circus are extremely exciting. If all goes according to plan, this hotel-casino experience a revival.

The Opening Of Resorts World May Help Circus Circus

The northern area of the Las Vegas Strip has struggled over the years. Not many popular venues are located here. The long-distance from popular venues such as the Cosmopolitan and The Bellagio also make this area somewhat unpopular.

In 2021, Resorts World will officially open in the north area of the Strip. It’s costing more than $4 billion to construct. Based on everything that’s being said, it will be the most impressive casino-resort ever made in Las Vegas.

Once this property opens to the public, the northern area of Las Vegas will improve dramatically. It’s likely to become one of the most popular hotels in the city. Some analysts believe that the opening of this property will help to improve Circus Circus, as well.

Visitors to the city may want to stay in Circus Circus for the cheaper prices while being close to Resorts World. In reality, the new casino-resort will improve this entire area of the city.

More plans for Circus Circus are likely to be revealed soon. Stay tuned for more Las Vegas casino news over the next few months!

Treasure Island Officially Becomes a Radisson Hotel

Back in December of 2018, MGM Resorts International sold Treasure Island Hotel & Casino in Las Vegas to Phil Ruffin. He’s continued to operate this popular venue ever since. In July, it was reported that this property would officially join the Radisson Group. This week, the popular Las Vegas hotel-casino has officially become a Radisson Hotel.Treasure Island Hotel & Casino

It’s great news for members of the Radisson Rewards. Some are unclear of exactly what this news means, though. Here’s what we know about this situation.

History of Treasure Island Hotel & Casino

Anyone familiar with Las Vegas has probably heard of Treasure Island. It’s one of the most popular venues in the city. It first opened to the public in 1993 and grew famous for its unique outdoor show.

This venue has a large, 95,000 square-foot gambling space. The casino offers just about every type of game imaginable including a high-limit slots area and poker space.

The hotel is hugely popular, as well. It received the AAA Four Diamond award every year from 1993 to 2013. There are more than 2,800 rooms, including 220 suites. Its location near the northern area of the Strip isn’t necessarily ideal, yet it still draws in a huge number of visitors every year.

Treasure Island Hotel & Casino has gone through several renovations over the years. The first came in 2003 when its owners paid more than $65 million to include the hotel’s rooms.

The Sirens Of Ti show was hugely popular with visitors to the city. It was free and took place every day. In 2013, the last show was held here in order to make room for a new multi-level shopping complex.

Ownership of this venue has changed hands several times over the years. This week, it officially joined the Radisson Group.

Treasure Island Becomes Radisson Hotel

Radisson Group is one of the largest hospitality companies in the world. It has locations in more than 115 countries and has a hugely popular rewards program. This program, called Radisson Rewards, offers unique benefits for guests staying in different locations.

This week, Treasure Island joined the Radisson Group. Members of Radisson Rewards can soon earn valuable points by staying at this venue. It’s the first hotel-casino that Radisson Hospitality controls on the Las Vegas Strip.

This news is likely to help draw in many new visitors. Travelers for business, in particular, are beginning to flock to this venue. It’s home to a massive 30,500 square-foot convention center that can hold up to 1,200 attendees.

Phil Ruffin, the owner of this venue, believes that the move to the Radisson Group will help reach a wider audience, as well. The room renovations that are expected to be completed next year will help things, as well. Ruffin also has big plans for his newest Las Vegas Strip purchase.

Phil Ruffin Speaks About Plans for Circus Circus

Circus Circus is a well-known Las Vegas property, yet it’s gained a reputation amongst guests as one of the city’s worst. It’s location, amenities, and overall atmosphere leaves much to be desired. MGM Resorts International owned this property for years, yet recently decided it was time to sell.

MGM officials began looking for buyers. Before long, the company struck a deal with Phil Ruffin. On October 23rd, Ruffin purchased the venue for $825 million.

It was unclear exactly what Ruffin planned to do with this venue. This week, he spoke to the media about his plans for this venue. According to the casino mogul, he plans to bring some exciting new shows here.

“We have a long-term relationship with Cirque du Soleil, we have the ‘Mystere’ show at Treasure Island, a very successful show,” Ruffin told board members. “We have a commitment from the president of Cirque du Soleil to put a show in Circus Circus and so we’ve had meetings on that. I firmly believe that a Strip property has to have a permanent show and that’s the deal struck.”

Many feel this is a good idea. Shows are known to help increase the number of guests to the casino. We’ll need to wait and see which show comes to Circus Circus.

Treasure Island is joining the Radisson Group. Stay tuned for more news on Las Vegas casinos over the next few months!

MGM Resorts Officially Sells Circus Circus Hotel & Resort

MGM Resorts is having an extremely busy year. For months, officials in the company have discussed selling one of their Las Vegas properties, Circus Circus Hotel & Resort. This week, the sale was finalized.

Circus Circus Hotel-Resort

It’s a big move for MGM. Circus Circus may not be the most profitable venue in Las Vegas, yet it’s without a doubt one of the most well-known. Now is a great time to look at why exactly this popular venue was sold.

History of Circus Circus Las Vegas

It seems like every few years, a new gambling venue opens up in Las Vegas. Amazingly, some of the old hotel-casinos are still going strong here. Circus Circus opened its doors all the way back in 1968 and quickly grew into one of the most popular venues in the city.

