Station Casinos to Partner with Greenspun Corp
Will Develop Hotel and Casino in Aliante Master Planned Community in North Las Vegas
NORTH LAS VEGAS, NV, December 20, 2005. Station Casinos, Inc. and The Greenspun Corporation today announced that they have entered into an agreement to develop Aliante Station, a hotel and casino in Aliante, a 1,905-acre master-planned community in North Las Vegas. Station will develop and manage the facility, which will be located on a gaming-entitled 40-acre site on the northeast corner of Interstate 215 and Aliante Parkway within the Aliante master-planned community. The agreement calls for 50/50 ownership of the project, with Station receiving a management fee.
"When we conceptualized and developed Aliante, we incorporated a hotel/casino as part of our overall master plan in order to provide the entertainment amenities that many residents are looking for," said Brian Greenspun, Chairman of the Board of The Greenspun Corporation. "We have a great relationship with the Fertittas and Station Casinos as a result of the success of Green Valley Ranch Resort and we are confident that they will develop and operate a high-quality project for our residents and the surrounding North Las Vegas community," Greenspun concluded.
"We are excited about the opportunity to develop and operate a hotel and casino in Aliante, the most successful master-planned community in North Las Vegas," said Lorenzo Fertitta, President of Station. "North Las Vegas is one of the fastest growing cities in the country and Aliante is the premiere location in North Las Vegas for a hotel and casino. We believe that market is ready for our product."
The master-planned community currently features a golf course, city parks and an extensive 24-mile trail system. Aliante is a partnership between American Nevada Corporation and Del Webb Communities.
According to City of North Las Vegas demographers, North Las Vegas' population is expected to continue to double every eight years with an average annual growth rate of 9.4%. This year, North Las Vegas' population exceeded 180,000 residents. The U.S. Census Bureau also named North Las Vegas the second fastest growing city in the country from 2000-2003 with a population increase of 25%.
Station will immediately begin designing the hotel and casino and anticipates breaking ground on the project by late 2006 or early 2007. "As the premiere provider of local's entertainment, we look forward to bringing hotel rooms, restaurants and entertainment such as gaming and movie theatres to an area we believe is hungry for these types of amenities," said Fertitta.
Subsidiaries of The Greenspun Corporation and Station are partners in Green Valley Ranch Resort and Casino, Barley's Casino & Brewing Company and The Greens Cafe, all of which are located in Henderson, Nevada.
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