Station Casinos acquires 45 acres

Locals gaming giant Station Casinos has expanded its future growth pipeline in the valley by buying 45 acres in the southern end of Clark County for nearly $71 million.

Focus Property Group sold the gaming-entitled site in October in the 2,000-acre Inspirada master plan being developed in Henderson.

"We've seen these types of local gaming properties in other master plans," said Brian Gordon, principal at Las Vegas-based Applied Analysis. "They have become an integral part of any master plan, and it would seem Focus is seeking that type of dynamic."

Focus Property Group Chief Executive Officer John Ritter confirmed the sale Friday, saying the development group had talked to different casino companies about a possible joint-venture before selling the property.

"Station Casinos very aggressively gave us what I thought was a very fair offer so we took it," Ritter said.

In addition to the $71 million price, Ritter said Station will be responsible for an additional $9 million in development costs related to the land.

Station Casinos does not have any immediate plans to develop the site, company spokeswoman Lori Nelson said.

Focus acquired the 2,000-acre parcel for its Inspirada development for $557 million in 2004 at a Bureau of Land Management auction. Construction has already started on what is planned to be a 13,500-home community in the next seven years.

The company was awarded the gaming overlay for the site earlier this year from the Henderson City Council to anchor a town center project and provide an entertainment hub for the community.

"The gaming is an important part of the project," Ritter said. "That's why we're real happy to have a company that builds good projects involved in the town center."

The Station Casinos site is connected to the already-built 14,000-home Anthem development, which is northeast of the Inspirada development.

"There remains a limited number of gaming-entitled sites in Southern Nevada," Gordon said. "There is tremendous value associated with high-quality master-planned communities."

With the purchase, the gaming company now owns or has contracts to buy nearly 340 acres of undeveloped land in Clark County for future development.

The purchase is part of the company's larger vision of creating a growth pipeline for the future.

"We saw this as a good opportunity down the line to develop a project when the time is appropriate," Nelson said.

The gaming company is building the $675 million Aliante Station in North Las Vegas, a joint-venture with the Greenspun Corp. scheduled to open in December 2008.

Station Casinos has not publicly discussed what project it will pursue next.

Ritter said he is certain that Station Casinos plans to develop the new property as a casino site rather than hold onto it.

"That's a hell of an investment," he said. "That's a lot more than they paid for any of the other sites. They definitely bought it to develop it."

The 45 acres is approximately eight miles west of Green Valley Ranch Resort and six miles south of the company's Cactus land holdings.

The site is approximately three miles southeast of developer Anthony Marnell III's $1 billion M Resort, scheduled to open in spring 2009, and Olympia Gaming's Southern Highlands Resort, still under development.

Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or (702) 477-3893.