The long-awaited opening of the Durango Casino Resort finally took place on Tuesday, December 5th, marking a significant milestone for the company. It has been 15 years since the company’s last development, and the road to the opening was fraught with delays. The $780 million resort, owned by Red Rock Resorts, signifies a new era of expansion for the company.
Scott Kreeger, the President of Red Rock Resorts, is determined to avoid any further delays in future developments. The company currently holds six development sites spread across more than 500 acres in Clark County, with plans to double its size by the end of the decade. The ambitious expansion goals reflect the company’s confidence in the dynamic growth of Las Vegas over the next decade.
One of the properties earmarked for development is a 48-acre plot in Skye Canyon, while another is located in the west Henderson community of Inspirada. In addition, there are plans for a 125-acre site on Cactus Avenue and Las Vegas Boulevard. Brendan Bussmann, an advisor in the casino industry, sees the opening of the Durango Casino as the beginning of a new chapter of expansion for Red Rock. He believes that the company’s strong land-banked assets will significantly impact both the locals’ and visitors’ markets.
The journey to the opening of the Durango Casino was fraught with challenges, including a bankruptcy in 2009. However, the company’s decision to sell a part of the property for $23 million in order to build apartments indicates a change of plans that has led to the successful opening. Despite being smaller than the famous Red Rock Resort in Sumerlin, Durango is the only major gaming location within a 5-mile radius, making it an attractive choice for the approximately 250,000 adults in the area. The growing local market is expected to have a positive impact on the casino industry.
Looking ahead, the next phase of works on Durango will potentially add 300 new hotel rooms, along with new restaurants, a spa, and a significant meeting space. However, these plans are not expected to commence for at least six months to a year. This marks an exciting new chapter for Red Rock Resorts, as they continue to leverage their assets and experience to drive growth and success in the gaming and hospitality industry.