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Report: MGM Selling Circus Circus To TI Owner

MGM Resorts International is in talks to sell Circus Circus to TI owner Phil Ruffin, the Las Vegas Review-Journal reports.

Ruffin and MGM reached a handshake agreement on Sept. 12 for him to buy the hotel-casino, along with the Las Vegas Festival Grounds parcel, according to a person familiar with the negotiations.

Talks with other interested buyers ceased on Sept. 13.

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Neither party has signed paperwork finalizing the sale, according to the source.

MGM Resorts was said to have put a $1 billion price tag on the hotel and land package.

 MGM and TI spokespeople would not comment, but multiple sources have told the Review-Journal that MGM was selling the property.