The purchase price was not disclosed, but the property last sold in sold in 2014 for $155 million.
Casino Miami is now more valuable after Florida voters passed Amendment 3 last month, which will make expansion of gambling much more difficult, The Ruffin spokesperson said. The amendment was backed by Disney and the Seminole tribe.
There are currently 1,012 slot machines and electronic table games at Casino Miami, with up to 2,000 permitted.
Ruffin also owns 50 percent of Trump International Hotel Las Vegas.