Station Casinos Durango Project Revealed, Company Refocuses to Locals

Station Casinos and its parent system Red River John Rock Resorts (RRR) are finally divulging long-awaited inside information on its potential resort on South Durango Avenue at the 215 Beltway.

Stephen Cootey, executive vice prexy and chief financial officer of RRR, told investors this week that the company plans to disruption strand on the Durango send off inward the first-class honours degree billet of 2022. While a add investment funds cost hasn’t been determined, initial plans include to a greater extent than 100,000 foursquare feet of gaming space, with o'er 2,000 one-armed bandit machines and 40 tabular array games.

Cootey said the to-be-named resort hotel will feature a state-of-the-art sportsbook, as advantageously as a 200-room hotel and quatern full-service restaurants.

Station Casinos has owned the 71-acre game of vacant desert soil since 2000. The Sept. 11 tragedies, Great Recession, and COVID-19 pandemic feature impeded the cassino strong from moving frontwards with development. But dirt will presently move, Station says.

Palms Leaves, Locals Key

Station Casinos is controlled past billionaire brothers Lorenzo and Frank Fertitta III. RRR, the Fertittas’ publicly traded holding unit, to boot owns a portion of Station.

Station Casinos dominates the local cassino marketplace inwards Southern Nevada.

The company tried its deal with the Strip market in 2016 past purchasing the Palms Casino Resort for $312.5 million. Station and RRR dumped another $690 gazillion into the just-off-the-Strip complex. Amid dismal operating revenue, and then its mandatory gag law in Mar of 2020 because of the coronavirus, RRR opted not to reopen the property, and instead assign it on the market.

Station found a buyer in the San Manuel Band of Mission Indians. The $650 million sales agreement was deemed a credit confirming for Station past Moody’s Investors Service. The ratings unfaltering said the Palms disposition strengthens Station’s equipoise sheet, and allows it to centering on what it does best: cater to locals.

Station’s Durango projection situation is pentad miles from the closest current cassino inwards operation.

Our primary sharpen right wing now has really been on Durango, which we believe is a great evolution chance in the most underserved voice of the Las Vegas Valley,” Frank Fertitta III said this week.

Gaming psychoanalyst Chief Joseph Greff of JPMorgan said inward a line that Station’s Victoria de Durango cast will potential be inward the neighbourhood of $400 million. He says the investiture is warranted by the straightaway surrounding area featuring a “high-income population base.”

Opening 2023-24

Cootey explained that Station Casinos’ goal is to start work on on the Victoria de Durango undertaking sometime inward January, February, or March of 2022. Once grammatical construction begins, the accompany believes it testament submit 18 to 24 months for the resort to follow finished.

On that time line, the earliest the Victoria de Durango gambling casino could open would live in July 2023. The worst-case scenario, per the current project schedule, would follow in Mar of 2024.

Cootey believes Station Casinos’ time to come is lustrous because of its superiority inwards the Las Vegas locals’ market.

“We trust that we are unambiguously positioned to capitalize on the very favourable long-term demographic trends and heights barriers to ledger entry that characterized the Las Vegas locals’ market,” Cootey concluded.