Red Rock Resorts, the parent company of Station Casinos, has announced that it will not be reopening its three casinos that were closed at the height of the Covid-19 pandemic, ending two years of speculation.
Texas Station, Fiesta Rancho, and Fiesta Henderson will not be reopened by the company.
The company declared that it will not only keep the properties closed but also demolish the casinos and sell the land. The ice rink at Fiesta Rancho is the sole venue that will continue operating across the three properties.
Station Casinos President, Scott Kreeger, stated, “We announce these permanent closures with a heavy heart, as these properties have played a significant role in our business for many years.”
Nevada gamblers aren’t much surprised by the decision not to reopen the casinos.
Station closes four casinos in 2020
In March 2020, all casinos in Las Vegas were mandated to shut down to aid in curbing the spread of Covid-19. However, the majority of these casinos resumed operations in less than two months, specifically in early June.
In 2020, Station Casinos adopted a phased reopening strategy for its Las Vegas casinos, only reopening the following:
- Ranch of Green Valley
- Casino Red Rock
- Station Palace
- Station Santa Fe
- Station Sunset
- Station Boulder
Four casinos owned by Red Rock Resorts remained shut as the company assessed the conditions and possibilities of reopening more properties. The subsequent properties never resumed operations under the ownership of Station Casinos.
- Station Texas
- Rancho Fiesta
- Henderson Fiesta
- Palms
The company took its first step forward by selling Palms to San Manuel for $650 million last year. Under the new ownership, Palms reopened earlier this year.
Approximately 80% of the revenue from all previously operational Station Casinos properties has been generated by the six open casinos. Widespread conjecture exists about the future of the three closed Station Casinos properties.
The three closed casinos in various parts of the Las Vegas valley have not had substantial financial motivation to reopen. Additionally, the company has declared that it is proceeding with new projects, even as the three casinos continue to stay inactive.
Station Casinos moving forward with new projects
Red Rock Resorts revealed plans to construct Durango Station in the latter part of last year. Construction on the property began earlier this year. The casino, situated in the southwest region of Las Vegas, has since been named Durango Casino & Resort and is set to open in 2023.
Kreeger conveyed that the company is prepared to proceed:
By taking this step, the Company will be able to reinvest in our existing properties and expedite the development and delivery of the next generation of Station Casinos resorts to North Las Vegas, Henderson, and the rest of the Las Vegas valley residents and visitors. This strategic direction will result in new, exciting features for our customers and create job opportunities for our respected Team Members and the community.
The company is progressing steadily. Red Rock Resorts has recently commenced the construction of a new 21,000-square-foot Wildfire Casino in downtown Las Vegas. According to Kreeger, talks are already underway for Station Casinos to establish a new property in North Las Vegas.
Red Rock Resorts possesses property throughout the Las Vegas valley. The company claimed in its latest investor presentation that “a Red Rock property is within 5 miles of where over 90% of the Las Vegas population resides.”
The funds raised from selling the land of the three demolished casinos will be invested into enhancing currently operating casinos and expanding the portfolio of Station Casinos properties.
More land for Station Casinos Las Vegas
Besides the land on Durango in the southwest region of Las Vegas and Skye Canyon in north Las Vegas, the company has four other specific land plots available for development.
- The Town Center, located on the intersection of Flamingo Road and Town Center Drive in Summerlin, spans 58.2 acres.
- 56.6 acres of Cactus is located at the intersection of Las Vegas Boulevard and Cactus Avenue, south of the Vegas Strip.
- Inspirada: A 45-acre area in southern Las Vegas.
- Viva: A 96.4-acre property located near the Vegas Strip on Tropicana, close to I-15.
Red Rock Resorts is expected to announce its quarterly earnings on Aug. 9 and may also provide updates on future Station Casinos projects.
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