Ron Winchell and Marc Falcone saw more than a pot of gold when they bought the Emerald Island and Rainbow Club casinos in Henderson in 2024.
The two saw plenty of opportunities to expand their gaming business, which includes more than 45 small casinos and three dozen tavern-style properties across three states.
Since their $64.5 million acquisition of the casinos, they have seen Water Street — home to the Rainbow Club and a block from Emerald Island — evolve into a vibrant entertainment district.
New restaurants, bars and the 90-room Atwell Suites opened over the last two years, with more on the way. In February, the stalled Watermark project, a seven-story, 151-unit apartment complex, gained new financing and is anticipated to be completed by May.
“There is a critical mass of people that have moved to the Henderson area,” Emerald Island General Manager Tim Brooks said in an interview with The Nevada Independent.
The new additions mark a resurgence for Henderson after two casinos shuttered during the pandemic were never opened. And it marks a shift for the city that — after decades as a bedroom community for Las Vegas — is evolving into a destination unto itself.
“Water Street used to be pretty much done after sundown. Now there is a vibrant nightlife here with people walking around,” said Brooks, who stayed on to manage the two small casinos after selling them.
The area along tree-lined Water Street has taken on a contemporary look, starting with the America First Center, which is situated between Atwell and Henderson’s municipal complex. The ice skating arena serves as the practice facility for the Henderson Silver Knights, the top minor league team for the Vegas Golden Knights.
The neighboring Pass Casino, formerly known as the Eldorado, was acquired from Boyd Gaming in 2020 by Railroad Pass Casino, Hotel and Travel Center owner Joe DeSimone. He remodeled the interior of the building, which opened in 1961, and added the boutique hotel.
“The hotel has only been open for 90 days and it’s been well-received,” DeSimone said. “We haven’t even started selling food there. That should happen soon.”
Emerald Island’s new owners also acquired an old muffler shop across Water Street, which they tore down for expanded casino parking. The next steps are to expand the casino floor and add a new bar and restaurant by the end of the year or in early 2026.
The growth of entertainment businesses along Water Street spurred casino expansion. But Henderson’s gaming development isn’t just confined to the downtown area. Older hotel-casinos, such as Red Rock Resorts’ two properties, are being renovated. New casinos are being developed.
Red Rock is the final stage of seeking entitlements to build a resort in the Inspirada community. And Boyd Gaming broke ground last week on a new casino to replace the company’s aging Jokers Wild as the nearby Cadence master-planned community in east Henderson is moving toward a build-out of 12,000 homes.
Meanwhile, the city is looking at developing the former site of the Fiesta Henderson, which is outside of the downtown corridor. But it won’t be another casino. Red Rock demolished the property in 2023 when it never reopened following the pandemic and kept the casino entitlements. The city acquired the land and is seeking a developer for a sports complex that could include other entertainment opportunities such as dining. Gaming, however, would be restricted to just a few slot machines.
Gaming industry consultant Brendan Bussmann, who lives in Henderson, said the loss of Fiesta “left a large hole in the neighborhood casino market.” He said Boyd Gaming has “an opportunity within the Cadence community to service these areas in a meaningful way with the right development.”
Henderson has a population of more than 337,000, according to the U.S Census Bureau, and it surpassed Reno as Nevada’s second-largest city in 2007 when it reported a population of 240,600. According to the North American Community Hub Statistics, Henderson’s population grew by 23 percent between 2010 and 2020, slightly outpacing Las Vegas’ growth of 15 percent during the same period.
“It’s been a pretty constant and steady growth pulse, and Henderson has done a good job of responsible planning and development,” said Henderson Chamber of Commerce CEO Scott Muelrath, who has led the 2,200-member organization since 2011. “Right now, there is a gaming moment that is occurring.”
Shannon Clements, owner of Elements Salon & Spa on Water Street, has seen a boost in her business with all the new projects that have been completed and are now underway.
“I love everything that is going on on Water Street. The more good business, the better my business will be,” she said.
$1 billion in annual gaming revenue?
Although Henderson’s market is primarily comprised of multiple small casinos, the city holds its own against the state’s prominent gaming areas.
Casinos within Henderson’s city limits are categorized by the Gaming Control Board as the Boulder Strip. The reporting market — which covers 41 locations that report more than $1 million or more a year in gaming revenue — includes DeSimone’s Railroad Pass outside of Boulder City, and several properties such as Sam’s Town and Boulder Station along Boulder Highway.
