Purple Rock Resorts bolstered its portfolio by buying 126 acres of land south of the Las Vegas Strip. [Image: Shutterstock.com]
Extra growth within the desert
Purple Rock Resorts revealed Wednesday that it acquired 126 acres of land south of the Las Vegas Strip for $172m.
higher flexibility in grasp planning to take most benefit of the long run growth”
“We’re excited in regards to the potential of this website as a neighborhood and regional vacation spot on line casino resort,” mentioned the corporate in an announcement. “The bigger acreage parcel permits the Firm higher flexibility in grasp planning to take most benefit of the long run growth.”
The Station Casinos proprietor has been an lively member of the Vegas ecosystem and is now positioned for a big-money growth venture. Detailed plans for the land, which is close to extra Purple Rock property at Cactus Avenue and Las Vegas Boulevard, haven’t been introduced, however the assumption is that one other gaming venue is within the works.
Purple Rock makes one other buy
Purple Rock Resorts now owns roughly 542 acres of land in Las Vegas and Reno, per the company’s website (not but up to date after the acquisition). The corporate operates its namesake Purple Rock On line casino, different Station Casinos, and ten Wildfire Casinos.
The Vegas big was within the information lately after information broke that it was demolishing three of its casinos.
Fiesta Henderson, Fiesta Rancho, and Texas Station had all been out of operation for the reason that begin of the pandemic. President of Station Casinos Scott Kreeger mentioned they have been the worst-performing, even earlier than the unfold of the lethal virus.
The closing of the casinos additionally has not affected enterprise, with income at different close by properties growing.
Purple Rock plans on promoting the 107.5 acres of land occupied by the shuttered properties and can pull the gaming deeds after their demolition; which means that incoming properties is not going to be casinos or gaming locations.
Predicting the way forward for Purple Rock’s new land is nothing greater than guesswork in the mean time.
Purple Rock will face growing competitors in South Vegas
What is thought, nevertheless, is that Purple Rock will face growing competitors in South Vegas. In March, Oak View Group shared its $3bn imaginative and prescient of a South Vegas mega-project that features constructing a 20,000-seat area, amongst different facilities.
Dream Las Vegas, a $550m on line casino venture, can be anticipated to finish its building by 2024. The 531-room resort will characteristic nighttime leisure, eating places, and a on line casino ground.
As well as, Purple Rock is already financing a $750m construct of a locals-focused on line casino known as Stations On line casino Durango Resort. This venture includes 71 acres of beforehand unused land the corporate acquired 22 years in the past.
On prime of that, the corporate additionally allotted funds towards a brand new Wildfire On line casino in downtown Las Vegas. The brand new land, together with Purple Rock’s established properties, may very well be used to nook the rising Vegas locals market.