Phil Raffin – The Owner Of The Igor Empire For $ 3 Billion

Home » Phil Raffin – The Owner Of The Igor Empire For $ 3 Billion
August 30, 2022
7 minutes
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Pandemic found gambling business surprise. Large casino mgm resorts and red rocks resorts could go bankrupt due to closed halls. On the market only one person was not afraid of a new crisis – phil raffin. The financial condition of the owner of island hotel treasure and circus circus hotel & casino will allow him to close its establishments for 20 years.

Name raffin
date of birth march 14, 1935
place of birth potter county, texas, usa

Childhood

After the birth of raffin, his family moved to wichita, kansas. Future billionaire erected without any problems graduated from a local school. In adolesis, he got carried away by the struggle. Father roy ruffin sport most of the time in his grocery store and never visited the son’s competition.

When phil won the state championship, dad found out about it from the newspaper.

Achievements in sports allowed the future billionaire to receive a scholarship at university of washborn. Phil did not immediately take advantage of a similar proposal, because he wanted to continue learning outside the state. His family could not pay university.

After admission to washborn, raffin could not decide on the specialization for a long time, but ultimateely decided to get a degree in business. The first year of study was not bad, but from the 2nd course, the performance of the beginning began to fall noticeably. Bad estimates did not become an obstacle for phila – he throws the university to establish his first company.

From a student to multimillioner

Phil decided to enter the market with a new product – refueling with self-service. Over time, oil companies did not want to maintain a similar idea. It was believed that not all would be able to independently fade a car, but men in business suits would not want to get dirty. By 1972, raffin still managed to find suppliers and partners – he was first in kansas opened a refueling with self-service. The idea exceeded expectations, and after success, the novice entrepreneur was given a green light on the opening of another 60 stations in the midwest.

Celebrated money phil investests in a hotel business – hotel marriot appears in wichita. Raffin had congenital manager talent. He came to work daily and often personally met the guests: their satisfaction is his main priority. Thanks to the sarafined radio marriot quickly gained popularity.

After the initial success, phil raffin opened 10 more hotels in kansas and became multimillionaire.

First steps on gambling trail

Raffin understood that hotels could bring even more money if gambling will be held on their territory. In 1995, multimillioner acquires a resort hotel oon crystal palace casino on the bahamasas. A little later, he will launch a hotel in the bank to purchase frontier.

"The millionaire is always close to the point of poverty – he must do something," – phil raffin

Fronter casino collided with the problem of strikes – from september 21, 1991 to febrary 1, 1998, the members of the public catering unionsed a bycott against the owner of margaret elardi. The parties came to the world agreement, when phil agreed to pay $ 165 million per casino. Boycott ended after frontier moved to the new owner.

New acquisition required additional investments. By this time, the building has already been 57 years old, so it needed overhaul. In 2000, phil announced plans to demolish it to build a new resort. I had to give up the idea for a while because of the terrorist attack on september 11, 2001 and high interest rates.

In 2005, phil raffin became interested in jazz. The billionaire again began to building and the demolition of the new montreux casino on its place. The new resort was to be decorated in a swiss style and specialize in good jazz music. The name of phil chose no coincidence: in the swiss city of montreux every year jazz festival. On the territory of the casino also planned to build a ferris wheel, which would compile the competition in size to the london. Ruffin responded about his idea as followows:

"We have a casino with good jazz music in las vegas.

In nevada never shone a new star. When el-ad group put an eye on new frontier casino, phil refused his pans for the check in $ 1.2 billion. The amount of the transaction was 7 times more initial investments of raffin.

The new frontier casino was destroyed by an explosion in 2008. The new resort in its place did not build

Business on kostya

Sale new frontier turned out to be one of the most successful deals of fila raffin. In 2011, steve win will call the cost of the new frontier too overestimated. The billionaire got rid of the asset on time, selling it before global financial crisis in 2008.

Having an impressive amount in his hands, phil began to look closely to profitable shopping. The entrepreneur understood that due to the crisis, assets would noticeably cheaper. At this time, mgm resorts was in the debt point – losses amounted to $ 13 billion, so that in 2009 the phil managed to purchase casino treasure island for $ 775 million. After 11 years, forbes rated the cost of the establishment of $ 2 billion.

Treasure island revenue to a pandemic accounted for about $ 400 million.

In 2018, representatives of the chinese company radisson hotel group contacted raffin. They were ready to make a generous offer for joining treasure island. The businessman refused to sell a casino on las vegas strip, commenting on its solution as followows:

"There is no such price that the could suggest to interest me. Assets more valuable money, especially when the are indispensable. ".

Billionaire is interested in expanding the gambling empire. In 2019, he again came to mgm resorts with a profitable offer. This time phil acquired the legendary circus circus las vegas casino for $ 825 million. Magnate had napoleonic plans – he wanted to build theater opposite the main entrance, add several pools with artificial waves and build a lazy river. Because of the pandemic, the iteas had to refuse indefinitely.

The most unsuccessful deal

Deploy experience in gambling as a manager phil raffin received thanks to wichita greyhound park. This is the first hippodrome in kansas, who began to carry out races with golden boosers of horses in 1989. In 1990, more than 800 thousand were committed here. Betting. But soon the popularity of greyhound began to fall, and after 7 years, no more than 400 thousand came at the racetrack. Players for the year.

Falling income was not afraid of raffin. He acquired wichita greyhound park in the 1998th in the hope of correcting the situation. Attendance has grown a bit, but it was still far from the desired indicators. Some arrives were not enough, so phil tried to get a license to install slot machines. When the government forbade the use of slots based on the hippodrome, it closed the door wichita greyhound park forever.

Phil raffin co-owner trump international hotel at las vegas strip

Family and attitude to work

For his life, phil raffin managed to marry three times. He played the last wedding in 2006 with a 26-year-old ukrainian model alexander nikolaenko. Then he had donald trump as a schafer. It is believed that the former president of the best friend of fila raffin.

Billionaire has four children, but most of the time in their 86 years he pays for work. Phil comes to the office about 5 am. He personally reads all complaints of the casino guests and, if necessary, takes measures. Sometimes people write negative reviews about employees. In such cases, raffin comes sufficiently. He holds a personal conversation with the employeee, reading the complaint out loud. The wards immediately understand that the second chance. If the employee compalains again, he will not work under raffina. When phila is asked if he considers a huge business something burdensome, the billionaire usually answers that he will die straight at her table. This is what the father was once taught – to work on a full coil.

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