In Sin City, gaming expansion continues to be on the rise with some strong Vegas casino powers foreseeing sustained growth for the near future. Per a recent article from the Las Vegas Review-Journal, Frank Fertitta III, the top boss at Station Casinos, says that his company plans to continue its expansion plans during the group’s latest earnings call. The report said that Stations Casinos is eyeing a future filled with construction in Southern Nevada, which includes the under-construction Durango resort. After that, Fertitta said he has a goal of doubling his portfolio by 2030. For the top boss at Station Casinos, he said the plan is to “continue to roll out new properties one after the other.”
In this report, SBS will go over the latest news coming out of Las Vegas along with some other thoughts and notes about gaming in Sin City.
According to the article from the LVRJ, Station has long controlled large swathes of land throughout the Las Vegas Valley but is set to mix things up. Per the report, this would include new property expansions in the areas of development, land purchases, demolition, and sales. The well-known Vegas gaming mainstay that focuses on local Las Vegas customers is expanding its vast land holdings. Station, which already operates Red Rock Resort, and Green Valley Ranch Resort along with a slew of other properties, purchased roughly 126 acres south of the Strip last month. The company also said that it is in the process of acquiring nearly 70 acres in North Las Vegas as well.
In addition to these large land purchases, Station Casinos also announced last month that it would demolish Texas Station, Fiesta Rancho, and Fiesta Henderson and sell the sites. Per the LVRJ article, all of these sites have been closed since the onset of the pandemic. One Station official, chief financial officer Stephen Cootey, said that they are seeing an extraordinary amount of inbound calls and demand for these three properties. Per one source, the company says that there are plenty of places to build in Las Vegas. What makes Station’s expansion plans different from other properties in Vegas is that they already own large tracts of land in the valley that are in the pipeline for future resort projects.
Per the LVRJ report, Station has properties that include 58 acres at Flamingo Road and Town Center Drive in Summerlin in West Las Vegas. Additionally, the company also maintains control over 47 acres in Skye Canyon in the upper northwest valley along with 45 acres in Inspirada at the southern tip of the valley. Lorenzo Fertitta, vice chairman of Red Rock Resorts, said the company is “currently working on plans” for the latter two sites. However, the LVRJ report did point out that it took the organization 20 years to work on and complete its Durango resort after it acquired the site initially. The $750 million hotel casino on Durango Drive is expected to open in the fall of 2023.
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