“This place is a complete ripoff.”

You're at a restaurant with a close friend. The prices were high, and when you get your meal, the portion sizes are small and the food is not very tasty. You say:

This place is a complete ripoff.

this place

"This place" means "this restaurant" in the example above. 

You can call a restaurant a "place" in casual conversation:

Do you know of a good burger place around here?

Have you been to that new pizza place up on 83rd Street?

Is this place any good?

(something) is a ripoff

Call something "a ripoff" when it's way too expensive. If it's even more expensive, call it "a complete ripoff".

The phrase "rip (someone) off" means to charge too much money for something.

You can call a store, a restaurant, or a single product "a ripoff".