Thursday, March 31, 2005 | 10:56 a.m.
Station Casinos Inc. said it will begin building a 17-screen movie theater on land it owns at the southwest corner of the Las Vegas Beltway and Durango Drive and may accelerate the eventual development of a hotel and casino at the site.
The Regal Cinemas Inc. theater is expected to open within several months and well before the company's planned Durango Station Hotel and Casino is built.
Similarly, Station Casinos built a Regal Cinemas theater at its Sunset Station property prior to developing the Henderson casino.
Station Casinos plans to build several locals casinos over the next several years starting with a major redevelopment on the site of its aging Wild Wild West casino and motel, which is expected to start construction west of Tropicana Avenue and Interstate 15 next year.
The company expects to disclose details on the timing of other projects, including the Durango Station casino, by the end of this year, Station Casinos Chief Financial Officer Glenn Christenson said.
The company had previously said Durango Station could be years off but Christenson said the company has more recently considered accelerating the development of future locals casinos.
"Getting people used to going to that part of town and that area is good," Christenson said.
"Growth in the southwest part of the valley continues at an amazing rate and residents in that area are significantly underserved when it comes to entertainment," added Station Casinos Chief Executive Frank Fertitta III in a statement.
In a research note to investors today, Deutsche Bank Securities stock analyst Marc Falcone said the decision to build the theater first "makes sense for the area, which may not meet Station's demographic requirements for a casino today but will likely meet that requirement soon."
The booming Las Vegas economy helped Station post record earnings in 2004 and for the fourth quarter of last year -- a trend that could accelerate future projects, the company has said.
Durango Station received zoning approval last year over the objections of some residents who said it was unsuitable given its proximity to an elementary school. The casino had been approved in 1997 as part of a master plan for the area and the school was approved in 2002.
The Durango site is about 7 miles away from its $800 million Red Rock Station resort, which will open next year at Charleston Avenue and I-15.
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