Construction is underway on Station Casinos’ Durango complex

After acquiring the site more than 20 years ago, Station Casinos inaugurated its new project in Las Vegas.

And, the company said last month, it is already working on others around the valley.

Construction is underway on its Durango hotel and casino, on Durango Drive just south of the 215 Beltway in the Valley Southwest, near Ikea. As we saw last week, construction trailers, trucks and heavy equipment were on site.

The teams carried out work on the site, without any vertical structure taking shape yet. Clark County issued a permit for early grading on Jan. 12 and a permit for final grading on March 2, records show.

Station told analysts in early February that it had led the way. A company representative did not provide additional information about the project on Tuesday.

Unlike other Southern Nevada casino operators, Station has vast swathes of real estate scattered throughout the area, including in fast-growing communities, which are essentially warehousing for future resorts. The local-focused chain unveiled plans for its $750 million Durango project last year, saying it expected to start in early 2022.

Construction is expected to take about 18 to 24 months for Durango, which will include more than 200 rooms, four restaurants, a resort-style pool and more than 73,000 square feet of casino space, according to an investor. presentation.

“A ton of population growth”

Station, which sold nearly 90 acres of land in Reno last fall, did not rule out further land sales during the Feb. 2 earnings call with analysts.

Stephen Cootey, chief financial officer of Resort’s parent company, Red Rock Resorts, said the company is trying to determine which of its development sites are “strategic” and which are “non-core”.

His phones still accept incoming calls, which happen “constantly”, and his land portfolio “only increases in value over time,” Cootey said.

Still, the company previously said it wanted to double down on its presence in the Las Vegas Valley, and last month indicated other plans to come.

He has “started working on plans and pitching the project we have” in the Inspirada community of Henderson, a “vibrant” area with “a ton of population growth,” said the vice president of Red Rock Resorts, Lorenzo Fertitta, to analysts.

The company is also “actively working” on a project in Skye Canyon, said Fertitta, who noted that the area is “one of the fastest growing planned communities” in the country.

The resort owns about 45 acres in Inspirada, at the southern end of the valley, and 47 acres in Skye Canyon, in the upper northwest valley, according to a securities deposit.

The two communities ranked in the top 25 nationally for homebuilder sales last year, with 741 new home sales in Inspirada and 655 in Skye Canyon, consultancy firms RCLCO and John Burns previously reported. Real Estate Consulting.

‘Next deal pipeline’

Station has long owned extensive land holdings in southern Nevada, though real estate professionals thought she would develop her Southwest Valley parcel before others.

The Durango land, which Station acquired in 2000, has freeway access and visibility and is in a rapidly growing part of Las Vegas. Developers have put up housing estates, apartment complexes, commercial properties and other projects in the Southwest Valley in recent years, with even more construction underway.

On last month’s earnings call, Fertitta said the company was “not in a position to commit to exactly what will happen next”, adding that it spends “a lot of time debating ” of that.

But he said Station wanted to be in a position where, “right after the opening” of Durango, it can announce “what the next deal pipeline will be.”

Contact Eli Segall at [email protected] or 702-383-0342. To follow @eli_segall on Twitter.

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