Station Casinos has been one of the busiest Las
Vegas gambling companies in Las Vegas this year. With several redevelopments and
ground-zero construction projects currently taking place in Nevada, Station
Casinos Chief Financial Officer, Glenn Christenson, said the company is already
analyzing another round of projects which would include more improvements to
existing casino properties and possibly more land acquisition and construction.
Having spent over $540 million on their current round of projects, which should
all be completed sometime in 2007, Christenson said the company's announcement
to keep expanding is simply another phase of their master plan.
Christenson admits that the current rate at which
Station Casinos is moving was not part of this master plan. However, considering
the enormous growth rate that Las Vegas as a whole is experiencing, it is the
only thing the company can do to not be left behind in the desert dust. So
rather than mapping out a ten to twelve year plan on their casino properties,
Station is having to up the time between in which redevelopment projects and
improvements are made.
With a $2 billion revolving line of credit, Station
Casinos has been accomplishing anything short of spectacular. With the opening
of the $925 million Red Rock Casino Resort earlier this year and the $600
million Aliante Station Casino Resort located in Northern Las Vegas, not to
mention a $235 million improvement to the Green Valley Ranch Resort, Station has
appropriated its investments in a way that gaming analysts say will offer them a
fast return.
This obviously must be the case, considering
Station Casinos announcement to keep expanding. In addition to eyeing property
for putting up another casino, Station is considering some major improvements to
more of their existing properties, although Christenson did not say which of
these would get the makeover. Christenson did say, however, that both the
Durango Station and the property that used to be home to the Castaways Showboat
Casino are being studied to possible develop.
