Pink Rock Resorts’ (NASDAQ:RRR) is including to its huge holdings of Las Vegas property, in the present day asserting it acquired 126 acres south of the Strip for $172 million.
The father or mother firm of Station Casinos didn’t specify plans for the land, which is close to a tract the corporate owns at Cactus Avenue and Las Vegas Boulevard. However the newly bought acres may very well be perfect for a gaming venue.
We’re excited concerning the potential of this website as a neighborhood and regional vacation spot on line casino resort. The bigger acreage parcel permits the Firm better flexibility in grasp planning to take most benefit of the long run improvement. We look ahead to sharing our plans sooner or later,” in keeping with a press release issued by the gaming firm to native media.
Previous to in the present day’s announcement, Pink Rock “owned roughly 428 acres in Las Vegas and Reno,” greater than 300 of that are within the Las Vegas Valley, in keeping with its company site.
Energetic Time for Pink Rock in Las Vegas
Along with its namesake venue in Summerlin and Inexperienced Valley Ranch in Henderson, Pink Rock operates a number of gaming properties underneath the Station model all through the Las Vegas space. The corporate additionally runs 10 Wildfire casinos, together with seven in Henderson, in keeping with its web site.
Information of Pink Rock’s newest land buy arrives simply 5 days after the corporate unveiled plans to demolish Fiesta Henderson, Fiesta Rancho, and Texas Station.
These properties, which sit on a mixed 107.5 acres, had been shuttered because the early days of the coronavirus disaster. After the casinos are razed, Pink Rock will promote the land. The gaming deeds might be pulled from the properties, which means new casinos gained’t change those being torn down.
With these properties having been closed for greater than two years, many former patrons migrated to different Station casinos. That signifies there are financial advantages for the operator in completely shuttering the institutions.
Some analysts say there are margin advantages in retailer for Pink Rock by promoting Fiesta Henderson, Fiesta Rancho, and Texas Station, and the gross sales may unencumber capital for different initiatives.
Talking of Different Tasks…
It stays to be seen how Pink Rock will proceed with the newly acquired 126 acres in Las Vegas. However the firm has loads of different irons within the hearth in its residence market.
It’s in discussions with town of North Las Vegas for a brand new gaming venue that may very well be positioned a number of miles from some properties operated by competitor Boyd Gaming. The corporate additionally just lately broke floor on the $750 million Durango undertaking in Southwest Las Vegas, and a brand new Wildfire On line casino in downtown.
These initiatives are aimed toward seize extra of the burgeoning Las Vegas locals market — an goal the newly bought land is also directed towards.