Red Rock Resorts Sells 57 Acres South of Las Vegas Strip for $62M
Posted: January 6, 2023, 1:15 am.
Last updated on: January 6, 2023, 01:53.
Red Rock Resorts (NASDAQ: RRR ) has sold 56.6 acres at the northwest corner of Las Vegas Boulevard and Cactus Avenue for just north of $62 million. That’s according to a report in the Las Vegas Review-Journal. The buyer is the HCA Healthcare chain.
Station Casinos recently sold this 57-acre site at the northwest corner of Las Vegas Boulevard and Cactus Avenue for $62 million. On the right is part of the South Point resort complex. (Image: google.com)
In July, Red Rock, the parent company of Station Casinos, bought 126 acres across the street — at the southwest corner of Las Vegas Boulevard and Cactus Avenue — for $172 million, saying it planned to build a “local and regional destination casino resort.” . .”
Essentially, Red Rock no longer felt the 56.6 acres was sufficient to meet its plans for the area.
“The larger plot of land allows the company greater flexibility in master planning to make the most of future development,” the gaming company explained in a statement following its acquisition in July.
An HCA spokesman confirmed the purchase of the land – which Red Rock has owned for years – but said there were no plans for it yet. A medical complex is expected.
The latest sale will help fund the local-focused casino company’s mission — expressed by Chairman and CEO Frank Fertitta III during the second quarter 2022 earnings call — to “substantially double the size of the portfolio by the year 2030”.
The company’s current portfolio is already impressive in size. In addition to Red Rock Resort and Green Valley Ranch, Red Rock Resorts operates multiple gaming properties under the Station brand throughout the Las Vegas area. The company also operates 10 Wildfire casinos, including seven in Henderson.
Currently, Red Rock is building a $750 million casino featuring 73,000 square feet of gaming space and 200 hotel rooms on Durango Drive in Southwest Las Vegas. This resort is expected to open this fall.
The company is also building a new Wildfire casino in downtown Las Vegas on the site of the former Showboat/Castaways hotel and casino, which it bought and then razed in 2004. It is also redeveloping Wild Wild West, which it razed in past Tropicana Avenue west of Interstate 15.
Red Rock also plans to build a 600-room resort with an 80,000-square-foot casino on 45 acres in Henderson’s Inspirada community, which it has owned since 2007.
In December 2022, Red Rock purchased nearly 67 acres in North Las Vegas for $55 million at the northwest corner of Losee Road and the 215 Beltway. That’s after it received approvals for a new 75,700-square-foot casino and 600-room hotel on the site.
Red Rock’s sites also include 58 acres at Flamingo Road and Town Center Drive in Summerlin, and 47 acres in Skye Canyon in the upper northwest valley.