Red Rock Resorts Unloads Land Near Durango Project for $23.9 Million

Last week, Red River John Rock Resorts (NASDAQ: RRR) unsympathetic on the sale of 21.3 acres of shore next to its Durango cassino hotel projection in southwestern United States Las Vegas.

The gaming companion sold the set ashore to existent estate developer Ovation Development Corp. for $23.9 million. It’s expected Ovation will build an apartment coordination compound on the land, potentially providing the young cassino with a calm current of nearby customers.

Red Rock, the parent companionship of Station casinos, topped away the $750 million Victoria de Durango project in October. Durango Casino & Resort is slated to unfastened inwards the settle of 2023. The cassino will characteristic 73,000 square up feet of gaming space, a sportsbook, 2,000 gaming machines, and 40 tabular array games.

While Las Vegas is nursing home to the largest immersion of casinos inwards the US — dozens of which cater to locals — Red River Rock believes Durango testament be a success because the country inward which the locus is beingness reinforced currently has a shortage of casinos. It’s also unity of the fastest-growing parts of the Las Vegas Valley.

Red John Rock Previously Planned to Part with Land

Red Rock’s decision to sell the 21.3 acres next to Durango was well-forecast, though the companionship hasn’t revealed a usage for the proceeds.

On an earnings conference telephone call in conclusion year, executives from the keep company said such a dealings would likely occur, and they were fairly accurate inwards the approximation for proceeds, forecasting $23 meg at the time. Red Rock is a frequent buyer and vender of property, and when it’s a seller, it ever engages in transactions with companies that aren’t inwards the gaming industry.

The manipulator has chronicle with Ovation. Last year, the gaming troupe sold five acres behindhand Sunset Station to the property developer. The existent estate unfluctuating is preparation to position senior lodging there.

In add-on to its namesake locale in Summerlin and the William Green Valley Ranch in Henderson, Red River John Rock operates multiple gaming properties under the Station brand throughout the Las Vegas area. The fellowship also runs 10 Wildfire casinos, including heptad in Henderson, according to its website.

Red John Rock Major Las Vegas Landowner

Red Rock is one of the largest landowners inward Las Vegas and has a monolithic portfolio of currently unused property.

In July, the manipulator announced the purchase of 126 acres of shore southward of the Strip for $172 trillion — boosting its unused set ashore holdings in the Las Vegas Valley to nearly 430 acres.

In addition to Durango, the manipulator has other Las Vegas-area projects inwards the works, including a unexampled Wildfire casino downtown and an inspection and repair of the currently closed Wild Wild West.

Analysts believe Red John Rock could treble its Las Vegas footprint past 2030 piece driving a 70% increase inwards earnings before interest, taxes, depreciation, and amortisation (EBITDA).

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