The 40-acre development is nearing completion off the northeast corner of Interstate 215 and Aliante Parkway in North Las Vegas. The project includes 202 hotel rooms, a casino, six restaurants, and food court plus a concert venue with seating for 600, a 16-screen movie theater and 14,000 sf for meetings and banquets.
The hotel rooms will range from 400- to 1,500 sf and include 42-inch plasma TVs, CD players with iPod jacks and high-speed Internet. Room rates start at $60 a night. While the casino will open Nov. 11 at 11 p.m., the first day guests will stay in the hotel rooms is Jan. 1, 2009, according to company officials.
The development is a 50-50 joint venture of Station Casinos and members of the Greenspun family. The family business, Greenspun Corp., owns the Las Vegas Sun and is the developer of the 1,905-acre Aliante planned community.
For its interest in Aliante Station, the Greenspun family partners donated to the JV the development site. Station Casinos, for its 50% stake, contributed to the JV a 54-acre site located on Losee Road in North Las Vegas as well as approximately $2.2 million. Beyond its 50% ownership stake Station Casinos will receive a management fee equal to 2% of the property's revenues and approximately 5% of EBITDA.
Aliante Station's unveiling will come approximately two-and-a-half years after Station Casinos opened its $925-million, 68-acre Red Rock resort. Located in the Summerlin master-planned community, it was the most expensive off-Strip casino resort ever built and the largest development ever undertaken by Station Casinos.
All told, Station Casinos owns and operates 15 resorts in Southern Nevada. Traditionally focused on the residents of Las Vegas more so than the visitors, Station Casinos officially reached out for more tourists in 2001 when it opened Green Valley Ranch, a 500-room resort located near the airport in Henderson, NV. Red Rock was its second such offering.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
