Land has become incredibly valuable, not just on the Las Vegas Strip, but in Las Vegas. Yes, buildable properties on the Strip itself sell for exorbitant prices, but those downtown and adjacent to the Strip are rising in value as well.
This requires resort/casino operators to take a deep look at how every property in their portfolio works and how it fits in with their overall goals. At least for some reason. (MGM) We sold Mirage and acquired Cosmopolitan. The location and time of the new acquisition makes more sense for the company compared to what it sells.
However, big companies aren’t the only ones making moves in Las Vegas.Red Rock Resort (RRR) It operates resort casinos under the names Station and Wildfire.
Now, the company run by the billionaire brothers who once owned the Ultimate Fighting Championship (UFC) has closed another facility. In this case, however, the move may be part of a much larger plan.
Red Rock Resort gets smaller and bigger
Unlike Caesars and MGM, Red Rock Resorts’ casino caters primarily to locals. This is a niche that allows for operations outside of the Las Vegas Strip. But the company has come a little closer to competing with the giants of the Las Vegas Strip with plans for a WildFire casino in the Fremont Street area.
Still, the company has made it clear that it remains focused on its boarding pass loyalty program (which is aimed at locals, not tourists).
“Convenient local gaming and personalized service are what we’re all about, but what makes the Wildfire experience even better is the Station Casinos Boarding Pass,” the company says on its website.
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The company recently permanently closed three properties using the Station Casino name: Texas Station, Fiesta Rancho and Fiesta Henderson. The company, which has all closed since 2020 due to the pandemic and may redevelop the land that once housed the casino, believes customers have moved to other station facilities.
In addition to these three closures, Red Rock Resort has also decided to close properties located in Wild Wild West and Tropicana Avenue west of Interstate 15. Much bigger resorts/casinos.
Red Rock president hints at big plans
Red Rock Resorts shared the news of the closure in a memo to employees. The company has promised to offer jobs at other company facilities to employees of the upcoming Wild Wild West.
The Wild Wild West site was rumored to be the site of the Las Vegas Raiders Stadium and was slated to be developed into a major three hotel and three casino complex before the 2008 financial crisis. casino organization report.
Red Rock did not specify plans to develop the site, but Scott Kreeger, president of Station Casinos, released a statement online suggesting Red Rock Resorts plans to develop the property rather than sell it. shared on the site.
“Development lots of this size are no longer available in Las Vegas, and we are excited to take this first step in relocating the property for future development.”
Krieger said the 20-acre land on which Wild Wild West is located has “excellent visibility and access to Interstate 15 and the Las Vegas Strip.”
Red Rock Resorts owns approximately 100 total acres of land on site, which allows for a much larger Las Vegas Strip-style development.