Las Vegas-based Red Rock Resorts Inc. (RRR), parent company of Station Casinos LLC, recently announced plans to add a resort-style pool complex and luxury movie theaters to its Palace Station property as part of a two-property $191 million investment.
The Las Vegas Review-Journal reports that in an earnings call for Red Rock Resorts, company executives said that new improvements totaling $76 million at Palace Station would also include a casino bar, a new restaurant, renovated poker room and race and sports book. The new investment, the company said, is in ad7dition to a $115 million expansion and renovation that has been completed. Along with a new low-rise exterior façade, that renovation and expansion includes two restaurants, casino valet, porte-cochere, better parking and access at Palace and a new bingo room.
According to the report, by the end of next year, the project should be completed.
The Summerlin, Nevada-based Station Casinos is also reportedly investing $146 million in the Palms Casino Resort, which Station finalized the acquisition of in October 2016 after receiving unanimous approval from the Nevada Gaming Control Board the month prior. Included in the Palms’ investment is an upgrade to movie theaters, two restaurants, a rooftop ultra-lounge, renovated meeting and convention space, new hotel registrations and VIP check-in areas as well as other projects. The company reportedly expects those projects to be completed by the second quarter of 2018.
Permits for demolition and construction have been obtained by the company from the Clark County Building Department for a renovation project with a $10.7 million price tag for the Palms’ swimming pool. In addition to a permit for a $1.5 million casino entrance area construction project.
Frank Fertitta III, CEO of Station Casinos, said they the company is “very bullish” on the Palace Station location,” according to the Las Vegas Review-Journal. The reason to invest now, he reportedly said, is that’s where they 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.”
According to the news agency, Station’s CEO said that there hasn’t been a significant investment in the Palace Station since 1991. He said, “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.”
Station Executive Vice President and CFO, Stephen Cootey, said that the company is positioning Palace Station and the Palms property as a market hybrid for both local customers and visitors from out-of-town.