Casino Giant Has Huge Off-the-Las-Vegas-Strip Plans
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Red Rock Resorts has big plans for expansion. It is challenging Caesars Entertainment, MGM Resort International, Wynn Reserves and other large Las Vegas Strip casino operators. Red Rock is working hard to build a local clientele instead of relying on tourists. It has a bold Strip-like property.
Red Rock closed Texas Station, Fiesta Rancho and Fiesta Henderson casinos. The company is planning to build a new resort in the Southwest Las Vegas Valley. It's expected to open in fall of 2023. CFO Stephen Cootey talked about the company's second-quarter earnings call. He said the closure of the three casinos was painful, but it was the right decision for the business. Red Rock is considering new projects. They are being developed in high-growth areas. There are no unrestricted gaming competitors within the 5-mile radius of their properties.
The casino giant expects to spend $750 million on the project. The project is currently operating under a guaranteed maximum price contract. 77% of the cost has been secured.
The company has closed on 127.7 acres of additional land south of its existing parcel on Cactus Avenue and Las Vegas Boulevard South for $172 million. The company is also conducting due diligence on a 67-acre gaming site that is master planned for Casino Resort in North Las Las.
