Durango Casino & Resort Scheduled for Grand Opening on Nov. 20, Organized by Red Rock Planning

Posted on: August 4, 2023, 02:45h. 

Last updated on: August 4, 2023, 02:45h.

Red Rock Resorts (NASDAQ: RRR) is aiming for a November 20 grand opening for the highly-anticipated Durango Casino & Resort in Southwest Las Vegas, offering unique gambling opportunities within a less crowded area of the city.

Construction on Red Rock Resorts’ Durango Casino & Resort in Southwest Las Vegas. The venue is expected to open on Nov. 20. (Image: KLAS)

The recent tests of Durango Casino & Resort’s external lighting and signage indicate an accelerated opening timeline. Red Rock Resorts is confident that the establishment will thrive due to its strategic location in an area of Las Vegas with fewer competing casinos. The grand unveiling of Durango’s marquee lighting will take place tonight.

The state-of-the-art resort will offer more than 200 spacious hotel rooms, versatile convention and meeting spaces, a luxurious resort pool with cabanas, inviting outdoor social areas, and complimentary parking. Durango will also feature 15 top-tier restaurants, including four signature outlets and a dynamic food hall set amidst an exciting casino environment.

The expansive casino floor will span 73,000 square feet, featuring a cutting-edge sportsbook, 2,000 state-of-the-art gaming machines, and 40 thrilling table games.

Durango Casino & Resort Making Swift Progress

Red Rock Resorts broke ground on the highly-anticipated $750 million Durango project last year, with completion occurring in October.

The addition of Durango Casino & Resort to Red Rock Resorts’ Las Vegas portfolio provides significant growth potential. Located in the less saturated Southwest Las Vegas area, the resort is poised to benefit from the booming local population and the limited competition. Analysts predict that the opening of Durango will have a positive long-term impact on Red Rock stock.

“The opening of Durango in November 2023 is expected to be a game-changer, and we anticipate that the company’s shares will perform well leading up to that date,” commented Stifel analyst Steven Wieczynski in a recent note to clients.

Wieczynski rates the stock as “hold” with a price target of $51, slightly down from the previous target of $54. Year-to-date, Red Rock Resorts’ shares have already experienced a 12.42% increase in value.

In addition to the renowned Red Rock Casino Resort & Spa in Summerlin and the prestigious Green Valley Ranch Resort Spa & Casino in Henderson, Red Rock Resorts operates several gaming properties under the Station brand throughout the Las Vegas region. The company also oversees 10 Wildfire casinos, including seven in Henderson, according to its official website.

Durango Enhances Red Rock’s Local Offerings

With its expansive hotel facilities and convenient proximity to the Las Vegas Strip, Durango Casino & Resort is well-positioned to attract both business and leisure travelers seeking an alternative to the bustling Strip or more affordable accommodations during peak periods. However, the primary target market for Durango, as is typical of other Red Rock venues, will be the local Las Vegas demographic, which is continuously growing and economically prosperous.

The influx of affluent retirees from neighboring states, particularly California, further strengthens the case for investing in Red Rock shares. Many of these potential customers have the means to purchase Las Vegas real estate outright, as they are often unburdened by mortgage obligations and enjoy the financial advantages of lower property taxes and no state income tax in Nevada. Consequently, they have the discretionary income to indulge in visits to Red Rock-operated casinos.

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