Posted on: November 7, 2023, 05:18h.
Final up to date on: November 7, 2023, 06:54h.
Crimson Rock Resorts (NASDAQ:RRR) introduced immediately that it’s pushing again the opening of the Durango On line casino and Resort — the most recent addition to the operator’s Las Vegas portfolio — to Dec. 5 from Nov. 20.
The Nov. 20 opening of the $750 million Durango in Southwest Las Vegas was talked about by Crimson Rock a number of months in the past. No purpose was given for the delay. The brand new opening date remains to be nicely upfront of the Tremendous Bowl in February, indicating the venue might probably profit from overflow site visitors from the Strip throughout that occasion.
We proceed to organize for the scheduled opening of our Durango Resort, which we’ve got now moved to December 5, to make sure a first-class opening of the property,” in keeping with a xeet (tweet) on Durango’s X, previously Twitter, feed.
The on line casino will characteristic 73,000 sq. toes of gaming area, a sportsbook, 2,000 gaming machines, and 40 desk video games. Regardless of the delay, Durango remains to be accepting reservations.
Causes Abound for Delayed Durango Opening
Las Vegas-based Crimson Rock delivered third-quarter outcomes immediately, telling analysts and buyers it earned 60 cents a share on income of $411.6 million through the July by means of September interval. Analysts anticipated earnings of 39 cents on gross sales of $412.2 million.
A press release issued by the Stations On line casino guardian didn’t point out Durango or causes for suspending the debut of the built-in resort. Nonetheless, that was possible a subject of dialogue on the Crimson Rock convention name with analysts.
Uncooked supplies shortages, a decent labor pool, or each could also be culprits in delaying the opening of Durango. Crimson Rock is trying to fill 1,200 roles on the new on line casino lodge.
Along with its namesake venue in Summerlin and the Inexperienced Valley Ranch in Henderson, Crimson Rock operates a number of gaming properties underneath the Station model all through the Las Vegas space. The corporate additionally runs 10 Wildfire casinos, together with seven in Henderson, in keeping with its web site.
Delay Doesn’t Dent Durango Thesis
Suspending the debut of Durango by barely greater than two weeks doesn’t dent the doubtless enticing long-term outlook for the property and its capacity to bolster Crimson Rock’s prime and backside traces. Particularly, the venue is located in Southwest Las Vegas — a quickly rising nook of the town that presently isn’t saturated with gaming venues.
Durango will characteristic a big lodge, and given its proximity to the Strip, it may very well be positioned to seize enterprise and leisure visitation amongst vacationers who need to keep away from the Strip or search higher pricing throughout Sin Metropolis’s busy durations.
Crimson Rock is likely one of the largest operators within the Las Vegas Valley regardless of not proudly owning a Strip-integrated resort. Moreover, the corporate is seeking to double its footprint in its residence metropolis over the following decade, indicating it’s bullish on the trajectory of the Las Vegas locals phase.