Durango Casino's Red Rock Eyes Set to Open on November 20th
Red Rock Resorts, listed on NASDAQ as RRR, is aiming for a November 20 grand opening of the Durango Casino & Resort in Southwestern Las Vegas. This conclusion is based on recent tests of external lighting and signage at the site, which has led to increased speculation that the opening timeline might be ahead of schedule.
According to Red Rock, the Durango Casino & Resort is set to be a success because it's located in one of the less populated areas of Las Vegas where there aren't many gaming venues. Tonight, the marquee lighting for the venue will be unveiled.
This top-of-the-line resort will include more than 200 hotel rooms, convention and meeting spaces, a pool with cabanas, outdoor social areas, and free parking, as per a statement from Red Rock. Durango will also offer guests 15 restaurants, four of which will be signature outlets and one food hall in a dynamic casino environment.
The casino itself will span 73,000 square feet of space and will host a sportsbook, 2,000 gaming machines, and 40 table games.
The Rapid Arrival of Durango
Red Rock commenced construction on the $750 million Durango project last year and completed it in October 2022. Durango is a new addition to Red Rock's portfolio, which is exclusive to Las Vegas. Given the scarcity of casinos in Southwest Las Vegas and the area's burgeoning population, some analysts believe the new integrated resort could be beneficial for Red Rock stock in the long run.
A Stifel analyst, Steven Wieczynski, highlighted in a client note that the opening of Durango (November 2023) should act as a catalyst and mentioned that shares could rise as the date approaches. He currently has a "hold" rating on the stock with a price target of $51 – a downgrade from his previous $54. The stock has increased by 12.42% so far this year.
Apart from its namesake venue in Summerlin and the Green Valley Ranch in Henderson, Red Rock manages various gaming properties under the Station brand across the Las Vegas area. The company also runs ten Wildfire casinos, including seven in Henderson, as per its website.
Durango: An Expansion for Red Rock Locals
Durango will boast a large hotel, making it a potential choice among travelers who prefer to stay away from the Strip or look for more affordable options during peak periods in Sin City. However, like many Red Rock venues, Durango's main target demographic will be Las Vegas locals – a demographic that analysts believe is growing and becoming more financially stable.
The influx of affluent retirees from other states, principally California, strengthens the argument for Red Rock shares due to their capacity to purchase Las Vegas real estate without a mortgage. Moreover, lower property taxes and zero income tax in Nevada provide these retirees with additional disposable income to spend on visiting Red Rock-operated casinos. [Paraphrased text, informal & engaging]
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Source: www.casino.org
