Palace Station to get movie theaters, pool in $191M makeover

Updated August 9, 2017 - 2:44 pm

The parent company of Station Casinos has announced plans to add luxury movie theaters and a resort-style pool complex to Palace Station as part of a $191 million investment in two properties.

Company executives said in an earnings call for Red Rock Resorts on Tuesday that $76 million in new improvements at Palace Station also would include a new restaurant, casino bar, race and sports book and a renovated poker room. The new investment is in addition to a completed $115 million renovation and expansion that includes a new low-rise exterior facade, two restaurants, porte-cochere, casino valet, new bingo room and improved parking and access at Palace. The project is expected to be completed by the end of 2018.

Station also is putting $146 million into two restaurants, an upgrade to movie theaters, renovated meeting and convention space, a rooftop ultralounge, a new high-limit area, new hotel registration and VIP check-in areas and other projects at its recently acquired Palms property. Those projects are expected to be completed by next year’s second quarter.

The company has acquired demolition and construction permits from the Clark County Building Department for a $10.7 million renovation project on the swimming pool at the Palms as well as a permit for a $1.5 million construction project of a casino entrance area.

“We’re very bullish on our Palace Station location,” Station Casinos CEO Frank Fertitta III said in Tuesday’s conference call with investors. “That’s where we started. It’s right in the middle of town. We see all these new things happening in Las Vegas with the expansion of the convention center and NFL football coming to Las Vegas” as reasons to invest now.

Fertitta said there has been no significant investment in Palace since 1991.

“We believe that by going back in and putting a state-of-the-art buffet on the first floor, new restaurants, movie theaters, which have been very successful for us at all the other locations … we think we’re going to have a lot more reasons to attract people to go to that location,” he said.

Company executive vice president and chief financial officer Stephen Cootey said Station is positioning Palms and Palace as a market hybrid for local customers as well as out-of-town guests.

Red Rock reported higher revenue from last year’s second quarter, but a loss for the period that ended June 30. The company reported a loss of $25.9 million, 39 cents a share, on revenue of $403.5 million. A year ago, the company reported earnings $5.7 million, 1 cent a share, on revenue of $281.6 million.

The 43.3 percent increase in revenue was attributed to the inclusion of Palms revenue for the quarter. The company closed that deal in October.

The loss was attributed to the $120 million acquisition of leases for land holding the Texas Station and Boulder Station properties as a long-term cost-saving measure.

The company also affirmed a dividend payment of 10 cents per share on Aug. 31 to shareholders of record as of Aug. 15.

Red Rock shares closed down 0.8 percent, 20 cents, to $23.69 a share in Tuesday trading on below-average volume.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

ad-high_impact_4
Business
Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like