Family Bonds May Be tested in Las Vegas Casino Feud
In the bustling city of Las Vegas, numerous bars, pubs, eateries, and taverns provide patrons with options to try their luck at games like keno, slots, and video poker. Among them is Golden Entertainment, the largest operator of gaming bars in Sin City, with more than 70 establishments to its name. However, they might soon face potential competition, stemming from familiar roots.
During a recent earnings call, Red Rock Resorts President Scott Kreeger hinted at exploring the Las Vegas tavern business, sparking curiosity over its possible impact on the current market. According to Howard Stutz of The Nevada Independent, this could lead to interesting family dynamics since Golden's CEO Blake Sartini is the brother-in-law of Red Rock's CEO Frank Fertitta III and Vice Chairman Lorenzo Fertitta. Blake married Frank's sister, Delise, in 1983, and one of their three children is named Lorenzo.
Nethertheless, it's not quite an if but a when situation between Golden and Red Rock's potential entry into the gaming bar arena. Red Rock currently oversees seven taverns and two more are expected to open later this year, with the rest planned for 2025. On the same call, Kreeger emphasized the desire to enhance the gaming tavern presence in Las Vegas. When asked if their Wildfire Casinos could transform into gaming bars, Kreeger refrained from commenting but implied they might have gaming bar-like characteristics, similar to Golden's SG Bar and Sierra Gold concepts.
Taverns in Nevada provide an entertaining mix of bars and eateries and are classified as restricted venues with a maximum of 15 gaming devices.
Although Red Rock might be a threat in the gaming bar segment due to its presence in the local Las Vegas casino scene, Golden holds a few aces up its sleeve. These include a strong reputation among locals, a healthy financial position, and a cautious strategy in acquisitions. The company has a knack for grabbing gaming pubs placed on the market before anyone else.
During a separate earnings call on May 8, Golden's CFO and President Charles Protell revealed the addition of two new taverns to their collection, bringing their total to 71 locations, 68 of which are based in the Las Vegas Valley. They're aiming to open their 72nd tavern by the end of Q2 and are targeting a portfolio consisting of up to 90 locations in the future. While Golden's Las Vegas casino hotel presence pales in comparison to Red Rock's, it has a strong presence in Laughlin and Pahrump, which Red Rock currently bypasses.
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Source: www.casino.org
