The $662 Million Aliante Station opened last night to the usual fanfare of fireworks and celebrities despite the state of the economy in Las Vegas. Located in the far north part of the Vegas Valley, it is intersection of the Beltway and Aliante Parkway. The numbers are typical of a locals place; 202 rooms, 120,000 Sq. Ft. casino filled with tons of (bad?) video poker, heavy on the casual food including a decent sized food court and a 16 screen movie theater.
Ironically, it opens on the same day Station Casinos reported terrible financial numbers. Due largely to the debt it took on to go private earlier this year, they posted a 3rd quarter loss of $23 million with revenue declining 10%. Not a great day to open a casino! I am very eager to check the place out and see what they got for their 650+ mil. With that price tag and the current environment, particularly in NLV, I don't know how they get their money back. By comparison, the Eastside Cannery that opened in August, "only" cost $250 million. The other problem facing Station is that any money made on Aliante will almost certainly come at the expense of Texas and Sante Fe Stations and Fiesta Rancho. With new development at a virtual halt in Vegas, they will just be cannibalizing themselves. As always with any new casino endeavour, I wish them all the luck in the world but like I said... Not a great day to open a casino!
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