tation Casinos executives said last week the company is looking to sell more land parcels in Nevada.
The casino operator, which owns around 380 acres of development sites in the valley, acquired several acres of lands before the economy crashed last decade for future hotels, and it bought another big chunk of desert a little over a year ago. Station never built out those parcels, and it has put some land on the market.
Frank Fertitta III, Chairman and CEO of parent Red Rock Resorts, told analysts during a conference call Tuesday that Station has “an unbelievable pipeline” of land and would look to sell properties that “we probably wouldn’t get to for a long, long time,” the Las Vegas Review-Journal reports.
“We’re not saying that we’re going to liquidate” the “entire land portfolio,” added Rodney Atamian, Executive Vice President of Strategy and Development, but “the effort is underway” to figure out which parcels to keep or sell.
Proceeds would be used to pay down debt, executives said. They didn’t say which plots would get listed, and there’s no guarantee Station would close any sales. One is close to the Strip, and others are in fast-growing parts of the valley, so demand could be strong in these cases.
Las Vegas-based Station — majority owned by Fertitta and his brother, Lorenzo Fertitta — has 105 acres of real estate on Tropicana Avenue near tourist-choked Las Vegas Boulevard; 71 acres at Durango Drive and the 215 Beltway in the southwest valley; 58 acres at Flamingo Road and Town Center Drive in Summerlin; and 57 acres at Las Vegas Boulevard and Cactus Avenue, south of the Strip, which has been on the market for some time.
It also owns 45 acres at Via Inspirada and Bicentennial Parkway in Henderson; 40 acres off U.S. Highway 95 in the upper northwest valley, which it bought in the fall of 2018; and 5 acres on the outskirts of downtown Las Vegas.
Summerlin is one of the most popular places to live in Las Vegas, and homebuilders have also been plenty busy in Henderson’s Inspirada community and Las Vegas’ Skye Canyon community, where Station most recently bought land.