This has been rumored for a while especially by Scott of Vital Vegas blog but the scary clown the Circus Circus Hotel & Casino has been sold for Phil Ruffin for $825 million. The new owner Phil Ruffin had previously bought the Treasure Island from MGM Resorts now he has two Strip properties although a distance from each other.
MGM Resorts gets to pay down some debt with this and the Bellagio sale as the company pivots from being mainly a Las Vegas casino company to a worldwide resort company that has interests in sports, sports betting as well as going after one of the new gambling licenses in Japan.
Its unknown what plans Phil Ruffin has for the Circus Circus Hotel & Casino which has been profitable for the MGM Resorts even though not much has been spent on the resort in years. I cannot see Phil Ruffin knocking down the resort and building a mega resort at least not in the near term.
If you watch what Mr Ruffin has done at the Treasure Island you most likely will see more retail square footage with the current retail upgraded so it brings in more money.