Two properties rev up revenue through remodeling
Red Rock Resorts’ executives are confident renovation projects at Palace Station and the Palms will pay off.
Steve Cootey, executive vice president and chief financial officer for the parent company of Station Casinos, told investors during a call Tuesday afternoon that the two properties have already been seeing “significant revenue growth” and have been attracting tourists and locals alike. Net revenue rose 16 percent to $482.9 million last quarter.
“Both of these completely transformed properties are still in the process of ramping up, and we continue to expect these investments to generate significant returns for the company over time,” he said. “The property will continue to ramp faster than the market.”
Renovations at the Palms are expected to wrap up in mid-september with the opening of dim sum restaurant Tim Ho Wan and the addition of 16 gaming tables.
Total expenses for the Palms’ grand opening in April as well as its national branding and marketing campaign were estimated to be around $11.3 million.
RED ROCK
more than 5,000 creditors, its largest include real estate investment firm Jenel Management and fashion labels The Row, Prada, Gucci and Chanel.
Barneys opened its doors at Grand Canal Shoppes more than 10 years ago. At the time, the Palazzo’s developer, Las Vegas Sands Corp., extended the canal in the nearby Venetian shops up to the store, which Grand Canal Shoppes bills as its “anchor
store” on its website.
It’s unclear what will happen to the space once Barneys bids farewell to Las Vegas. A spokeswoman for Grand Canal Shoppes declined to comment. Chicago-based Brookfield Properties operates the mall.
Barneys joins a growing list of major retailers such as Macy’s and J.C. Penney Co. that have struggled to remain in business.
The number of retail stores closed in the U.S. this year has already surpassed the total number in 2018, according to Coresight Research,
which expects 12,000 will be shuttered in 2019. Coresight said 7,567 retail stores have closed this year, compared with 5,864 in all of 2018.
The Review-journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson. Las Vegas Sands Corp. operates The Venetian and Palazzo.
Contact Subrina Hudson at shudson@reviewjournal.com or 702-383-0340. Follow @Subrinah on Twitter. The Associated Press contributed to this report.