Station Casinos' new Las Vegas project to start construction in early 2022
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ed Rock Resorts executives on Wednesday shared new details about the Station Casinos project planned in the southwest Las Vegas valley. However, the date of operations resumption of three of their currently closed properties is still unknown.
The parent company of Station Casinos discussed the project located off the 215 Beltway and Durango Drive during its second-quarter earnings call Wednesday,News 3 Las Vegas reported.
The Durango project features over 100,000 square feet of gaming space with more than 2,000 slots and 40 table games, in addition to more than 200 hotel rooms, a sportsbook and four food and beverage outlets.
The chief financial officer for Red Rocks Resorts, Stephen Cootey, said the company is currently working on planning and budgeting phases, according to the local news portal. He also detailed that ground is expected to break ground early next year, and construction would last from 18 months to two years.
Station Casinos is also planning a resort in Skye Canyon in the far northwest.
However, despite the fact that Station Casinos is looking forward to the new casino, CEO Frank Fertitta referred to the three existing properties that remain closed since the COVID-prompted gaming shutdown in March 2020.
These are the Fiesta Henderson, Fiesta Rancho and Texas Station; aside from the Palms near the Las Vegas Strip, which was sold to the San Manuel Band of Mission Indians in April. Stephen Cootey said the sale remains on track to be completed before the end of the year.
“I think we continue to evaluate these closed properties”, Fertitta said. “We have come to no conclusion, at this point in time, if and/or when which property we would open. Our primary focus right now has really been on Durango, which we think is a great development opportunity in the most underserved part of the Las Vegas valley”.
For its second-quarter results, Red Rock Resorts reported net revenue of $428.2 million, down about 11% compared to the same period in 2019, pre-pandemic. Earnings before taxes and other adjustments were $210.2 million, nearly double the $115.2 million in earnings reported in the same quarter from two years ago.
