In Nevada and local casino operator Station Casinos is reportedly pushing ahead with plans to bring a new casino development to a 71-acre parcel of vacant land it already owns in the southwestern suburbs of Las Vegas.
According to a Tuesday report from the Las Vegas Review-Journal newspaper, the plot situated at the junction of South Durango Drive with the Bruce Woodbury Beltway was purchased by the Las Vegas-headquartered firm some 20 years ago as the home for an envisioned development that was to feature a modest casino and a 201-room hotel tower.
However, the newspaper reported that Station Casinos was soon forced back to the drawing board as a result of the ‘Great Recession’ of 2007 although it emerged some ten years later with a plan to build an even larger property complete with a 1,000-room hotel and a 120,000 sq ft casino. Financial services giant JP Morgan Securities has now purportedly detailed that this latter design is to form the basis of a new project for the Spring Valley site, which it subsequently went on to describe as ‘the most underserved’ area in the Clark County ‘locals’ market.
Station Casinos, which trades as Red Rock Resorts Incorporated, purportedly used its most recent annual financial report to explain that the parcel of unused land currently sits at least five miles away from the nearest casino with the area’s gambling aficionados usually travelling to its existing Red Rock Casino Resort Spa or Green Valley Ranch Resort Spa Casino properties.
Brendan Bussmann, Government Affairs Director for local consulting enterprise Global Market Advisors reportedly told the Las Vegas Review-Journal that ‘the area continues to grow in an underserved portion of the gaming market’ and that it makes sense for Station Casinos to be exploring new development opportunities in less-saturated parts of Clark County.
Bussman reportedly told the newspaper…
“The anchor of a facility in the southwest Las Vegas market will be a strong addition to the area, the overall market, and a positive that may come out of the ‘Great Shutdown’.”
In related news and the Las Vegas Review-Journal moreover reported that Station Casinos is still interested in offloading some 145 acres of land is owns spread across two Nevada sites. Rod Atmian, Development and Strategy Executive Vice-President for Red Rock Resorts Incorporated, purportedly recently proclaimed that his firm is ‘gradually making good progress’ concerning the sale of an 88-acre parcel on the southern outskirts of Reno as well as a 57-acre holding situated in the Las Vegas suburb of Enterprise.