More development in the desert
Red Rock Resorts revealed Wednesday that it acquired 126 acres of land south of the Las Vegas Strip for $172m.
greater flexibility in master planning to take maximum advantage of the future development”
“We are excited about the potential of this site as a local and regional destination casino resort,” said the company in a statement. “The larger acreage parcel allows the Company greater flexibility in master planning to take maximum advantage of the future development.”
The Station Casinos owner has been an active member of the Vegas ecosystem and is now positioned for a big-money development project. Detailed plans for the land, which is near more Red Rock property at Cactus Avenue and Las Vegas Boulevard, have not been announced, but the assumption is that another gaming venue is in the works.
Red Rock makes another purchase
Red Rock Resorts now owns roughly 542 acres of land in Las Vegas and Reno, per the company’s website (not yet updated after the purchase). The company operates its namesake Red Rock Casino, other Station Casinos, and ten Wildfire Casinos.
The Vegas giant was in the news recently after news broke that it was demolishing three of its casinos.?
Fiesta Henderson, Fiesta Rancho, and Texas Station had all been out of operation since the start of the pandemic. President of Station Casinos Scott Kreeger said they were the worst-performing, even before the spread of the deadly virus.
The closing of the casinos also has not affected business, with revenue at other nearby properties increasing.
Red Rock plans on selling the 107.5 acres of land occupied by the shuttered properties and will pull the gaming deeds after their demolition; this means that incoming properties will not be casinos or gaming destinations.
Snowballing properties
Predicting the future of Red Rock’s new land is nothing more than guesswork at the moment.
Red Rock will face increasing competition in South Vegas
What is known, however, is that Red Rock will face increasing competition in South Vegas. In March, Oak View Group shared its $3bn vision of a South Vegas mega-project that includes building a 20,000-seat arena, among other amenities.
Dream Las Vegas, a $550m casino project, is also expected to complete its construction by 2024. The 531-room resort will feature nighttime entertainment, restaurants, and a casino floor.
In addition, Red Rock is already financing a $750m build of a locals-focused casino called Stations Casino Durango Resort. This project involves 71 acres of previously unused land the company acquired 22 years ago.?
On top of that, the company also allocated funds toward a new Wildfire Casino in downtown Las Vegas. The new land, along with Red Rock’s established properties, could be used to corner the growing Vegas locals market.