Right before the economy came crashing down last decade, Las Vegas’ local brand of casinos, Station Casinos, took future-oriented action and secured plots of dirt land around the valley. They did this as an investment for future hotels or properties that would sell big when the time was right.
Well, it looks like that time has come, and station casinos are ready to strike while the iron’s hot. Currently, land prices in Las Vegas are on the rise and construction shows no signs of slowing down. In 2019, the median monthly rent for apartments in the city jumped higher than any other major U.S. metro area.
Rodney Atamian, Executive Vice President of Strategy and Development, says they aren’t looking to liquidate their “entire land portfolio,” but that the “effort is underway” to determine which parcels they’ll either want to hold onto or sell off.
According to Station Casino executives, proceeds from any sales will be used to pay down debt.
Available Land Lots in Prime Spots
Frank Fertitta III, chairman and CEO of parent Red Rock Resorts, recently told analysts that they have an “unbelievable pipeline” of land, and it is in their interest to sell properties that they probably “wouldn’t get to for a long, long time.”
While Station Casinos has yet to determine or announce which lots they plan to sell, they have an attractive portfolio of 380 acres in many prime, fast-growing spots across the valley that are sure to appeal to buyers. The available lots include:
- 105 acres on Tropicana Avenue, close to Las Vegas Boulevard
- 71 acres southwest at Durango Drive and the 215 Beltway
- 58 acres in Summerlin at Flamingo Road and Town Center Drive
- 57 acres south of the Strip, at Las Vegas Boulevard and Cactus Avenue
- 45 acres in Henderson at Via Inspirada and Bicentennial Parkway
- 40 acres in the upper northwest part of the valley, off Highway 95
- 5 acres on the outskirts of downtown Las Vegas
The 105 acres on Tropicana Avenue, practically on the Las Vegas Strip, would be a prime sell for Station Casinos, as well as the 58 acres they own in Summerlin, one of the valley’s fastest growing areas.
About Station Casinos
Station Casinos own a total of 10 hotel and casino properties in Las Vegas. These properties include Boulder Station, Green Valley Ranch, Mount Rose Station, Place Station, Palms Casino Resort, Red Rock Resort, Sante Fe Station, Station Casino Reno, Sunset Station, and Texas Station.
Their flagship establishment, Palace Station, originally known as the “Bingo Palace,” opened up in 1976.
In 2006, brothers Frank Fertitta III and Lorenzo Fertitta, along with Colonoy Capital LLC, purchased existing shares of the company at $82 per share and took the company private. On July 28, 2009, the company filed for Chapter 11 bankruptcy. They listed $5.7 billion in assets versus their $6.5 billion in debt.
Two years later, in June 2011, Station Casinos exited their bankruptcy as they were able to accrue $4 billion less in total debt. Creditors gave operating power back to the Fertitta family and their partners. In October 2015, Station Casinos re-entered the stock market.
Recent Renovations for Two Mega Station Casinos Properties
The new year saw two of Station Casinos’ largest properties get major room renovation upgrades, Red Rock Casino Resort & Spa and Green Valley Ranch Casino Resort & Spa. Both of the Las Vegas and Henderson properties are AAA Four Diamond-rated.
Red Rock Casino Resort & Spa
Over 700 deluxe king and deluxe double queen rooms have been newly renovated and refreshed to reflect a “modern, desert-oasis-inspired getaway.” Red Rock Casino Resort & Spa property also renovated 55 signature suites.
The property promoted their new guest experience by offering their “New Year, New Room” package.
Red Rock Resort first opened in April 2006 and received numerous local and national awards, including making Conde Nast magazine’s Hot List of the world’s top new hotels and annual recognition by AAA as a four-diamond rated resort.
Green Valley Ranch Casino Resort & Spa
Green Valley’s renovation efforts focused on upgrading their spectacular suite experience, with the renovation of their Strip and Presidential suites. Each suite package offers sweeping views of the Las Vegas Strip, 2,750 square footage to enjoy, an eight-acre backyard pool area, and access to their 35,00-square-foot spa and salon.
Green Valley Ranch Resort first opened in December 2001 and holds the title for being the first off-strip boutique luxury resort. It has almost 500 rooms/suites, and a 35,000-square-foot spa and salon, as well as several entertainment, gaming, and dining options to enjoy on the property.
The resort is also featured on Discovery Channel’s reality TV program “American Casino.” Viewers get a behind-the-scenes look at what all goes into running a luxury resort. Green Valley Ranch Resort is the prime casino featured on the program.