“We’ll take the heart of each of the properties and sell off the remaining real estate surrounding those development sites.” “We’ll continue to look at each of the development sites in Vegas as we roll forward, try to build out the portfolio, double the footprint here in Las Vegas,” said Frank Fertitta, Station Casinos CEO. In a call with investors last month, Station Casinos CEO Frank Fertitta announced the sale of 23 excess acres for the development of multifamily residences at Durango, a strategy Fertitta said could be replicated at other venues. Security filings further reveal Station is the owner of about 315 acres of land held for development in the valley, plus another 57 acres several miles south of the Strip, which are being held for sale. The company plans to break ground on a $750 million resort there in Q1 2022, which will take 18 to 24 months to complete. The company’s holdings include 71 acres at Durango Drive and the 215 Beltway in the southwest valley. Station Casinos is the owner of big tracts of real estate scattered around the region, which act in storage for future resort projects. The tract is described as “land held for sale,” while Reno city records indicate a 900-room hotel-casino was approved for the site in late 2006, but the permits have since expired. Colliers said it represented the buyer, while the news release did not name the seller, although Washoe County property records and Nevada business entity filings indicate it was Station, says Review-Journal.Īdditionally, the casino company has also stated in securities filings that it owns around 89 acres at the intersection of Mount Rose Highway and South Virginia Street in Reno. Panattoni’s acquisition of the land was done for $32.6 million, according to an announcement by brokerage Colliers International, announced earlier this week. Construction is not expected to start until the first quarter of next year, according to Roberts. While project planning is still underway, it is believed it could include a mix of industrial, multi-family, office, hospitality and retail development.

partner Doug Roberts, who oversees its projects in Nevada, confirmed in a statement on Wednesday that the firm purchased about 88.7 acres of land at the southwest corner of Mount Rose Highway and South Virginia Street in south Reno, reports Las Vegas Review-Journal. The sale corresponds to a focus from the gaming and hospitality company on selling excess land.

Vegas-based Station Casinos has sold nearly 90 acres in Reno, Nevada, to a warehouse developer.

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