Early Life
Phillip Gene Ruffin was born on March 14, 1935, in Potter County, Texas. His family moved to Wichita, Kansas, where his father owned a grocery store. During his high school years, Ruffin excelled as a wrestler, winning a state championship. He attended Washburn University and Wichita State University but did not complete a degree.
Rise to Success
Ruffin began his entrepreneurial journey by introducing self-serve gasoline in Kansas, establishing a network of 60 convenience stores by 1972. He then built a Marriott hotel in Wichita in 1987. Ruffin's career took a significant turn when he entered the casino industry. He acquired the Crystal Palace casino resort in the Bahamas in 1995 and later the New Frontier Hotel and Casino in Las Vegas. The purchase of the New Frontier was a defining moment, and he later sold it for $1.2 billion in 2007.
Key Business Strategies
Ruffin's business strategy included acquiring distressed properties in prime locations, renovating them, and increasing their profitability. He is known for his ability to recognize opportunities and make strategic investments. In 2009, he purchased Treasure Island from MGM Resorts for $775 million during the Great Recession. In 2019, he bought Circus Circus and the Las Vegas Festival Grounds from MGM for $825 million. He also partnered with Donald Trump to build the Trump International Hotel Las Vegas.
Philanthropy
Phillip Ruffin is also known for his philanthropic work. He has funded an organic food and learning initiative at the Alexander Dawson School at Rainbow Mountain.