MarketWatch -- MGM Mirage said Friday it finalized the sale of Treasure Island Hotel & Casino to Ruffin Acquisition LLC for $775 million. At closing, MGM Mirage received $600 million in cash and a $175 million secured note bearing interest at 10% payable not later than 36 months after the closing. MGM Mirage expects to report a substantial gain in the first quarter as a result of the sale. Ruffin Acquisition is wholly owned by Phil Ruffin.
