Ruffin plans to redevelop New Frontier without partner

Adam Goldman

Thursday, Dec. 30, 2004 | 10:54 a.m.

Billionaire Phil Ruffin said Wednesday he intends to redevelop the New Frontier without a partner and is considering building a second massive condo tower on the property with Donald Trump.

Ruffin envisions replacing the aging New Frontier with a 3,000-room megaresort and possibly breaking ground by the end of 2005.

"We are not going to take a partner," Ruffin told the Associated Press. "We are going to do something. We did turn down $20 million an acre. Vegas is on fire. Let's face it."

Ruffin said he refused about a dozen offers from suitors looking to get a piece of the Strip, where he believes an acre is worth at least $20 million. The 38.5-acre property is near one of the most desirable corners along the famous boulevard.

To finance the deal, Ruffin said he plans to sell three resorts in the Bahamas.

Ruffin bought the New Frontier seven years ago for $165 million. The 1,000-room property was built in 1967 and is close to a new hotel-casino to be opened by Steve Wynn on April 28 and to The Venetian resort and its planned sister property.

Ruffin also said he's also considering building a second tower with Trump, who recently agreed to construct a $300 million, 64-story condo-hotel on about 3.5 acres behind the New Frontier.

Ruffin said 913 of the 1,260 planned units already have been sold.

"They are going fast -- much faster than we anticipated," he said. "We are considering tower two."

Ruffin said it would be almost identical to the first planned golden structure, with prime views of the Strip.