Operator News
US – Red Rock looking to double casino portfolio by 2030
By Phil - 11 August 2022
Red Rock Resorts, owner of Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station, has said it wants to double its casino portfolio within the next eight years.
Frank Feritta, CEO of Red Rock, said: “We expect to basically double the size of the portfolio by 2030, is kind of what the plans are, and continue to roll out new properties one after the other,” .
The company generated $422.2m in revenue, marking a fall of one per cent or $5.9m, from last year’s quarter with three casinos; Texas Station, Fiesta Rancho and Fiesta Henderson remaining closed during the period and now set to be demolished.
Stephen Cootey, Executive Vice President, Chief Financial Officer and Treasurer, said: “We have an unparalleled growth story that will allow us to double the size of our portfolio and position us to capitalise on the very favorable long-term demographic trends and high barriers to entry that characterize the Las Vegas locals market.”
Red Rock owns development sites in Inspirada, Skye Canyon and at Town Center Drive and Flamingo Road in Summerlin and is building a Wildfire casino near Fremont Street.
Station Casinos President Scott Kreeger said: “These acquisitions and developments represent the Company’s commitment to Las Vegas the continuation of our long-term strategy to expand and invest as the Las Vegas valley grows. We acquire sites years — and sometimes decades — in advance of actual development to take advantage of the growth in the Las Vegas valley.”
