The Las Vegas Sun met with Lorenzo and Frank Fertitta III recently to discuss Station's position as the leader in the locals market and STN's plans for the future. The two brothers may develop up to six new Station Casino properties in the next ten years. Station has $1.3 billion of projects under way now including the soon to open Red Rock Station and expansions at three properties. Station stock is up 21% in the past year and 46% over two years.
The most startling statistic to me was that off-Strip casinos will take $1,500 per year from every person in the Las Vegas valley by 2010. When you consider the number of residents who don't gamble at all, gamblers are leaving significantly more dollars in locals casinos every year. Is this a good thing or not?
The story can be found at:
Station's Econ 101