You’re walking down the Las Vegas Strip, past the neon glitz of Resorts World and the massive construction skeletons of the North End, and there it is. The giant clown. Lucky the Clown has been grinning at tourists since 1968, and honestly, the place looks like it hasn't changed much since then. But behind that pink-and-white big top, the paperwork has changed hands in ways that would make a corporate lawyer dizzy.
If you think MGM still runs the show, you’re living in 2018.
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Who owns Circus Circus casino right now is a man named Phil Ruffin. He’s a billionaire who doesn’t mind getting his hands dirty with "value" properties. He bought the place from MGM Resorts International back in late 2019 for a cool $825 million. It was a massive deal that closed just before the world went sideways in 2020.
The Man Behind the Big Top: Phil Ruffin
Phil Ruffin isn't some faceless equity firm. He’s a 90-year-old (as of 2025) billionaire from Wichita, Kansas, who basically built an empire out of convenience stores and hand trucks. Yeah, hand trucks. He owns Harper Trucks, the biggest manufacturer of them in the world.
He’s a "buy and hold" kind of guy. He also owns Treasure Island (TI), which he snatched up from MGM years ago when they needed cash. He seems to have a type: iconic Strip properties that need a little bit of love and a lot of middle-class foot traffic.
Interestingly, Ruffin is also famous for being Donald Trump’s best friend and business partner. They co-own the Trump International Hotel just down the street. In fact, Trump was the best man at Ruffin's wedding. If you're looking for the intersection of old-school Vegas gambling and modern political power, you've found the bullseye.
Why MGM Dumped a Money Maker
For years, Circus Circus was the "cash cow" of the MGM portfolio. It was cheap to run and always full of families. So why sell?
MGM went through this phase they called an "asset-light" strategy. Basically, they decided they didn't want to own the actual dirt and buildings anymore. They wanted to be a management company. They sold the Bellagio, they sold the MGM Grand, and they sold Circus Circus.
But while they kept managing the Bellagio, they washed their hands of the clown entirely. Ruffin bought the whole 102-acre site. That’s a massive amount of land. To put it in perspective, that’s almost like owning a small city right on the Strip.
The 5 Billion Dollar Question
Here’s where it gets wild. In early 2025, Ruffin started making noise about the property's value. He told Forbes that the land alone is worth over $5 billion now.
Think about that math.
He bought it for $825 million.
Five years later, he’s claiming it’s worth six times that.
Why? Because the North End of the Strip is finally waking up. With the Las Vegas Convention Center expansion and Resorts World open, that "dirt" Ruffin owns is suddenly the most valuable undeveloped space in town. He has 37 acres of "festival grounds" that are basically a giant parking lot, but in Vegas, a parking lot is just a skyscraper waiting to happen.
A History of Handshakes and Mob Ties
You can't talk about who owns Circus Circus without mentioning how it started. Jay Sarno, the guy who built Caesars Palace, opened it in '68. He was a visionary but a terrible accountant. He actually forgot to build hotel rooms at first. It was just a casino with circus acts.
The money to build it? Much of it came from the Teamsters Pension Fund. If you’ve seen The Irishman, you know that’s code for "Mob involvement." A guy named Tony Spilotro—the real-life version of Joe Pesci’s character in Casino—even ran the gift shop there for a while.
Eventually, the "two Bills"—William Bennett and William Pennington—took over in the 70s and turned it into a family-friendly juggernaut. They were the ones who realized that if you give the kids a place to play, the parents will stay and gamble. That formula worked for decades until Ruffin stepped in.
What’s Actually Happening to the Property?
People keep waiting for a total renovation. Ruffin has promised things like:
- A massive new pool complex with a wave machine (similar to Mandalay Bay).
- Renovated rooms (some of which have happened, others... not so much).
- A new theater for a Cirque du Soleil-style show.
Honestly, the progress has been slow. If you visit today, you’ll see the "Stadium-Style" gaming he added, and the Steakhouse is still arguably one of the best in Vegas. But it’s still Circus Circus. It’s loud, it smells a bit like popcorn and old carpet, and it’s one of the few places left where you can get a room for under a hundred bucks on a weeknight.
Is a Sale Coming in 2026?
There are constant rumors. Ruffin is a deal-maker. At 90, he might be looking to cash out that $5 billion "win" and let someone else deal with the headache of a 50-year-old building. Whether he sells it to a REITS (Real Estate Investment Trust) or a massive international developer, the ownership of Circus Circus is the most watched piece of the Vegas puzzle right now.
Actionable Insights for Your Next Visit
If you're heading there because you're curious about the Ruffin era, keep these things in mind:
- The Steakhouse is the real deal. Regardless of who owns the casino, the Steak House inside Circus Circus remains a top-tier dining spot. Don't let the arcade upstairs fool you.
- Check the Festival Grounds schedule. Since Ruffin owns those 37 acres separately, big festivals like "When We Were Young" or "Sick New World" happen right there. Staying at Circus Circus for those events is the ultimate "pro move" to avoid the $100 Uber surcharges.
- Watch the Slots-A-Fun. This little sister casino next door is also Ruffin-owned. He recently brought back $2 beers and $2 hot dogs there—an old-school Vegas move that's actually working.
Ownership isn't just a name on a deed; it's the vibe of the place. Under Phil Ruffin, Circus Circus is holding onto its gritty, affordable roots while sitting on a gold mine of real estate. Whether it stays a circus or becomes a glass-tower mega-resort depends entirely on when Ruffin decides he's had enough of the clown business.