Boyd Gaming Corporation has unveiled an exciting plan to reinvest in Southern Nevada with the construction of a brand-new casino, Cadence Crossing, at the site of their current Jokers Wild location in Henderson. This announcement was made during the company’s quarterly earnings call with investors, highlighting their commitment to expanding their presence in the region.
Project overview and timeline:
Scheduled to start construction later this year, Cadence Crossing is expected to open its doors by early 2026. The project will feature a modern 10,000-square-foot casino floor, equipped with 450 slot machines, and will offer a variety of dining venues along with live entertainment to attract a diverse crowd. The casino will be located on a 15-acre site at the busy intersection of Boulder Highway and Warm Springs Road. This strategic location is adjacent to the master-planned Cadence community, which is anticipated to grow to over 12,000 residential units upon completion, with 5,200 homes already occupied.
Throughout the construction phase, the current Jokers Wild casino will remain operational, according to KSNW 3 News. Once Cadence Crossing is operational, plans include the closure and demolition of Jokers Wild. Additionally, there is a potential phase two of the project, which may involve expanding the casino and adding a hotel with at least 114 rooms, although this expansion lacks a definitive timeline.
As the Las Vegas Review-Journal reports, Boyd Gaming’s CEO, Keith Smith, expressed optimism about the project during the earnings call, stating, “As the community grows, we can grow with it based on demand, so we feel pretty good about the opportunity. A modest investment on day one (with) opportunity to grow into the future.”
The financial specifics of the Cadence Crossing project were not fully disclosed; however, executives mentioned that the investment required for this development and renovations at other properties outside of Nevada would be covered by a $100 million capital expenditure listed on Boyd’s financial statements.
As for other properties in the region, Jokers Wild is Boyd’s only standalone casino operation in Henderson currently. Inquiries about the Eastside Cannery casino, which remains closed and is located near another Boyd property, Sam’s Town, were addressed. CEO Smith reiterated that the lack of sufficient market demand has kept the Eastside Cannery from reopening.
Community and economic considerations:
Boyd’s latest financial reports show a net income of $139.8 million for the quarter ending June 30, marking a decrease of about 27.3% compared to the previous year. This decline was largely attributed to one-time tax benefits that positively impacted the company’s results in the second quarter of 2023.
The development of Cadence Crossing Casino is part of Boyd Gaming’s strategy to leverage the expanding residential developments in the area, aiming to provide a vibrant new entertainment and gaming venue that aligns with the growth of the Henderson community. This initiative reflects Boyd’s ongoing efforts to adapt and thrive in the evolving market, ensuring they remain a significant player in the regional gaming and entertainment industry.
