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Red Rock's Fertitta brothers pay their mum US$120m for casino land
The price per acre is more than double what rival Boyd Gaming paid for a similar parcel in February
Published Thu, May 18, 2017 · 09:50 PM
Los Angeles
RED Rock Resorts Inc agreed to pay US$120 million to the mother of its controlling shareholders, billionaires Frank and Lorenzo Fertitta, for land under two of its resorts - a big score even by Las Vegas standards.
A trust for the Fertittas' parents, Victoria and her late husband Frank Jr, has owned about 75 acres (30 hectares) beneath the Boulder Station and Texas Station casinos - two properties catering to local gamblers - since before the company first went public in 1997. The rental terms were comparable to what a third party would pay, the company said at the time.
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