Station Casinos scoops up more land in fast-growing areas
LAS VEGAS (AP) — Property records show Station Casinos is adding to its land holdings around Las Vegas, giving the locals-focused casino operator a chance to build a new resort in a fast-growing area or block out a potential competitor with similar plans.
Clark County records show the casino operator purchased 40 acres in the northwest community of Skye Canyon for $36 million.
Station Casinos has not said whether it might develop a project on the land, but the move gives the company a chance to scoop up valuable acres in a fast-growing area.
“We are pleased to have acquired the Skye Canyon parcel, which is strategically located in the high-growth northwest area and well positioned for future development,” Station spokeswoman Lori Nelson said in a statement.
She did not offer information about the Las Vegas-based company’s plans.
John Knott, head of global gaming at commercial real estate firm CBRE Group, told the Las Vegas Review-Journal that the purchase also prevents any competitors from building a casino resort in the spot.
“There will be a market for gaming there someday, absolutely, and right now they’re in control of that opportunity,” he said.
Station Casinos, which operates local-focused casinos around the Las Vegas area, including Red Rock Resort and Green Valley Ranch Resort, purchased the land from real estate firm Olympia Coss and two investment groups.
The land has been zoned for a casino-resort, Olympia Senior Vice President Chris Armstrong said.
Station Casinos also owns 71 acres in the southwest Las Vegas valley, 58 acres in Summerlin, about 57 acres sitting several miles south of the Las Vegas Strip and 45 acres in Henderson’s Inspirada community.
Information from: Las Vegas Review-Journal, http://www.lvrj.com