47°F
weather icon Clear

Station Casinos looking to sell land in Southern Nevada

With construction picking up in Las Vegas, and land prices marching higher, Station Casinos wants to lighten the load.

The locals-focused casino operator gobbled up tracts of dirt around the valley before the economy crashed last decade for future hotels, and it bought another big chunk of desert a little over a year ago. Station never built out those parcels, and it has put some land on the market.

Executives said this week the company is looking to sell more.

Station — which owns around 380 acres of development sites in the valley — has “an unbelievable pipeline” of land and would look to sell properties that “we probably wouldn’t get to for a long, long time,” Frank Fertitta III, chairman and CEO of parent Red Rock Resorts, told analysts during a conference call Tuesday.

“We’re not saying that we’re going to liquidate” the “entire land portfolio,” added Rodney Atamian, executive vice president of strategy and development, but “the effort is underway” to figure out which parcels to keep or sell.

Proceeds would be used to pay down debt, executives said.

They didn’t say which plots would get listed, and there’s no guarantee Station would close any sales. But there could be strong demand, given the locations: One is close to the Strip, and others are in fast-growing parts of the valley.

Las Vegas-based Station — majority owned by Fertitta and his brother, Lorenzo Fertitta — has 105 acres of real estate on Tropicana Avenue near tourist-choked Las Vegas Boulevard; 71 acres at Durango Drive and the 215 Beltway in the southwest valley; 58 acres at Flamingo Road and Town Center Drive in Summerlin; and 57 acres at Las Vegas Boulevard and Cactus Avenue, south of the Strip, which has been on the market for some time.

It also owns 45 acres at Via Inspirada and Bicentennial Parkway in Henderson; 40 acres off U.S. Highway 95 in the upper northwest valley, which it bought in the fall of 2018; and 5 acres on the outskirts of downtown Las Vegas.

The company said it had no comment for this column.

It’s no surprise that Station’s big parcels remain empty. Megaresort construction has had a spotty track record coming out of the recession, and real estate pros often say they don’t expect another one in the suburbs anytime soon.

Still, the Durango dirt, if it goes on the market, could draw strong interest, as the southwest valley has probably been the fastest-growing area of Southern Nevada in recent years.

Meanwhile, Summerlin is one of the most popular places to live in Las Vegas, and homebuilders have also been plenty busy in Henderson’s Inspirada community and Las Vegas’ Skye Canyon community, where Station most recently bought land.

That being said, we still don’t know what Station’s asking prices would be — which, if they’re too high, could easily scare off developers — or whether the company is willing to break up its parcels into smaller pieces. In general, there’s bound to be a bigger pool of buyers for 10 to 20 acres of empty real estate than 60 to 70 acres.

