Posted on: Wednesday, October 6, 2004

Casino owner holds out for right bid on parcel

By Adam Goldman
Associated Press

LAS VEGAS — The Frontier hotel-casino, perhaps one of the most coveted and likely pieces of property to be redeveloped on the Las Vegas Strip, is for sale to potential buyers who can meet the steep price and conditions.

Billionaire Phil Ruffin said he has turned down about a dozen offers from suitors looking to build a new megaresort on the 38.5-acre property near one of the most desirable corners on the Strip.

"The Frontier would be available for development, but I have to be involved in it," he said.

"We have already turned down $20 million an acre," Ruffin said.

Ruffin estimates the Frontier's land is worth $700 million to $800 million because of its prime location near Steve Wynn's new hotel-casino that opens next year and the popular Venetian resort and its planned sister property.

"That will be the new hot area," said Ruffin, who bought the Frontier seven years ago for $165 million.

Ruffin said he was open to a "joint venture with a major partner" but has not been satisfied with any offers of that type he has received.

Ruffin would not name those behind the bids because of confidentiality agreements, but added he has met with Wynn, who's building the $2.7 billion Wynn Las Vegas.

Ruffin said Wynn hasn't made an offer on the 1,000-room property that was built in 1967, but that doesn't mean he's out of the picture.

Wynn said through a spokeswoman that he had not made an offer on the Frontier.

Ruffin said he has no intention of selling the hotel-casino and land outright.

Given the difficulty in obtaining acres on the Las Vegas Strip, Ruffin said it would not be prudent to remove himself from one of the hottest markets in the country.

"You can't get back on the Strip once you sell," Ruffin said. "We'd have a lot of money, but so what? You can't even buy back on the Strip with a lot of money."