Just days after Station Casinos announced that its Texas Station, Fiesta Rancho and Fiesta Henderson properties in Las Vegas will be demolished and sold off, the operator has expanded its footprint in the area by closing on a 126-acre plot south of the Strip.
According to public records, the operator shelled out a cool $172.4 million for the land, which sits on the corner of Las Vegas Boulevard and Cactus Avenue, right next to another 57-acre plot that Station has also owned for several years.
The land was sold by well-known developer Larry Canarelli.
Station officials said in a statement that the company is “excited about the potential of this site as a local and regional destination casino resort.”
Station’s strategy is somewhat different from other operators in the area, in that the company owns large stretches of land throughout the Las Vegas area that serve as potential placeholders for future developments, some of which are pursued while some aren’t. The company has said previously that it wishes to “double” its presence in the area.
The president of Station’s parent company Red Rock Resorts, Scott Kreeger, told the Las Vegas Review-Journal that the new acquisition is the company’s “primary” focus for the area, and that it is currently fielding offers for its nearby holdings mentioned above.
And now that Station Casinos has announced plans to demolish its three Las Vegas properties that were not reopened following the pandemic—including Texas Station and Fiesta Rancho in North Las Vegas and Fiesta Henderson—local officials are giving their thoughts as to how that land should be used, including North Las Vegas Mayor John Lee and Henderson Mayor Debra March.
Lee told the Las Vegas Review-Journal that his city is “not interested” in developers putting “big-box stores” on the soon-to-be-cleared land, and that the community “needs services.” He also added that those involved will “look at what we can do to not impact that community with just a lot of traffic.”
That said, Lee noted that the city council wouldn’t be adverse to another casino project on the property—”If it’s another casino, that would be great. We’re not against that at all.”
Station has said it plans to keep the Pepsi Ice Arena, which is located near the Fiesta Rancho site, for as long as it owns the land. Lee said he’d “rather see something that the Golden Knights would put up over there,” due to the fact that North Las Vegas is “somewhat feeling that it’s being left out of sharing the success of our community.”
In Henderson, Mayor March said in a statement that she is excited to “welcome new development” that will “bring economic benefits to the community.”
March also noted that Fiesta Henderson sits on “a prime location,” and that the city will work “with the land purchaser to develop a project that will bring the greatest value and benefit to Henderson residents.”
Gaming analyst Josh Swissman from Strategy Organization told the Review-Journal that the move by Station to ultimately shutter and demolish the unopened properties is a “great defensive move” that “makes total sense,” given that the operator doesn’t “ want other casino operators to be near them or to represent that same land.”
Investors also saw the recent announcement as a positive sign—shares for Red Rock Resorts, Station’s parent company, rose 3.9 percent after the news broke, closing at $34.13 last Friday.
