Red Rock Resorts has added to it Las Vegas real estate portfolio after purchasing 126 acres of land located south of the Las Vegas Strip for $172 million.
When announcing the land acquisition Red Rock Resorts did not disclose their future plans for the land which is near a parcel of land they already own at Cactus Avenue and Las Vegas Boulevard.
In a statement Red Rock Resorts said, “We are excited about the potential of this site as a local and regional destination casino resort. The larger acreage parcel allows the Company greater flexibility in master planning to take maximum advantage of the future development. We look forward to sharing our plans in the future.”
The new land acquisition increases Red Rock Resorts real estate holdings in Las Vegas and Reno to around 555 acres, a majority of which is located in the Las Vegas Valley.
The land purchase was the second piece of news Red Rock Resorts announced that week. Earlier they released plans to demolish three casino properties, Fiesta Henderson, Fiesta Rancho and Texas Station. All three properties have been shuttered since the early days of the pandemic. Once the casinos are demolished Red Rock Resorts will sell the land which amounts to around 107 acres.
Red Rock Resorts isn’t new to selling Las Vegas assets, having sold The Palms to the San Manuel Band of Mission Indians for $650 million last year.
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