Station Casinos buys 126-acre site in Las Vegas
According to local reports, Station Casinos – a hotel and gambling enterprise – recently confirmed the purchase of a 126-acre parcel of land near the Las Vegas Strip for US$172.4 million.
The purchase was made some days after the firm’s holding company, Red Rock Resorts, revealed its intention of closing down and demolishing the three casinos it owned in Southern Nevada. The land would be sold afterward in order to reinvest in the organization’s current portfolio and expand it.
Larry Canarelli, the developer in charge of the 126-acre deal, revealed that as a result of the “magnitude” of the agreement, other land sales in the area were eclipsed. The company’s representative confirmed the deal; however, no formal plans concerning the land have been made.
Despite this, Station Casinos said it was “excited” concerning the new purchase and the potential of the site.
“We are excited about the potential of this site as a local and regional destination casino resort. The larger acreage parcel allows the Company greater flexibility in master planning to take maximum advantage of the future development. We look forward to sharing our plans in the future,” the company said in a statement.
Station’s new property is miles south of the Las Vegas Strip and is at the crossroads of Las Vegas Boulevard and Cactus Avenue. The group already owned 60 acres of land that is included in the parcel of land, years before the purchase, and tried to sell it. The gaming enterprise currently has many large parcels of land in areas across the Las Vegas Valley, all of which are being kept for resort projects in the future.
The organization’s management previously announced its intention to increase Station Casinos’ presence in the Las Vegas Valley, and its latest purchase is proof of that. The company will be subject to a lot of options and be more flexible when feeling out new developments.
Scott Kreeger, the president of Red Rock Resorts, admitted in a recent interview that due to its new property being the main development focus, Station Casinos is currently receiving and entertaining offers. He added that the company’s decision to purchase the land was strategic and in a bid to ensure it develops in high economic potential areas. Besides Red Rock, Station also operates the Green Valley Ranch Resort.
The three properties that Red Rock previously announced would be demolished are Fiesta Henderson, Fiesta Rancho, and Texas Station. The gaming venues have been closed since March 2020. The three land sales would come up to around 107.5 acres in total.
The company revealed that a majority of the customer base of the three venues had already moved to its other properties. With the destruction of these properties, Red Rock announced its intention to move forward with other projects in the future.
The organization recently got involved in Durango Casino and Resort, a new project worth $750 million. The organization is located in southwest Las Vegas and will cover around 50 acres, while 21 acres adjacent to the land will be sold. The project will be open to the public in 2023.
Red Rock announced this month that it had started on a project in downtown Las Vegas that was on a smaller scale than the Durango Casino and Resort. The project will be one storey high and span over 21,000 square feet on a five-acre plot. The Wildfire casino will be located south of Charleston on Fremont Street.