LAS VEGAS (KLAS) — Red Rock Resorts is talking about expanding, possibly in the southwest valley, with a new hotel and casino. This comes on the day the corporation announced the sale of Palms Casino Resort.
Development in the southwest is hard to miss, and Red Rock is noticing that. They want to put their next major project at Durango and the 215 Beltway and break ground early next year.
They told investors Tuesday that they didn’t make as much money in the first quarter of the year due to the COVID-19 pandemic. The company is, however, looking forward to the rest of 2021 because the last few months have been strong.
More people are vaccinated, and more people feel comfortable going out.
CEO Frank Fertitta III said the sale of Palms now allows them to focus on the neighborhood casino locations, including the one in the southwest.
“The demographics are working towards our advantage, given the migration we are seeing from the other states where people want to avoid regulations, taxation and look to move to a great state like Nevada, where there is opportunity,” he said.
That area in the southwest valley does not have a casino of this caliber for several miles, so this location is key for Red Rock Resorts. The company will focus on a large casino and several restaurants.
Details surrounding the project were limited, and they expect to announce more at the next earnings call in a few months.