The would-be buyer is New York City-based El Ad Properties,which is the US real estate arm of Israeli billionaire YitzhakTshuva. The deal is by no means a sure thing, but that hasn'tstopped Ruffin from talking about it.
The Wichita native told his local newspaper and an internationalwire service that a deal could be signed in a couple of weeks andthat he is abandoning his own plans for the site, a Swiss-themed,Montreaux-brand resort for which he says he had lined up$2.7-billion in financing. He then reportedly told an casinoindustry Web site that El Ad "was just kicking the tires."
Ruffin's reasons for selling include the rising cost ofconstruction and the relatively low 15% federal tax on capitalgains, according to published reports. Ruffin did not immediatelyreturn a phone call seeking comment.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
