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Four Station Casinos properties in Southern Nevada may not reopen

5 Aug 2020

There is some doubt about the reopening of four of Station Casinos Southern Nevada properties, according to Frank Fertitta III, the CEO of Red Rock Resorts, the parent company of Station Casinos.

During an earnings call Tuesday Fertitta mentioned that it is not safe to reopen Texas Station Gambling Hall and Hotel, Fiesta Henderson Casino Hotel, Fiesta Rancho Casino Hotel and The Palms Casino Resort, and is unsure if and when that time will come.

“We don’t know if or when we’re going to reopen any of the closed properties,” Fertitta said. “We think it’s too early to make that decision.”

Like many casinos across the U.S., Red Rock's Las Vegas casinos have taken a massive hit due to COVID-19.

On 17 March, the Governor of Nevada ordered a statewide shutdown of all nonessential businesses, including casinos, in an effort to reduce the spread of COVID-19. Similarly, the Graton Casino Resort, which is managed by the Company, closed on 17 March. What originally began as a 30 day shutdown in Nevada ended 79 days later.

On 4 June, the company reopened its Red Rock Casino, Resort & Spa, Green Valley Ranch Resort, Spa and Casino, Santa Fe Station Hotel & Casino, Boulder Station Hotel & Casino, Palace Station Hotel and Casino and Sunset Station Hotel and Casino properties, together with its Wildfire properties. The Graton Resort & Casino also partially reopened on 18 June.

Net revenues from Las Vegas operations were $101.0 million for the second quarter of 2020, a decrease of 77.9%, or $356.7 million, from $457.8 million in the same period of 2019.

“So far, we’re pleased with the results we’ve had and the ability to move some of the play from our closed properties to our existing properties,” Fertitta said. “We’re going to continue to get clarity and to navigate the situation to make well-informed decisions. Whatever decisions we make will be made in the best interest of shareholder value.”
 
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