The company “continues to view its land bank as having significant value, and notes strong market demand from residential developers/industrial users,” the note said. That could mean Red Rock reopens Palms with an improved cost structure and market strategy or monetizes it, according to the note. Morgan after Atamian’s presentation Thursday at the financial services company’s Gaming, Lodging, Restaurant & Leisure Management Access Forum. Red Rock’s executive vice president of strategic development, Rodney Atamian, said the company should be able to create value from Palms “one way or another,” according to a note from J.P. “We want to be in a position that when we reopen any additional properties that we’re going to know that it’s going to be positive and accretive to our overall cash flow,” he said.įertitta added that the locals-oriented properties probably will reopen once older customers return, and Palms - which attracts both locals and visitors - would open when the city’s visitation rates return to pre-pandemic levels.Ī Red Rock spokesman declined to provide additional comment for this story.

During an earnings call last month, CEO Frank Fertitta III said the company would be “very disciplined” when approaching reopening plans. Red Rock Resorts has yet to open these four of its properties, and it’s still unclear when they will reopen. “While we’re pleased with how Sam’s Town is performing, we don’t see enough demand on the Boulder Strip today to justify reopening a second property there (Eastside Cannery) in the next several months.”įiesta Rancho, Fiesta Henderson, Texas Station, Palms We believe we should see better numbers by the second half of this year,” Strow said. “Main Street Station will depend on how quickly tourism to the Strip and downtown recovers, especially from Hawaiian guests. Spokesman David Strow told the Review-Journal that the reopenings will depend on business volumes. Company executives had said in October that Main Street Station will “ certainly” open in 2021, followed by Eastside Cannery, depending on demand. properties have been shuttered since mid-March. The national trade group, which represents the $240 billion U.S casino industry, has been tracking casino closures on its website over the past year. Others have shuttered their doors permanently.Ī spokeswoman for the American Gaming Association said a majority of the country’s closed commercial casinos are located in Nevada.

Some are holding out for looser operating restrictions or more foot traffic. Cannon/Las Vegas Review-Journal) year after Nevada’s commercial casinos were ordered to shut down, 13 remain in the dark. Barricades block the entrance to the closed Palms in Las Vegas Wednesday, March 10, 2021.

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