Purple Rock Resorts (NASDAQ:RRR) is likely one of the dominant operators locals-oriented casinos all through the Las Vegas Valley and it’s seeking to cement that standing with the addition of a brand new gaming venue downtown.
The Station Casinos father or mother is bringing a Wildfire on line casino to downtown Las Vegas. At present beneath development, the venue will likely be positioned on Fremont Road.
(Station Casinos) is happy to carry a brand new Wildfire on line casino with contemporary new facilities to the native residents of downtown Las Vegas,” in accordance with an announcement issued by the corporate, as reported by the Las Vegas Overview-Journal.
Along with its namesake venue in Summerlin and Inexperienced Valley Ranch in Henderson, Purple Rock operates a number of gaming properties beneath the Station model all through the Las Vegas space. The corporate additionally runs 10 Wildfire casinos, together with seven in Henderson, in accordance with its web site.
Wildfire casinos are sometimes heavy on slot machines and video poker with informal, reasonably priced eating choices that cater to Las Vegas locals. The upcoming downtown venue sits on a part of the outdated Castaways website, which is land Purple Rock has owned for 18 years.
Different Purple Rock Tasks Round Las Vegas
Flush with money from the $650 million sale of the Palms final 12 months, Purple Rock is increasing all through the Las Vegas Valley.
These efforts embody the Durango venture in Southwest Las Vegas – an space the gaming firm believes is underserved. Building on that venue commenced earlier this 12 months and it’s anticipated to incorporate 73,000-square-foot on line casino, sportsbook, a 200-room lodge, 4 eating places and assembly house.
“We’re presently setting up a brand new on line casino resort on our roughly 50-acre improvement website on the intersection of Durango Drive and Interstate 215 within the southwest Las Vegas valley, which is anticipated to open within the subsequent 18 to 24 months,” in accordance with a Could submitting with the Securities and Trade Fee (SEC).
Along with the Durango website, Purple Rock owns greater than 300 acres presently unused land all through Southern Nevada, indicating the Durango and Wildfire initiatives may very well be simply the tip of the iceberg in relation to the operator enlargement efforts.
Banking on Las Vegas Locals
Whereas the aforementioned Wildfire venue is downtown, Purple Rock doesn’t keep a big presence there neither is it a participant on hyper-competitive Strip. In different phrases, the operator focuses on Las Vegas locals.
As Wall Road sees it, Purple Rock’s emphasis on locals may in the end reward buyers. Las Vegas locals embody a wide range of prospects, spanning staffers from Strip casinos to well-heeled retirees that moved to Nevada to get pleasure from a decrease value of dwelling.
Beforehand, the Las Vegas locals demographic was dominated by development staff and staff from different casinos, making operators resembling Purple Rock weak to weak macroeconomic traits. Nonetheless, owing to an inflow of Californians to Nevada — a lot of whom paid money for actual property — the locals contingency is extra prosperous and doubtlessly supportive extra gaming venues.