Red Rock Resorts Acquires Two More Sites As It Looks To Double Portfolio In Las Vegas
Summary
- Red Rock Resorts has recently purchased two sites in Las Vegas Valley
- The acquisitions come after the permanent closure of its three casinos in Southern Nevada
- The new sites, alongside properties under development, will double the company’s portfolio by 2030
Red Rock Resorts has announced the acquisition of two sites in Las Vegas which will enable the company to double its portfolio by 2030. The purchase comes after it decided to permanently close its three casinos in Southern Nevada which have not been operational since the start of COVID-19 in 2020.
The company said it will now shift its focus towards reinvesting in its existing properties and embarking on new projects in the Las Vegas Valley.
Fiesta Rancho and Texas Station in North Las Vegas and Fiesta Henderson will be demolished, with the land repositioned for sale. So far, several entities have reached out to Red Rock to express their interest in buying the sites, according to the company’s CFO Steve Cootey during their second-quarter earnings call held this week.
Cootey stated that the decision to close the three properties for good wasn’t easy, but it was the correct one and will pave the way for the development of the next-generation Station Casinos’ resorts in the Valley.
New Land Acquisitions
The company currently owns a parcel of land at Las Vegas Boulevard and Cactus Avenue and recently purchased 127.7 acres of additional land south of the site which will become home to a new casino resort in the area.
In addition to that, Red Rock Resorts is also planning to build another casino resort at Losee Avenue and the 215 Beltway in North Las Vegas. The company just acquired a 67-acre site for that project.
Cootey said the recent land acquisitions will become part of the next chapter of growth for Station Casinos as the company remains committed to expanding in Las Vegas.
Red Rock Resorts to Develop More Casinos in the Valley
Red Rock Resorts has plenty of projects lined up, starting with the Durango Station. The $750 million casino, located in the southwest valley, is currently under construction, with the company targeting a 2023 completion date.
CEO Frank Fertitta III said they will focus on the opening of the Durango Station first before going ahead with new projects. New properties are also expected to rise in three more sites owned by Red Rock which are located in the Skye Canyon in northwest Las Vegas, Flamingo Road in Summerlin, and the Inspirada subdivision in Henderson.
In total, Red Rock Resorts has seven sites earmarked for future developments and Cootey said they’re now working on the entitlement and zoning of those sites.
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