Walk down the Las Vegas Strip and you'll see a lot of the same thing. Huge, faceless corporations like MGM Resorts and Caesars Entertainment own almost everything. They’re massive. They’re traded on the New York Stock Exchange. They have boards of directors and quarterly earnings calls that sound like robots talking to other robots. But then there's Treasure Island. Or "TI," if you're trying to be cool like the locals.
If you've ever wondered who owns Treasure Island in Vegas, the answer is actually one of the most interesting stories in the desert.
It isn't a hedge fund. It isn't a massive conglomerate. It’s one guy. His name is Phil Ruffin.
The Man Behind the Pirate Ship
Phil Ruffin is a billionaire from Kansas. Think about that for a second. While the rest of the Strip is being managed by committee, this 2,800-room resort is essentially a family business. Ruffin bought the place back in 2008. He paid MGM Mirage $775 million for it.
People thought he was crazy. Honestly, the timing was terrible. The global economy was literally melting down. Bear Stearns was gone, Lehman Brothers was failing, and here comes Ruffin, writing a check for three-quarters of a billion dollars for a casino that was starting to look a little dated.
But Ruffin knew something. He's a "bricks and mortar" guy. He made his first fortune in convenience stores and hand-stitched oil tanks. He’s the kind of guy who trusts his gut over a spreadsheet.
Why Phil Ruffin Bought TI
Before he owned Treasure Island, Ruffin owned the New Frontier. It was a legendary, albeit crumbling, piece of Vegas history. He sold the New Frontier in 2007 for a staggering $1.2 billion. He basically timed the top of the real estate market perfectly.
He had a pile of cash. He needed a new project.
MGM was desperate for liquidity during the Great Recession. They needed to shed assets to keep their CityCenter project (now Aria and Vdara) from sinking. Ruffin saw an opening. He didn’t just buy a hotel; he bought 2,800 rooms that were already profitable.
✨ Don't miss: Getting to Burning Man: What You Actually Need to Know About the Journey
He didn't have to build. He just had to manage.
How Treasure Island Changed Under Ruffin
When Steve Wynn originally opened Treasure Island in 1993, it was a family-friendly pirate playground. There were synchronized pirate shows in the lagoon. It was loud. It was theatrical. It was very "90s Vegas."
Ruffin changed the vibe. Slowly.
He realized that families don't gamble as much as adults do. He pivoted. He rebranded it to "TI." He brought in more casual dining. He focused on the middle-market traveler—the people who want to be on the Strip but don't want to pay $500 a night at the Wynn or Caesars Palace.
The Trump Connection
You can’t talk about who owns Treasure Island in Vegas without mentioning Ruffin’s best friend: Donald Trump.
They are incredibly close. Ruffin owns 50% of the Trump International Hotel Las Vegas, located just behind TI. If you look at the gold-glass tower nearby, that’s their joint venture. Ruffin was even the best man at Trump's wedding to Melania.
This friendship matters because it defines Ruffin’s business style. He likes "big" deals. He likes tangible assets. He likes being the boss. While other Vegas CEOs are worried about their 401ks and stock options, Ruffin is worried about whether the carpet in the TI sportsbook looks fresh.
Is Treasure Island Still Independent?
Yes.
🔗 Read more: Tiempo en East Hampton NY: What the Forecast Won't Tell You About Your Trip
While rumors constantly swirl about someone like Hard Rock or a tribal gaming authority buying the property, Ruffin has held firm. He loves the cash flow. Casinos are basically giant ATMs if you run them right, and Ruffin runs a tight ship.
He’s not just a landlord. He’s an operator.
He famously removed the "Sirens of TI" show—that big, sexy pirate battle in front of the hotel—to make room for a CVS and more retail space. Fans were devastated. Purists cried foul. But guess what? A pharmacy makes way more money per square foot than a free show that clogs up the sidewalk.
That’s Ruffin for you. He’s practical.
The Future of Ownership at TI
Phil Ruffin is in his late 80s now. Naturally, people ask what happens next.
He has a younger wife, Oleksandra Nikolayenko-Ruffin, and several children. He has shown zero interest in retiring. In fact, he recently bought Circus Circus from MGM as well. He seems to be on a mission to collect the "value" properties on the North end of the Strip while everyone else fights over the high-end luxury market.
What makes TI unique in 2026 is that it remains one of the few places where you can actually find a decent deal on the Strip. Because it isn't part of a massive loyalty program like MGM Rewards or Caesars Rewards, they have to compete harder. They offer free parking frequently—a rarity in Vegas these days—and their table minimums are usually lower than their neighbors.
What This Means For You
If you're staying at Treasure Island, you're contributing to the Ruffin empire.
💡 You might also like: Finding Your Way: What the Lake Placid Town Map Doesn’t Tell You
- Service is different: It feels less corporate.
- The focus is on value: You aren't paying for a thousand middle-managers' salaries.
- Location: It’s still one of the best spots on the Strip, right next to Fashion Show Mall.
Beyond the Ownership
Knowing who owns Treasure Island in Vegas helps you understand why the hotel feels the way it does. It’s a bit quirky. It’s a bit older. It’s definitely not "corporate chic."
It’s a billionaire’s hobby that happens to be a world-class resort.
Ruffin has ignored the trend of "ultra-luxury" and stuck to his guns. He knows there will always be a market for the guy who wants a cold beer, a $15 blackjack table, and a clean room without the pretension of a five-star lobby.
He’s a gambler at heart. He bet on Vegas when everyone else was folding.
Actionable Insights for Your Next Visit
If you are planning a trip to TI or just tracking the business of the Strip, keep these points in mind:
- Look for the "Ruffin Specials": Because he owns the place outright, TI often runs promotions that the big chains won't touch. Check their direct website before booking on Expedia.
- The New Frontier Legacy: If you're a history buff, look for any New Frontier memorabilia in the high-limit areas. Ruffin kept pieces of his past.
- The Trump Connection: If you want a quieter, non-gaming stay, his other property (Trump International) is a five-minute walk away and offers a completely different, no-smoking environment.
- Check the Parking: At the time of writing, TI remains one of the more lenient properties regarding parking fees for hotel guests. Always verify this before you arrive, as Vegas policies change like the wind, but Ruffin has traditionally used "Free Parking" as a weapon against the big corps.
The owner of Treasure Island isn't a "who" in the plural sense. It's one man with a specific vision for what Las Vegas should be. It’s Phil Ruffin’s world; we’re all just staying in it for the weekend.