When gaming resurged statewide in 2021 following the pandemic, Boulder reported a single-year record of $967.6 billion in revenue and seemed on the cusp of becoming just the third area — along with the Strip and the balance of Clark County — to crack the $1 billion gaming revenue mark.
However, in each of the past three years, Boulder/Henderson saw slight revenue declines, finishing out 2024 with $959.6 million.
Pass owner DeSimone said his business has expanded into slot machine route operations, which includes the Bullet Train restaurant next to his Railroad Pass. He said the route business, where he manages games for a fee or shares in the gaming revenue, could include some of the new bar and tavern locations in Henderson.
“When there’s more entertainment in the town, that’s good for everybody,” DeSimone said. “I walked down to Johnny Mac’s [Sports Bar] last night just to have a cheesesteak sandwich. It’s a great atmosphere and a lot different than my place. I’m glad to have them on [Water Street] because people weren’t coming to Henderson two months ago.”
Brooks, who spent two decades operating Emerald Island and Rainbow Club, is not concerned about competition from newer properties opening outside of the downtown corridor.
He said the Watermark apartment project and Henderson’s growing housing community means more locals will find their way to Water Street.
“More competition makes you a better operator,” Brooks said. “We need to focus on our business and pay closer attention to detail.”
Big gaming spends on Henderson
The smaller operators said they are prepared as Boyd Gaming, Red Rock Resorts and Penn Entertainment step up their presence in Henderson.
The emergence of the Cadence community was the impetus behind Boyd announcing plans for Cadence Crossing last summer. The initial phase of the 10,000-square-foot property will include 450 slot machines, several dining options and live entertainment on a 15-acre site.
Following the planned 2026 opening, employees from Jokers Wild will be transferred to Cadence and the old casino, which sits adjacent to the construction site, will be torn down.
Boyd CEO Keith Smith said in February that the company has plans for a small hotel, additional casino space and other amenities, viewing the project as bringing “a modern casino entertainment experience” to an underserved area of Henderson.
Following the demolition and sale of the Fiesta site, Red Rock Resorts began a combined $233 million reinvestment into its two Henderson casinos — Green Valley Ranch and Sunset Station.
At the 495-room Green Valley Ranch, the company is embarking on a room remodeling project in June, following recent renovations to the casino and restaurant areas. Previously, Red Rock remodeled Sunset Station’s sportsbook and added new restaurants, including a Yard House.
Chief Financial Officer Steve Cootey said in February that Red Rock is positioning the properties “to capture the continued growth in Henderson.”
Red Rock also owns 61 acres in Henderson’s Inspirada community — approximately 6 miles southwest of Green Valley Ranch — where it is in the gaming entitlement and approval process for a casino similar to the $780 million Durango Resort in southwest Las Vegas that opened in December 2023.
Bussmann sees high potential for the Inspirada project.
“One would think this would be higher on the list for Red Rock Resorts considering the amount of infrastructure changes going in to accommodate this future development,” he said.
To the west of Inspirada, Penn is spending $206 million to double the size of M Resort from 390 rooms and suites to 774 while adding additional conference space and other amenities.
Bussmann said M Resort, while at the far western edge of the city limits, serves the Southern Highlands community more than it does Henderson.
What about the Fiesta site?
The only structure remaining on the 35-acre Fiesta Henderson site is the parking garage, which the city plans to incorporate into what ultimately is built at the location. Henderson redevelopment director Anthony Molloy said parking structures are “extremely expensive to build” and having a 1,480-space facility is an enticement to whoever develops the location.
In 2022, the city council spent $32 million to buy the site along Lake Mead Parkway at the 215 Beltway-Interstate 11 interchange. Henderson wants to develop a field house for indoor sports, such as basketball, pickleball and volleyball, as well as a non-gaming hotel.
Negotiations with a developer collapsed in February, and the city is exploring new partners. Molloy said the site would eventually include, along with the field house, a mixed-use project with dining outlets, community gathering spaces and commercial retail.
“In terms of gaming, the only thing that we are permitted to do would be up to two restaurants, with each having not more than five gaming machines,” Molloy said.
He said the Fiesta site was purchased with a deed restriction to keep the property from becoming a full-scale resort. Five slot machines would be one-third of the 15 games allowed under Nevada’s restricted gaming regulations.
Managing Editor Hali Bernstein Saylor contributed.
