Planet 13 Expands In Las Vegas, CEO Touts 'Record Sales' Despite Less Tourism
The Nevada-based company noted it would also include the new entertainment features.
The company's SuperStore and entertainment complex spans 112,000 square-feet and would feature a new 80-foot video-wall.
The store — launched in November — expanded the retail space to 23,000 square feet with 40 new points of sale.
The budget ranges from $1.5 million to $2.5 million. Planet 13 expects to complete the project by the end of the first quarter of fiscal 2021.
"We are achieving record sales even with Las Vegas at only 50% tourist occupancy," Larry Scheffler, co-CEO of Planet 13 told Benzinga. He expects this would be the "first of many expansions we will undertake to keep up with demand."
"We continue to innovate and add new entertainment features to make every visit to Planet 13 a memorable part of the Las Vegas experience," Scheffler added.
The news comes on the heels of an agreement to sell some 4.7 million of its units (on a bought deal basis) at CA $4.30 per unit to a syndicate of underwriters co-led by Canaccord Genuity Corp. and Beacon Securities Ltd.
In addition, the company recently reported a 35% year-over-year decline in revenue. Its second-quarter earnings report showed that the company faces a "challenging environment," Scheffler noted.
Nevertheless, he was "pleased with the way the team worked under these conditions to add new customers and preserve capital."
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