Red Rock Resorts (NASDAQ:RRR) is ace of the dominant operators locals-oriented casinos end-to-end the Las Vegas Valley and it’s looking to cement that status with the gain of a new gaming locale downtown.
The Station Casinos parent is bringing a Wildfire cassino to downtown Las Vegas. Currently under construction, the locus testament follow set on John Charles Fremont Street.
(Station Casinos) is excited to play a new Wildfire gambling casino with refreshed new amenities to the local residents of downtown Las Vegas,” according to a financial statement issued past the company, as reported past the Las Vegas Review-Journal.
In improver to its namesake venue inward Summerlin and Green Valley Ranch in Henderson, Red River John Rock operates multiple gaming properties under the Station brand end-to-end the Las Vegas area. The fellowship also runs 10 Wildfire casinos, including heptad inward Henderson, according to its website.
Wildfire casinos are typically ponderous on slot machines and picture fire hook with casual, affordable dining options that cater to Las Vegas locals. The upcoming downtown locus sits on parting of the old Castaways site, which is land Red River Rock has owned for 18 years.
Other Red Rock Projects Around Las Vegas
Flush with hard currency from the $650 gazillion sale of the Palms finally year, Red John Rock is expanding throughout the Las Vegas Valley.
Those efforts include the Victoria de Durango propose in southwestern United States Las Vegas – an expanse the gaming companionship believes is underserved. Construction on that locale commenced earliest this twelvemonth and it’s expected to include 73,000-square-foot casino, sportsbook, a 200-room hotel, quatern restaurants and get together space.
“We are currently constructing a young gambling casino holiday resort on our about 50-acre developing site at the crossing of Durango Drive and Interstate 215 inwards the sou'west Las Vegas valley, which is expected to open inwards the next 18 to 24 months,” according to a May filing with the Securities and Exchange Commission (SEC).
In addition to the Durango site, Red John Rock owns to a greater extent than 300 acres currently unused dry land throughout Southern Nevada, indicating the Durango and Wildfire projects could be just the bung of the iceberg when it comes to the manipulator expansion efforts.
Banking on Las Vegas Locals
While the aforementioned Wildfire locale is downtown, Red River John Rock doesn’t defend a important front on that point nor is it a participant on hyper-competitive Strip. In other words, the operator focuses on Las Vegas locals.
As Wall Street sees it, Red River Rock’s emphasis on locals could in the end reward investors. Las Vegas locals include a change of customers, spanning staffers from Strip casinos to well-heeled retirees that moved to Silver State to enjoy a get down cost of living.
Previously, the Las Vegas locals demographic was henpecked past expression workers and workers from other casinos, making operators such as Red River John Rock vulnerable to weak macroeconomic trends. However, owing to an influx of Californians to Battle Born State — many of whom paid hard cash for tangible demesne — the locals contingency is to a greater extent affluent and potentially supportive additional gaming venues.