We’ll find out soon enough whether Station sells land it’s been sitting on for years. If it doesn’t, just expect more of the same: Big tracts of dirt collecting dust.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.
Business Videos
Plans for luxury hotel on south strip
RJ Real Estate Reporter Eli Segall speaks with Renee Summerour about a California developers plan to help revamp the South Strip
Two years until “I Do” - VIDEOY
Las Vegas locals Sam Cruz and Jeff Gaglione discuss their engagement, in their future wedding venue at Emerald at Queensridge in Las Vegas, on Monday, Feb. 3, 2020. (Elizabeth Page Brumley/Las Vegas Review-Journal) @elipagephoto
Chairman, CEO of MGM Resorts Jim Murren stepping down - VIDEO
MGM Resorts International CEO Jim Murren will be stepping down as chairman and CEO. (James Schaeffer / Las Vegas Review-Journal)
Wynn Las Vegas opens new convention center space - VIDEO
On Feb. 10, 2020, Wynn Las Vegas opened its new convention center expansion that more than doubled its sellable space. (Michael Quine/Las Vegas Review-Journal)
Local tattoo shop tattoos MAGIC attendees - VIDEO
Club Tattoo is giving away tattoos to the people who attend the biannual fashion convention throughout its three days at Mandalay Bay Convention Center. (Ellen Schmidt/Las Vegas Review-Journal)
New report shows January home sales jump - VIDEO
Las Vegas’ housing market had another big jump in sales from year-ago levels as prices stayed relatively flat, a new report shows. (James Schaeffer / Las Vegas Review-Journal)
Creed perfume store part of growing Las Vegas Strip luxury retail - VIDEO
Andrea DeCarlo, general manager at Creed at the Forum Shops at Caesars on the Las Vegas Strip, talks about her luxury perfume store Monday, Jan. 27, 2020. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Newest tech gadgets at store in Forum Shops at Caesars - VIDEO
A new store at Forum Shops at Caesars, b8ta, encourages shoppers to play with the hottest tech gadgets. (Elizabeth Brumley/Las Vegas Review-Journal)
Preview Las Vegas 2020 - VIDEO
Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, hints at new branding slogan for Las Vegas, which will no longer be “What happens here, stays here.” The new slogan will be unveiled Jan. 26 during the Grammy Awards. (Renee Summerour/Las Vegas Review-Journal)
Boring Company could provide a solution to parking problems - VIDEO
LVCVA President and CEO Steve Hill believes a potential solution for parking problems is the Boring Company’s $52.5 million people-mover -- a system that could eventually be expanded citywide connecting resorts and even McCarran International Airport to the Convention Center.
The Blackstone Group has partnered with MGM Resorts to acquire more properties - VIDEO
A few months after the Blackstone Group bought the Bellagio for more than $4 billion, it has partnered with MGM Resorts on a deal to acquire two other Las Vegas Strip properties. (Michael Quine/Las Vegas Review-Journal)
CES Young Innovator Award winner explains ReDawn - VIDEO
Sofia Ongele explains ReDawn, which uses a Chatbot named Dawn to help users find resources after a sexual assault. (Las Vegas Review-Journal)
CES 2020: MedWand ties for title of Last Gadget Standing - VIDEO
Dr. Samir Qamar of Las Vegas presents MedWand, a medical device that allows physicians to examine patients remotely anywhere in the world, at CES 2020. (Elizabeth Page Brumley /Las Vegas Review-Journal) @elipagephoto
CES Flying Taxis
Bell Nexus EX4 and Hyundai SA-1 flying taxi prototypes from CES 2020. (Mick Akers/Las Vegas Review-Journal)
CES 2020 attendees rides in autonomous BMWs - VIDEO
BMW is pitching its reconfigured i3 Urban Suite, which holds a single passenger on a lounge-style seat, as the possible future of chauffeured rides at CES 2020. (Mick Akers/Las Vegas Review-Journal)
CES 2020: Small appliances unveiled in Las Vegas - VIDEO
The small appliances on show at Sands Expo at CES 2020 in Las Vegas include a Keurig cocktail maker, autonomous cooking system, nitrogen coffee ampules and more. (Heidi Knapp Rinella/Las Vegas Review-Journal)
CES 2020: The scooter that will remind you of Wall-E - VIDEO
Segway unveiled the egg-shaped S-Pod Scooter at CES 2020 that’s a seated version of their original scooter that can reach 24mph. (Rachel Aston/Las Vegas Review-Journal)
CES 2020: Before the floor opens at Sands Expo on Day One - VIDEO
CES 2020 opened its doors at 10 a.m. Tuesday, welcoming more than 170,000 attendees to the annual electronics show. (Elizabeth Brumley/Las Vegas Review-Journal)
CES 2020: A suitcase that follows you, video games to heal you at Pepcom's Digital Experience - VIDEO
Get a glance at Pepcom’s Digital Experience! a showcase of products that will be at this week’s CES convention. (Rachel Aston/Las Vegas Review-Journal)
CES 2020: Impossible Foods Inc. Debuts Impossible Pork - VIDEO
At a pre-CES news conference at Mandalay Bay’s Kumi restaurant Monday night, a company representative announced that the participants were the “first people in the world” to try the new plant-based product, which it provided as samples in the form of Impossible Pork banh mi, char siu buns, dan dan noodles, pork katsu, pork shumai and sweet-sour-and-numbing meatballs.
CES 2020: Impossible Foods debuts Impossible Pork in Las Vegas - VIDEO
Before a packed press conference at Mandalay Bay in Las Vegas, Impossible Foods executives introduced Impossible Pork, its newest product. (Heidi Knapp Rinella/Las Vegas Review-Journal)
CES 2020: The Future of Transportation - VIDEO
Many automotive companies at CES unveil their plans for the future of transportation including safer driverless cars, safety features and a partnership between Uber and Hyundai. (Las Vegas Review-Journal)
CES 2020: What you've missed so far - VIDEO
Catch up on the tech and events presented at CES 2020. (James Schaeffer/Las Vegas Review-Journal)
CES 2020: Samsung debuts 8k TV, MicroLED TV - VIDEO
2020 is set to be a major year for 8k screens, according to Samsung executives. (James Schaeffer/Las Vegas Review-Journal)
Las Vegas resorts welcome dogs to stay
Las Vegas properties are welcoming dogs more than ever. MGM Resorts International announced a new dog-friendly program across all of its Las Vegas properties in December. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Musk 'hopeful' for 2020 completion of underground Las Vegas project - VIDEO
Elon Musk tweeted Friday night that The Boring Company’s underground tunnel project in Las Vegas will be “hopefully fully operational” within the next year. (James Schaeffer / Las Vegas Review-Journal)
World Market Center celebrates topping-off ceremony - VIDEO
Las Vegas elected officials including Councilman Cedric Crear attend topping-off ceremony for the Expo at World Market Center in Las Vegas.
MSG Sphere in Las Vegas will be the largest spherical building in the world - VIDEO
The Madison Square Garden Sphere at The Venetian has now been under construction for about one year and is expected to be completed in 2021. (Michael Quine/Las Vegas Review-Journal)
Aria still thriving after 10 years - VIDEO
The Aria opened on the heels of the Great Recession and managed to survive. It is now known for its art, environmental sustainability and poker. (Rachel Aston/Las Vegas Review-Journal)
Opening ceremony of the first Chick-fil-A restaurant inside a casino
Opening ceremony of the first Chick-fil-A restaurant inside a casino at the Golden Nugget on Monday, Dec. 2, 2019. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
THE LATEST