Drivers of Las Vegas casinos Depot Casino sites have confirmed that they have paid $172.4 million (€169.3 million) for a 126-acre parcel of land located south of the Vegas Strip.
The announcement that 3 casinos in the Vegas region would’ve been closed down, with the structures destroyed and the estate put up for sale, was made by holding company Red Rock Resorts merely a few days prior to releasing this information. Since the global coronavirus pandemic had started, the casinos had been closed to the general public.
They are enthusiastic about this location’s prospects as a regional and local casino tourist resort. The increased freedom in the structural plan provided by the larger package allowed the organization to capitalize on the potential development fully.
The parcel of land contains 60 acres of land the group already possessed. The 3 casinos the company previously shut down in the week will be demolished, and the land will be sold. They proclaim these perpetual shutdowns with despair because these properties have long played a significant role in their company.
The possibility of additional development in an area that has seen rapid growth in recent years enthused people that lived and worked near the area.
Not too far from South Point, the place is situated south of the city at the crossroads of Cactus Avenue and Las Vegas Boulevard. This year, the station started construction on its Durango Resort and Casino near the Beltway and Durango Drive.
With this most recent acquisition, Station Casinos significantly increased the land it owns, keeping with the original intent management announced last year to double the brand presence in the countryside. The business will be able to investigate recent innovations thanks to the parcel of land.
Red Rock Resorts is considering deals for its current location at the northwest corner of Las Vegas Boulevard and Cactus because that is where the business intends to concentrate its future development provided the newly purchased land. The acquisition was a component of a corporate strategic plan to keep growing in regions with substantial economic potential.
The company believes most former casinos’ patrons have moved to other Station properties. However, the company has also intended to move forward with future initiatives while bidding farewell to all those properties. Regarding a potential construction area for a sizable resort, the company is collaborating with the municipality of North Las Vegas, which is the residence of 2 of the closing down arenas. The massive southwest Vegas plan will debut in late 2023.