Red Rock Resorts Sells 57 Acres South of Las Vegas Strip for $62M
Red John Rock Resorts (NASDAQ: RRR) has sold 56.6 acres at the north-west turning point of Las Vegas Boulevard and Cactus Avenue for simply compass north of $62 million. That’s according to a study inward the Las Vegas Review-Journal. The emptor is the HCA Healthcare chain.
In July, Red River Rock, the parent companion of Station Casinos, purchased 126 acres crossways the street – on the sou'-west tree 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 River John Rock no more longer thought the 56.6 acres were enough to lucifer its plans for the area.
“The larger acreage parcel allows the keep company greater flexibleness in master copy preparation to make upper limit vantage of futurity development,” the gaming fellowship explained in a financial statement following its July purchase.
A representative for the HCA confirmed purchasing the set ashore – which Red River John Rock has owned for years – but said it had no plans for it as of yet. type A medical coordination compound is expected.
Doubling Up
The latest sale will help monetary fund the locals-focused casino company’s military mission – spelled out by chairman and CEO Frank Fertitta III during its secondly quarter 2022 earnings telephone call – “to basically threefold the size of the portfolio by 2030.”
The company’s current portfolio is already impressively sized. In gain to the Red John Rock Resort and William Green Valley Ranch, Red River Rock Resorts operates multiple gaming properties under the Station brand throughout the Las Vegas area. The companion also runs 10 Wildfire casinos, including vii in Henderson.
Currently, Red River Rock is constructing a $750 one thousand thousand casino featuring 73K square feet of gaming place and 200 hotel rooms at Victoria de Durango Drive inwards Southwest Las Vegas. That holiday resort is expected to open this fall.
The fellowship is also edifice a new Wildfire casino inwards downtown Las Vegas on the land site of the former Showboat/Castaways Hotel and Casino, which it purchased and and then razed inwards 2004. It’s also redeveloping the Wild Wild western United States it dismantled lowest yr on Tropicana Avenue westward of Interstate 15.
Red John Rock also plans to establish a 600-room holiday resort with an 80,000-square-foot casino on the 45 acres in Henderson’s Inspirada community that its owned since 2007.
In Dec 2022, Red River Rock purchased nearly 67 acres in Frederick North Las Vegas for $55 zillion at the northwestward street corner of Losee Road and the 215 Beltway. That’s after it received approvals for a young 75,700-square-foot gambling casino and 600-room hotel on the site.
Red Rock’s earth holdings also include 58 acres at Flamingo Road and Ithiel Town Center Drive inward Summerlin, and 47 acres inwards Skye Canyon in the upper nor'-west valley.
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