“The supply picture is bright and demand continues to be boosted by a population influx from high tax states like California, which is generating more jobs locally and increasing the local mix towards a higher annual income.”ĬBRE Equity Research analyst John DeCree said the expansion “should be a home run” for Red Rock, which hinted at looking into a second phase for Durango.

Morgan gaming analyst Joe Greff told investors in a research note following Red Rock’s conference call.

“We think the Las Vegas Locals market is special and unique within gaming,” J.P. Boyd Gaming also never reopened the Eastside Cannery on Boulder Highway. The company has since demolished the buildings and is selling the land for nongaming use. Red Rock never reopened Texas Station in North Las Vegas and its two Fiesta properties in North Las Vegas and in Henderson. Gaming analysts remarked following the conference call that the number of local-focused casinos shrunk following the 78-day statewide gaming shutdown in 2020 amid the COVID pandemic. Red Rock has said previously the casino is in an underserved area of Las Vegas and roughly 5 miles from the nearest competition. He added that costs were also rising for construction, labor and securing building materials.ĭurango is expected to open later this year on a 50-acre site near Durango Road and the 215 Beltway. “We believe that a larger casino footprint will better align the product offering with the anticipated growth and favorable demographics in the area surrounding Durango,” Cootey said in his prepared remarks.

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