Nothing lasts forever in Las Vegas, and now a sizable land next to the Las Vegas Strip will be home to a possibly enormous new building.
In Las Vegas, land has become incredibly valuable, and not only on the Strip. Yes, buildable real estate on the Strip has been selling for ridiculous rates, but anything in downtown or close to the Strip has also appreciated in value.
Resort/casino operators now have to carefully analyse how each facility in their portfolio performs and how it fits into their larger objectives. Because the location and age of the new acquisition just made more sense for the company than what it was selling, MGM Resorts International (MGM) - Get MGM Resorts International Report unloaded Mirage and purchased Cosmopolitan.
Red Rock Resorts casinos, in contrast to Caesars and MGM, focus primarily on locals. It may operate outside of the Las Vegas Strip because of its market niche. With its ambitions for a Wildfire casino near Fremont Street, the firm has gotten a little bit closer to contending with the Strip's industry heavyweights.
Texas Station, Fiesta Rancho, and Fiesta Henderson were three casinos that utilised the moniker "Station Casinos" that the business recently permanently shuttered. Due to the epidemic, all had been closed as of 2020, and the company—which may develop the land those casinos were on—believes that its patrons had moved on to other Station sites.
Red Rock Resorts informed staff members of the closure in a memo. Employees at the soon-to-be-closed Wild Wild West would be offered positions at the company's other locations, the business stated.
Before the financial crisis of 2008, there were rumours that the Wild Wild West site may be used to build a huge three hotel, three casino resort. It had been a potential site for the Las Vegas Raiders stadium.