After sitting on a large chunk of land for years, Station Casino is now in development mode.
The locals-focused casino aims to break ground early next year on a $750 million resort near Ikea in the southwestern Las Vegas valley. It also owns several vacant sites around southern Nevada. 경마사이트
The station hasn’t reopened all properties since last year’s statewide casino shutdown, but management this week said it wants to double its presence in the valley.
“As you can see, right now we’re in development mode,” Lorenzo Pertita, vice president of Red Rock Resorts, the station’s parent company, told analysts on a conference call Tuesday.
The company owns six untapped sites in the valley and likes the idea of “essentially doubling the size of the platform currently operating in Las Vegas by developing those properties,” he said.
His brother, Frank Pertita III, chairman and CEO of Red Rock Resorts, reiterated these comments.
“We will continue to look at each development site here in Vegas as we move forward, we will try to build our portfolio and double our footprint here in Las Vegas,” he told analysts.
Unlike other casino operators in the valley, the station owns a number of properties scattered around the area in storage, which is essential for future resort projects. Shortly before the pandemic hit, the station talked about selling some lots, but it’s unknown what’s going to happen with each spread, but the company doesn’t run out of places to build.
As stated in the securities filing, there are 96 acres on Tropicana Avenue and Interstate 15 just west of Streep, 71 acres on Durango Drive and Beltway 215 in the southwest valley, and 58 acres on Flamingo Road and Town Center Drive in Summerlin.
It also owns 45 acres in the Henderson Inspirada community, 40 acres in the Sky Canyon in the upper northwest valley and 5 acres in Fremont Street, just south of Charleston Boulevard.
It’s all marked in the papers as “land held for development.”
The station also owns 57 acres at Las Vegas Boulevard and Cactus Avenue, a few miles south of Stripe, but the property is held for sale.
Management has not announced what site it will develop after the site on Durango Drive. According to Clark County’s documents, the project will be built in two phases, with a plan that will require a total of 452 rooms across two hotel towers, restaurants, entertainment, and about 93,000 square feet of casino space.
The building will be built on 50 acres, and the station said this week that it is selling the rest of its area for more than $20 million.
Frank Fertita said the station would follow a similar strategy to other parcels.
“We’re basically going to take the core of each property and sell the rest of the property that surrounds that development site,” he told analysts.
Given all the housing construction, apartment development, and warehouse construction in Southern Nevada these days, it may not be difficult to find interested buyers.
“This trend seems to be in our favor as a big landowner in this valley,” said Lorenzo Pertita.
However, given the station’s land holding history, don’t be surprised if you wait a moment to see what happens.
The company acquired the Durango site, which has a huge spread of dirt, from Beltway about 20 years ago.