CEO: No plans yet for reopening closed Station Casinos properties
There are still no plans for reopening any of Station Casinos’ closed Las Vegas valley properties, the parent company’s CEO said Tuesday.
Four of Station’s properties – Palms, Fiesta Henderson, Fiesta Rancho and Texas Station – have remained closed since a statewide order shut down gaming in March for the COVID-19 pandemic.
Speaking during an investor call Tuesday, Red Rock Resorts CEO Fank Fertitta said Station Casinos has taken “a very disciplined approach” toward its properties since reopening most in June last year, when the gaming shutdown ended.
“The reality is we have more restrictions on our capacity now than we did when we reopened on June 4,” Fertitta said, referring to the current 25% statewide capacity limit versus the higher limit instituted last summer.
Station Casinos would want to make sure there would be positive cash flow before opening any more of its properties, he said, explaining that because Palms is geared toward the tourist market, executives would also want to see tourism volume return to normal.
For the other three properties, which are more reliant on a local customer base, he said the company would monitor the response to COVID-19 vaccinations, particularly from older guests, before taking any steps.
Red Rock Resorts, the parent company of Station Casinos, reported a net loss of $174.5 million in 2020 in its filing with federal regulators Tuesday.
Revenue for the last three months of the year was $343.4 million, down more than 25% compared to the same period in 2019. However, the company’s earnings before adjustments and reductions were $150.5 million, up more than 9% over a year ago, according to the fourth-quarter filing.