LAS VEGAS (FOX5) -- Circus Circus has been sold for $825 million to Treasure Island owner Phil Ruffin, MGM Resorts International announced in a release Tuesday.
"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," Ruffin said in a statement. "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."
In a separate release, Ruffin called the opportunity to own the Strip property "very interesting."
“From a strategic standpoint, Circus Circus is the most recognizable name on the north Strip,” Ruffin said. “Treasure Island is the crown jewel in my portfolio, and Circus Circus adds another layer of gaming customer to my holdings.”
The property includes 3,767 guest rooms, an RV park, more than 101,000 square feet of gaming and the Adventuredome theme park, according to Ruffin's release.
MGM Resorts International acquired the property in 2005.
The deal is expected to close in the fourth quarter of 2019, according to a release.
MGM cited an "asset light strategy" for executing the sale in order to "maximize value for its shareholders."
Opening in 1968, the circus-themed resort boasts family-friendly attractions including live acrobatics, midway carnival games and a treat carousel.