“We view the activity as a distinct positive, further supporting the view that management believes the locals market remains, and will remain, healthy, and that the Palms redevelopment will find its footing over time,” Deutsche Bank gaming analyst Carlo Santarelli said in a note at the time.<\/p>\n
\nHowever, RRR was downgraded by Union Gaming following the Q3 disclosure. The firm now has Red Rock a “hold,” down from a “buy.” The Palms is the reason.<\/p>\n<\/blockquote>\n
“The many moving parts at the Palms right now make it difficult to forecast when that property will begin contributing meaningfully to the bottom line relative to its capital investment. In the long run, we believe Palms will ramp. But it will likely take more than a few quarters to recalibrate,” said Union Gaming analyst John DeCree.<\/p>\n","protected":false},"excerpt":{"rendered":"
Palms Casino Resort is closing its Kaos day and nightclub just seven months after its opening. Red Rock Resorts (RRR) billionaire CEO Frank Fertitta III says the nightclub scene in Las Vegas has become far too competitive, and the 73,000-square-foot space can be better utilized. It doesn’t appear that the market has grown enough for […]<\/p>\n","protected":false},"author":25,"featured_media":119084,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Palms Casino Owner Explains Nightclub Closure Decision<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n