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“The Durango project probably cannot get out of the ground soon enough to serve that portion of locals market,” he said in an email Tuesday. “In our view, there’s always been strong demand in that region with an absence of high-quality product.”īrendan Bussmann of Global Market Advisors called the project “arguably a no-brainer” because of the area’s largely underserved market.

“We think the Palms proceeds give RRR the balance sheet and flexibility to begin the Durango project, which they’ve been considering for several years,” said Chad Beynon, an analyst with Macquarie Capital. The announcement drew positive response from analysts. “The project is significantly tighter than anything that we’ve done in the past,” he said, though executives are still working to determine its cost. The property would focus on the company’s moneymakers - slot machines and table games - and will feature restaurants but not buffets, Fertitta said. And we are currently very focused on the scope of the project and defining that, and basically working to make that project the most efficient project that we have ever built as a company.” We like everything we’re seeing (in the area),” Fertitta said. In 2017, the Review-Journal reported that the site had signage that advertised an upcoming Station Casinos property with 1,000 rooms and a 120,000-square-foot casino.Īnd on Tuesday, Fertitta reiterated the company’s position that the area is ripe for a casino, with little competition within 5 square miles and a growing population. It had been set to open a casino with a 201-room hotel tower and meeting space in 2008, but the Great Recession foiled the plans. In 2000, the casino operator purchased 71 acres in the southwest valley, at the intersection of Durango Drive and the 215 Beltway. The property at South Durango and the 215 Beltway has been in the works for two decades.

Those proceeds could “accelerate the development” of the Durango project, Fertitta said. Station Casinos’ parent company, Red Rock Resorts, announced Tuesday that it was selling the Palms to the San Manuel Band of Mission Indians for $650 million. He offered little detail on “the timing and scope of that project” but said he expected to share more by its second-quarter earnings call. The company hopes to break ground on its long-awaited South Durango Drive casino early next year, Station Casinos CEO Frank Fertitta III said Tuesday on an earnings call with investors. Baskow/Las Vegas Review-Journal) the same day Red Rock Resorts confirmed it was selling the Palms, executives announced the company will begin work on a new project next year. This April 12, 2021, file photo shows Red Rock Resort.

Red rocks pool pass station casinos 2017