Treasure Island

History and Founding

Treasure Island opened on 27 October 1993 as Treasure Island at The Mirage, developed by Steve Wynn’s Mirage Resorts at a reported cost of roughly $450 million. The resort was designed to attract a younger, more playful segment of the Las Vegas market, with a full pirate theme inspired by Robert Louis Stevenson’s novel. Its Buccaneer Bay lagoon featured full-scale pirate battles that became an immediate Strip icon. The original pirate show was later replaced in 2003 by the more adult-oriented Sirens of TI, which ran until 2013.

The property changed corporate hands in 2000 when MGM Grand acquired Mirage Resorts. Three years later, MGM Mirage sold Treasure Island to billionaire Phil Ruffin for approximately $600 million. Ruffin removed the resort from the larger corporate system and repositioned it as an independent casino-resort operating through his private holding structure, with Treasure Island, LLC as the operating entity.

Business Model

Treasure Island generates revenue primarily through its land-based casino operations and hotel accommodations. The casino floor spans roughly 95,000 square feet and includes slot machines, table games, a poker room, and a race and sportsbook. The hotel tower contains more than 2,800 guest rooms, and the resort also operates restaurants, bars, a spa, pool areas, and convention space. Its TI Rewards loyalty program is designed to retain casino guests and returning hotel visitors.

The property is one of the few major independently owned casino-resorts on the Las Vegas Strip, operating outside the large public gaming companies that control most neighboring resorts. Its independence gives it a distinct market position as a more approachable, mid-to-large Strip property rather than a mega-resort.

Products and Entertainment

The most famous product associated with Treasure Island is its partnership with Cirque du Soleil. Mystère has been performed at the resort since 1993 and remains one of the longest-running and commercially successful production shows on the Strip. The show is a major draw for overnight guests and local visitors alike.

Other key consumer-facing elements include the Treasure Island casino brand, the TI Rewards loyalty program, and the resort’s hotel, dining, nightlife, pool, and spa offerings. The historical Buccaneer Bay and Sirens of TI attractions were defining parts of the original pirate-themed brand experience but are no longer active.

Ownership and Leadership

Phil Ruffin has owned Treasure Island since 2003 and serves as its owner, chairman, and controlling principal. He is consistently described in business, casino industry, and mainstream media coverage as the owner of Treasure Island. Ruffin is a Las Vegas-based billionaire with other business interests, and his ownership has kept Treasure Island independent from the major Strip casino operators.

Steve Wynn, the original developer of the property through Mirage Resorts, no longer holds any ownership or operational role. No current CEO, CFO, COO, or other named C-level executives are publicly confirmed for this privately held company.

Market Position and News Profile

Treasure Island competes with a dense field of Las Vegas Strip casino resorts, including properties owned by MGM Resorts, Caesars Entertainment, and Wynn Resorts. Its independence and smaller scale set it apart from those corporate giants. The resort has occasionally appeared in gambling trade press in connection with its owner’s high-profile political relationships, including coverage of Donald Trump’s Las Vegas visits. These appearances tend to highlight Treasure Island as a notable privately owned Strip casino rather than as a digital gambling operation.