Unlike many of the early Las Vegas hotel-casinos, Circus Circus put a major emphasis on providing entertainment. The venue was designed as a giant circus tent and put on shows every day of the week. For many years, however, it didn’t have a hotel for guests to stay in.

Jay Sarno, the owner of this venue, began experiencing financial difficulties over the lack of accommodation options. Sarno began partnering with organized crime members and was quickly investigated by the federal government. In 1974, Circus Circus Hotel & Resort was officially sold to William Bennet and William Pennington.

MGM Resorts International purchased this venue in 2005. It’s location and somewhat older amenities made it one of the less-desirable venues in the city. Circus Circus has struggled to generate revenue over the years and officials within MGM decided they were interested in selling.

This week, it appears that this sale was finalized.

MGM Resorts Confirms the Sale of Circus Circus Hotel & Resort

Back in September, we reported on the news that MGM was looking to sell this venue. It was clear that the company was hoping to fast-track this sale and several individuals announced they were interested in purchasing it. As many predicted, MGM Resorts officially sold Circus Circus to Phil Ruffin, owner of Treasure Island.

Ruffin is excited to add another Las Vegas Strip property to his portfolio. He commented on the purchase to the media this week.

“Circus Circus has anchored the north end of the Las Vegas Strip for over 50 years, and I am excited to add it to my casino portfolio,” he said. “I have tremendous respect for Jim Murren and the MGM team, and my relationship with them goes back to my friendship with Kirk Kerkorian and continues to this day.”

According to multiple reports, Circus Circus Hotel & Resort was sold to Ruffin for $825 million.

Interestingly, Blackstone Real Estate Income Trust and MGM agreed to a partnership to acquire MGM’s Bellagio Hotel & Casino and lease it back to MGM. This deal is described as “one of the highest ever paid for a [Las Vegas] Strip asset.”

More Las Vegas Strip Properties Could Go For Sale

MGM Resorts isn’t the only company that’s interested in selling some of its Strip properties. The sale of Circus Circus Hotel & Resort may be the first of many upcoming sales over the next 12 months. Caesars Entertainment, which is set to merge with Eldorado Resorts, is also looking to sell some properties in the coming months.

Tom Reeg, CEO of Eldorado Resorts, told the media that Las Vegas property sales were likely.

“I would expect that we would be a seller of a Strip asset, but that decision has not been made,” he told the media. 

Last month, Caesars confirmed everyone’s suspicion and sold the Rio Hotel & Casino. Imperial Companies, a real estate firm based in New York purchased the gambling venue for $516.3 million.

It’s very possible that more sales are just around the corner. The merger with Eldorado Resorts is the biggest in history.

Make sure to stay tuned for more Las Vegas casino news this week!

The Owner of Treasure Island LV Wants to Acquire More Properties

The owner of Treasure Island Las Vegas, billionaire Phil Ruffin, stated that he is interested in acquiring another property located on Las Vegas Strip. He added that he was only aiming at the properties that were owned by Caesars Entertainment Corporation and that were going to be for sale in the future.

Phil Ruffin stated his intentions in Las Vegas Review-Journal and added that his company was willing to produce up to $1 billion in cash in order to purchase some of the aforementioned properties. In fact, he added that he was willing to raise even more money and even go into debt if necessary in order to make one such purchase.

According to newspaper reports, the casino magnate is now 84-years old, and he has amassed his fortune mainly by being on the Strip where he developed various properties, including the legendary Treasure Island Las Vegas. Right now, he is closely monitoring Caesars Palace, Harrah’s and Paris as they seem to be his main targets for acquisition. They would generate annual cash flow which is estimated at $300 million.

Ruffin stated in the article that the properties he had set his eyes on had great locations and that he would have a strong interest. He added that his company did not have any kind of debt and that they would be ready to borrow money if they reached a deal with Caesars.

Moreover, Ruffin is very optimistic when he talks about the potential amount of money that his company could borrow in order to acquire Caesars properties. He claimed that they would be able to borrow the amount of money which was six times the amount of annual cash flow of any of the venues he was aiming at. However, according to SunTrust Robinson Humphrey Incorporated, a financial services firm, if such an acquisition were to take place, it would require a financial asking of more than $2 billion.

The billionaire, who was born in Kansas, is said to be worth around $3 billion. However, he has used a huge amount of his personal wealth to buy a Miami casino property last December. Furthermore, he is aiming at expanding the 21-acre venue located in South Florida with an additional $100 million investment. At the moment, he is considering the addition of 300 hotel rooms to that venue, stating that they were able to put as many rooms as they wanted but that somewhere around 200 to 300 rooms would be the limit at the moment.

Ruffin is not the only one who has his eyes set at the Caesars’ properties in Las Vegas. In fact, two additional companies are in the game for now, and they are Boyd Gaming Corporation and Eldorado Resorts Incorporated. These casino firms are very interested in buying the Caesars’ venues located on the Strip. However, neither of the companies have actually expressed an official interest, with everything being more or less at the level of speculation for them. On the other hand, Ruffin is the only one to have talked about the acquisition.

The reason why Caesars’ properties are so inviting for investors is because the company is considering selling them as it has had financial turmoils for the past couple of years. The operator from Las Vegas owns 25 gambling venues, and its shares have dropped by approximately 20% during the past year. At this point, Carl Icahn jumped in to help by becoming the largest individual shareholder in the company. Icahn is known for being very eager to merge his newly acquired properties, and the possibility of Ruffin being a potential buyer is still a valid option.