Red Rock Resorts Sells 57 Acres South of Las Vegas Strip for $62M
Posted on: January 6, 2023, 01:15h.
Last updated on: January 7, 2023, 08:57h.
Red Rock Resorts (NASDAQ: RRR) has sold 56.6 acres at the northwest corner of Las Vegas Boulevard and Cactus Avenue for just north of $62 million. That’s according to a report in the Las Vegas Review-Journal. The buyer is the HCA Healthcare chain.
In July, Red Rock, the parent company of Station Casinos, purchased 126 acres across the street – on the southwest corner of Las Vegas Boulevard and Cactus Avenue – for $172 million, stating that it planned to build a “local and regional destination casino resort.”
Basically, Red Rock no longer thought the 56.6 acres were enough to match its plans for the area.
“The larger acreage parcel allows the company greater flexibility in master planning to take maximum advantage of future development,” the gaming company explained in a statement following its July purchase.
A spokesperson for the HCA confirmed purchasing the land – which Red Rock had owned for years – but said it had no plans for it as of yet. A medical complex is expected.
Doubling Up
The latest sale will help fund the locals-focused casino company’s mission – spelled out by chairman and CEO Frank Fertitta III during its second quarter 2022 earnings call – “to basically double the size of the portfolio by 2030.”
The company’s current portfolio is already impressively sized. In addition to the Red Rock Resort and Green Valley Ranch, Red Rock Resorts operates multiple gaming properties under the Station brand throughout the Las Vegas area. The company also runs 10 Wildfire casinos, including seven in Henderson.
Currently, Red Rock is constructing a $750 million casino featuring 73K square feet of gaming space and 200 hotel rooms at Durango Drive in Southwest Las Vegas. That resort is expected to open this fall.
The company is also building a new Wildfire casino in downtown Las Vegas on the site of the former Showboat/Castaways Hotel and Casino, which it purchased and then demolished in 2004. It’s also redeveloping the Wild Wild West it demolished last year on Tropicana Avenue west of Interstate 15.
Red Rock also plans to build a 600-room resort with an 80,000-square-foot casino on the 45 acres in Henderson’s Inspirada community that its owned since 2007.
In December 2022, Red Rock purchased nearly 67 acres in North Las Vegas for $55 million at the northwest corner of Losee Road and the 215 Beltway. That’s after it received approvals for a new 75,700-square-foot casino and 600-room hotel on the site.
Red Rock’s land holdings also include 58 acres at Flamingo Road and Town Center Drive in Summerlin, and 47 acres in Skye Canyon in the upper northwest valley.
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Source: casino.org
