Station Casinos is continuing to stay extremely active in and around the Las Vegas Valley—the company completed two large transactions in just the last few weeks, as it maintains its quest to double its portfolio in the area by 2030.
Station recently finalized the purchase of a 67-acre plot near Losee Road in North Las Vegas for $55 million, per county records. The company now plans to build a casino-resort with over 500 rooms and 75,000 square feet of gaming space on the site, which was already approved by the North Las Vegas City Council last month.
The land was sold by Pacific Oak Strategic Opportunity REIT, which did not comment on the sale. The developer now has just one remaining plot available for sale of the 1,670 acres it originally purchased near Tule Springs.
During council hearings, attorney and Station representative Rebecca Milterberger told city officials that the Losee casino project would be developed in two phases, but did not give an exact timeline for construction, given the amount of other projects Station is currently juggling.
Scott Kreeger, president of Station’s parent company Red Rock Resorts, told the Las Vegas Review-Journal that the Loss project is not an immediate priority for Station, partly because the company wants to wait for the area to further develop.
“We think long term, that’s a very dynamic growth area for residential and business,” Kreeger told the Review-Journal. “As that area matures, we’re well positioned to take advantage of that.”
At the time, then-Mayor John Lee praised the project as “something positive for the area,” and added that he was “looking forward to something like this coming to our community.”
In addition to the recent purchase, Station also completed the sale of 21.3 acres immediately adjacent to its ongoing Durango casino project in the southwest part of town for just under $24 million.
The land was sold to Ovation Development Corp., which plans to build apartments on the site, according to county records. Neither Ovation nor Station commented on the recent sale.
This isn’t the first time the two sides have worked together, with Ovation having purchased 5 acres behind Sunset Station in late 2021 with plans to develop a 55-and-older residential area.
Station closed numerous properties throughout the area that never reopened from Covid closures, including Wild Wild West, Fiesta Rancho, Texas Station and Fiesta Henderson. All four will be demolished, but the Wild Wild West land will be repurposed whereas the other three plots will be sold to non-gaming entities.
