Red Rock seeking Henderson’s approval for Inspirada project as Durango nears opening

Red Rock seeking Henderson’s approval for Inspirada project as Durango nears opening

Article brief provided by The Nevada Independent
  • Howard Stutz, The Nevada Independent
November 15, 2023 9:01 PM
  • Howard Stutz, The Nevada Independent

Now that the $780 million Durango Casino Resort has its slightly delayed opening date on the books, Red Rock Resorts is already making plans for its next projects.

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Red Rock Chairman Frank Fertitta III said during last week’s third-quarter conference call that the second phase for the 201-room Durango property, which is scheduled to open Dec. 5 in southwest Las Vegas barring any additional construction delays, is already the “furthest along” in the design phase.

On Wednesday, the company will be in front of the Henderson Planning Commission for approval of a development agreement for Inspirada Station, a planned 201-room hotel with a 58,000-square-foot casino on 49 acres in west Henderson that will include three restaurants, a food hall and other non-gaming amenities, including a bowling center and movie theater.

The company operates six large casino resorts in Las Vegas and Henderson and a chain of smaller casino-only properties under the Wildfire brand. But it also controls 522 acres of vacant land in Southern Nevada, including the sites for three demolished hotel-casinos that are being sold without the gaming entitlements.

“We’re going to want to get the Durango open and get it stabilized,” Fertitta said during the call. “We’ve got a number of development opportunities waiting for us [with] about six opportunities.”

He also mentioned Skye Canyon, a 48-acre site in northwest Las Vegas off U.S. Highway 95 as a potential opportunity following Inspirada.

“We’ve been actively working on all those developments,” Fertitta said. “But we just want to get Durango open and stabilized before we make a decision on what’s next.”

In 2021, Red Rock executives said they were formalizing plans to double the size of the company’s Southern Nevada footprint by 2030.

As the company plans its next projects, analysts expect Red Rock to pay down portions of its $3.3 billion in long-term debt. CBRE Equity Research analyst John DeCree said portions of the expected cash flow from Durango would help in that effort.