VEGAS, Nevada - Before the dust settles on its soon-to-open
Red Rock Resort in Summerlin, Station Casinos is striking
a deal to build a neighborhood casino in Aliante in North
plans to announce today a long-anticipated deal with The
Greenspun Corporation to develop Aliante Station in the
1,905-acre master-planned community.
will build and manage the property, which is expected
to have about 200 hotel rooms and 2,000 slot machines
in the first phase of an expected multiphase project.
It will be on 40 acres at the northeast corner of the
Las Vegas Beltway and Aliante Parkway.
Greenspun Corporation is owned by the Greenspun family,
which owns the Las Vegas Sun.
corporation owns the site. Greenspun's real estate development
company, American Nevada Company, will contribute the
land for the project. Station will give cash and join
with Greenspun in financing the remainder of the casino.
expects to break ground by late 2006 or early 2007, with
the casino to open by midyear 2008.
company expects Aliante Station to be the next of several
neighborhood casinos Station plans after Red Rock, which
is to open by late March at the beltway and Charleston
executives say they haven't determined the final cost
and have just begun working on a design.
Station will include many of the features that the company's
other properties have become known for, including multiple
restaurants, meeting space and a buffet.
executives also are considering a movie theater, spa and
will have some of the same amenities you see elsewhere,"
Station Casinos Chief Legal Officer Scott Nielson said.
"But it's not going to be on the scale of a Green
Valley Ranch or Red Rock."
Station bosses have discussed prospects for several other
casino parcels that the company owns across the valley,
they have remained mum on whether the company would develop
the Aliante casino. But investors have long speculated
that Station was first in line to run the Aliante casino
because Station and Greenspun have a similar ownership
agreement with Henderson's Green
Chief Executive Frank Fertitta III is credited with Green
Valley Ranch's innovative design. It is considered
the most upscale of the valley's neighborhood casinos.
property has been a "phenomenal success," Nielson
owns 50 percent of Green
Valley Ranch and manages the property for a fee that
includes 2 percent of property revenue and 5 percent of
operating cash flow. Station also is a partner with Greenspun
in the Barley's brew pub casino and restaurant and the
Greens Cafe, both in Henderson.
have a great relationship with the Fertittas and Station
Casinos as a result of the success of Green
Valley Ranch Resort, and we are confident that they
will develop and operate a high-quality project for our
residents and the surrounding North Las Vegas community,"
Greenspun Corporation Chairman Brian Greenspun said in
executives don't anticipate neighborhood resistance because
the casino was part of the original master plan. That
means homebuyers have received notices of the casino and
other details such as its maximum height, Station officials
use permit for the casino was approved by North Las Vegas
four years ago when American Nevada bought the land with
Del Webb. The permit allows Station to build a hotel with
as many as 800 rooms and rising to a height of 150 feet,
along with a casino with 100,000 square feet and at least
4,900 parking spaces.
project will require a design review from North Las Vegas.
-- which already owns Santa
Fe Station, Fiesta
Rancho and Texas
Station in North Las Vegas -- is in an enviable competitive
position. The Aliante Station site is the only land zoned
for a casino along the beltway in North Las Vegas.
Olympia Group, developer of Southern Highlands in the
far southwest valley, recently proposed a casino on land
it purchased for a master-planned residential community
adjacent to Aliante.
North Las Vegas Mayor Mike Montandon has objected to another
casino in his city.
build a casino nearby, developers would have to jump several
regulatory hurdles that prevent the land from becoming
zoned for casinos. Land purchased from the federal government
on the outskirts of town could be zoned for casinos someday,
but that would likely be years away, giving Station a
big jump on the competition, Nielson said.
Station is expected to draw customers miles from Aliante
because it will be adjacent to the beltway, Nielson said.
Fe Station is the closest major casino, but it isn't
expected to lose much business to the new property because
most of Santa
Fe's customers come in via U.S. 95 rather than the
beltway, he said.
a convenience factor more than anything else," Nielson
said. "The market is deep .... (nearby residents)
are looking for more amenities out there."
not known for its affluent neighborhoods, North Las Vegas
ranks close to Las Vegas and Henderson as one of the fastest-growing
cities in the nation. Station and American Nevada officials
say the North Las Vegas population is expected to double
every eight years, with an average annual growth rate
of more than 9 percent.
casino companies, including Boyd Gaming and the operators
of North Las Vegas' Cannery
casino, approached American Nevada in the hopes of
operating the Aliante casino.
Nevada's longtime partnership with Station Casinos and
the strong financial performance of the Green
Valley Ranch partnership made it difficult for the
company to consider another casino partner, said Phil
Peckman, Greenspun Corporation chief executive officer.
Casinos and Boyd "could have done a fine job with
it," Peckman said. "They're great companies.
But we're comfortable with Station. They know what they're
doing, and we're not going to get into a business we don't
said the Greenspun partnership "led us to do some
things on a level we wouldn't necessarily have anticipated"
Valley Ranch, including the addition of such upscale
features as a steakhouse and an expanded spa.
part of the joint venture, Station also will contribute
55 acres at the beltway and Losee Road. That land could
be developed into a casino but will more likely become
a commercial, residential or retail development, Peckman
now with about 3,500 homes, is expected have to about
7,000 homes upon completion.
homes exist within several miles of the site to warrant
a major casino, Peckman said.
has been aggressive about purchasing casino sites over
the years, further cementing its position as the largest
operator of neighborhood casinos in the valley. It now
owns more than 200 acres of developable land, including
two sites along the fast-growing western fringe of the
valley, another site on Las Vegas Boulevard South and
the former Showboat and Castaways site on Boulder Highway.
company also bought a big chunk of land around its Wild
Wild West property just east of Interstate 15 at Tropicana
Avenue that it intends to redevelop later.
wouldn't disclose a timetable for future casino projects
in Las Vegas, saying the company is expected to disclose
its game plan by early next year.