Red Rock Resorts, the parent company of Station Casinos, has announced that it will not reopen its three casinos that were closed at the height of the Covid-19 pandemic, putting an end to two years of speculation.
The company has decided not to reopen Texas Station, Fiesta Rancho, and Fiesta Henderson.
The company declared not only its decision to keep the properties closed but also to demolish the casinos and sell the land. Only the ice rink at Fiesta Rancho, amongst the three properties, will continue to operate.
Station Casinos President, Scott Kreeger, with a sense of sadness, announced the permanent closures of these properties, acknowledging their significant role in our business over the years.
Nevada gamblers are not particularly surprised by the decision not to reopen the casinos.
Station closes four casinos in 2020
In March 2020, all casinos in Las Vegas were instructed to shut down to aid in curbing the spread of Covid-19. However, most of them resumed operations in early June, less than two months later.
In 2020, Station Casinos reopened its Las Vegas casinos in a phased manner. The company only reopened the following casinos:
- Green Valley Ranch
- Red Rock Casino
- Palace Station
- Santa Fe Station
- Sunset Station
- Boulder Station
Red Rock Resorts kept four of its casinos shut as they assessed the possibilities and conditions of reopening more properties. Station Casinos never reopened the following properties under their ownership.
- Texas Station
- Fiesta Rancho
- Fiesta Henderson
- Palms
The company took its first step towards progress last year by selling Palms to San Manuel for $650 million. Palms reopened this year under new management.
The six active casinos are estimated to generate around 80% of the revenue from all previously operational Station Casinos properties. There is widespread speculation about the future of the three closed Station Casinos properties.
The three closed casinos scattered across the Las Vegas valley haven’t offered substantial financial motivation for reopening. Additionally, the company has declared its progress on new projects while these three casinos continue to stay idle.
Station Casinos moving forward with new projects
Red Rock Resorts revealed plans in late last year to construct Durango Station. Groundbreaking on the property occurred earlier this year. The casino, which is under construction in the southwest region of Las Vegas, has been renamed Durango Casino & Resort. Its opening is currently scheduled for 2025.
Kreeger conveyed that the company is prepared to progress:
By taking this step, the Company will be able to keep reinvesting in our existing properties and expedite the development and delivery of the upcoming generation of Station Casinos resorts to the inhabitants and tourists in North Las Vegas, Henderson, and throughout the Las Vegas valley. This strategic concentration will generate new, exciting amenities for our clients and provide job opportunities for our esteemed team members and the broader community.
The company is already making progress. Red Rock Resorts has recently initiated the construction of a new Wildfire Casino spanning 21,000 square feet in downtown Las Vegas. According to Kreeger, discussions are already underway for Station Casinos to erect a new property in North Las Vegas.
Red Rock Resorts claims ownership of land across the Las Vegas valley. As per their latest investor presentation, the company states that a Red Rock property is within a 5-mile radius for “over 90% of Las Vegas population.”
The funds raised from selling the land of the three demolished casinos will be invested in enhancing the existing casinos and establishing new properties under Station Casinos.
More land for Station Casinos Las Vegas
Besides the land on Durango in the southwest Las Vegas and Skye Canyon in the north, the company also has four specific plots of land they can proceed to develop.
- The Town Center is located on 58.2 acres of land at the intersection of Flamingo Road and Town Center Drive in Summerlin.
- The Cactus is situated on 56.6 acres at the intersection of Las Vegas Boulevard and Cactus Avenue, south of the Vegas Strip.
- Inspirada: A 45-acre area in the southern part of Las Vegas.
- Viva: A 96.4-acre property located near the Vegas Strip on Tropicana, close to I-15.
Red Rock Resorts is set to announce its quarterly earnings on Aug. 9. It is anticipated that they may reveal more about their future projects for Station Casinos.
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