![]() That purchase included the Santa Fe Casino and land across from Sunset Station that was in the early planning stages for a new casino resort. That was the case when it acquired land in Henderson as part of its deal for Santa Fe Resorts, Klebanow said. Station Casinos, Red Rock Resorts’ predecessor company, had a strategy whereby they locked out potential gaming competition, either by buying up existing gaming assets, as in the case of the Fiesta acquisition, or selling land zoned for casino gaming with the caveat that those parcels could no longer be developed as casinos, Klebanow said. Now Red Rock Resorts is selling the Palms to the San Manuel tribe for 650 million, or 40 million less than the company paid to renovate the 700-room, 19-year-old property. Economically, it just didn’t make sense.” “Were they to reopen those properties, operating margins at Santa Fe Station, Green Valley Ranch, and Sunset Station would have gone down, as they would have had to compete again with those three casinos. “The pandemic and the temporary closure of those three properties allowed Red Rock Resorts an opportunity to seriously evaluate the need for those casinos, given that they already had a number of more attractive properties in close proximity,” Klebanow said. ![]() It’s the culmination of both the North Las Vegas and Henderson markets having had too much gaming capacity, he added. Andrew Klebanow, a principal at C3 Gaming, said last week’s announcement by Red Rock Resorts didn’t come as a surprise.
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