Red Rock's Fertitta brothers pay their mum US$120m for casino land

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.

But Red Rock is paying more than double the price per acre that rival Boyd Gaming Corp paid for a similar parcel in February. It's also 28 per cent mor…