As previously announced, the Company will begin construction on the
Phase II expansion of Red Rock Resort later this year. Today the
Company announced the next two projects in the series of master-
planned expansions and new properties expected to be developed in
the Las Vegas local's market over the next several years. "Based on
the extremely favorable supply/demand characteristics of the Las
Vegas local's market, we have decided to accelerate both the
development of master-planned expansions at our existing properties
and the development of new properties. We believe that these high-
return local development opportunities, combined with our Native
American development opportunities, will provide us with a strong
growth pipeline for years to come," said Fertitta.
This series of projects includes the Phase III master-planned
expansion of Santa Fe Station. This expansion project will include a
2,900-space parking garage, a 500-seat buffet, 400 additional slot
machines, a remodel and expansion of the race and sports book, a
15,000 square-foot meeting and banquet facility and a new center
bar. Construction of this project is expected to begin in August
2005 and be completed in September 2006. The estimated cost of this
project is $120 million. "We believe the additional amenities will
satisfy the increasing demand in the rapidly growing northwest
portion of the Las Vegas Valley," said Fertitta.
This series of projects also includes the Phase II master-planned
expansion of Fiesta Henderson. This expansion project will include a
1,500-space parking garage, 350 additional slot machines, a
remodeled and expanded race and sports book and a 12-screen movie
theater complex. Construction of this project is expected to begin
in July 2005 and be completed by June 2006. The estimated cost of
this project is $70 million. "This portion of Henderson is also
growing very quickly and this expansion will allow us to meet the
market demand," stated Fertitta.