Red Rock Resorts to open new Wildfire casino in Las Vegas
Red Rock Resorts – one of the leading casino operators in the Las Vegas Valley – is trying to solidify its position in the market by adding a new gaming facility in the city’s downtown area.
A Wildfire-branded gaming venue will soon be opening on Fremont Street, according to Station Casinos – a subsidiary of Red Rock.
“(Station Casinos) is excited to bring a new Wildfire casino with fresh new amenities to the local residents of downtown Las Vegas,” according to a statement issued by the company.
Red Rock runs several gaming locations across the Las Vegas regions that are branded as Station. These properties may be found all over the city. The organization already manages 10 Wildfire casinos, seven of which are located in Henderson.
The new downtown venue occupies a portion of the land that was once occupied by Castaways and has been owned by Red Rock for the past 18 years.
Red Rock is expanding its business throughout the Las Vegas Valley using the proceeds made from the sale of the Palms Resort for US$650 million the previous year.
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One example of these initiatives is the Durango project in Southwest Las Vegas, which the casino business views as a region that is currently underserved. The erection of that facility began earlier this year, and when it is finished, it will have a casino with a floor space of 73,000 sq ft, a sportsbook, a hotel with 200 rooms, restaurants, and space for meetings.
“We are currently constructing a new casino resort on our approximately 50-acre development site at the intersection of Durango Drive and Interstate 215 in the southwest Las Vegas valley, which is expected to open in the next 18 to 24 months,” according to a May filing with the Securities and Exchange Commission (SEC).
Red Rock possesses well over 300 acres of land across Southern Nevada that is presently undeveloped, indicating that the Durango and Wildfire projects is just the beginning when it comes to the operator’s plan to expand their business.
Although the Wildfire venue is located in the downtown area, Red Rock does not have a big footprint there. To put it another way, the operator caters mostly to residents of Las Vegas.
Wall Street is of the opinion that Red Rock’s focus on the community might, in the long run, be profitable for investors. Locals consist of a diverse group of consumers, ranging from employees of Las Vegas Strip casinos to well-off retirees who came to Nevada to take advantage of the state’s cheaper cost of living.
Originally, building workers and employees from other casinos made up a relatively large portion of the Las Vegas local demographic. This made businesses like Red Rock susceptible to the effects of a slow economic market.
On the other hand, as a result of the migration of Californians to Nevada, many of whom purchased real estate with cash, the local population has become more affluent and may be willing to support the inclusion of more gaming facilities.