On a recent second-quarter earnings call, executives from Red Rock Resorts doubled down on their decision to shutter three Las Vegas properties—they also reiterated plans to double the company’s foothold in the area by 2030.
During the call, Red Rock CFO Steve Cootey acknowledged that the company is receiving interest for its Fiesta Rancho, Fiesta Henderson and Texas Station properties, all of which were closed for good and tagged for demolition last month.
Cootey told investors that “While these properties have been an important part of our business for many years, our capability to recapture the majority of the gaming play from these properties has made the reopening of these properties uneconomic.”
He also talked about the 127-acre plot recently purchased near Las Vegas Boulevard and Cactus Avenue by Red Rock subsidiary Station Casinos. Cootey said that Red Rock is “excited about the potential of this site as a local and regional destination casino resort and look forward to setting our plans for this parcel in the future.”
The company also confirmed that it is “conducting due diligence” on another plot of land it recently purchased, a 67-acre spread in North Las Vegas. Red Rock is known for its strategy of buying up large tracts of land in lesser-populated areas for potential development, sometimes years in advance.
That same day, the company also issued an internal memo to staff reiterated their commitment to the Las Vegas area as well as the upcoming $750 million Durango Station property, which is expected to be completed in late 2023.
Fertitta told investors: “We want to get Durango open and we’ll be ready to start on the next project after that. We expect to double the size of the portfolio by 2030 and continue to roll out new properties one after the other.”
