the strip for sale?

Could the current recession spur a return to individual-owned Strip resorts? One former casino owner (and soon-to-be owner of Treasure Island) seems to think so.

From LasVegasNow.com:

One Casino Does Well, Despite Recession

(Phil Ruffin) believes his pending purchase of the Treasure Island is a great long-term investment, citing its attractive selling price of $775 million, its premier location on the Strip, its recent renovation, and its lack of debt.

In fact, Ruffin says debt is what's doing in the Strip's corporate conglomerates right now, "The problem is all that debt that is just piled on. They can't pay the debt service so all the banks are going to have to restructure that debt."

Ruffin says that will likely mean a dilution of ownership and a return, in part, to days past in Las Vegas, where there were more individual casino owners and a more personal touch, "You got a lot more personal attention. The owner was right there on the property and could make instant decisions. That's why I'll have my office located inside the TI." Read more.

Am I the only one who noted the irony of a casino being in debt up to its own eyeballs? Seriously! These places are licenses to print money! I digress.

I'll be interested to see if Harrah's and MGM-Mirage sell off any properties during the economic downturn. It's no secret Las Vegas is hurting right now. You don't even have to listen to Phil Ruffin talk of it. I know people on the front lines in Las Vegas and they'll tell you it's slow right now. Everyone's in survival mode.

I'd like to think it'll get better before the end of the year, but that's looking less and less likely.

I wonder if you'll see more folks like Phil Ruffin and Steve Wynn out there this year; individuals who want to own a piece of the Strip. Now may be the time for some prime real estate in the desert.