Las Vegas Weekly

April 27, 2009 · 9:36 AM

Rumors resurface of possible sale of The Mirage and Mandalay Bay

By Robin Leach

Mix inside The Hotel at Mandalay Bay.

Photo: Mandalay Bay

The rumor mill is going full tilt early this morning! I’m checking out solid tips that new Treasure Island owner Phil Ruffin is now making a deal to take over the adjoining Mirage. The Kansas billionaire was rumored to have an option on The Mirage when he purchased T.I. from MGM this year, but all involved denied that.

There’s also apparently an offer on the table to buy Mandalay Bay from MGM, and initial reports indicate that Penn National Gaming, which has no Strip or local casino, is heavily involved with those negotiations.

Penn National is headquartered in Wyomissing, Penn., and has casinos, racetracks and off-track betting in Colorado, Illinois, Louisiana and Maine. Penn National owns America’s oldest, most famous and fastest daytime half-mile harness racing track, Freehold Raceway in Freehold, N.J.

The sale of both properties would solve most of MGM’s money woes over its massive CityCenter project. Safe to say there will be denials at these early and delicate stages, but my sources say the deals are under way!

We’ll run the denial -- or confirmation -- the moment we hear any developments.

Robin Leach has been a journalist for more than 50 years and has spent the past decade giving readers the inside scoop on Las Vegas, the world’s premier platinum playground.

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