Red Rock will cost a whopping $925 million, and South Coast, before future expansions, will cost about $600 million. Their combined value of $1.5 billion is about as much as the roughly $1.6 billion Steve Wynn spent to build Bellagio and the $1.4 billion Sheldon Adelson spent on the Venetian -- two resorts that raised the bar for megaresorts on the Strip.

It's a long way from the record-breaking $300 million Station spent to build Green Valley Ranch in 2001.

While both companies say construction costs for goods such as concrete and steel have something to do with the hefty pricetags, the increase has much more to do with the trend toward suburban luxury. All that extra bling costs dough.

Milestone No. 2 is that Station and Boyd -- which potentially have the most to gain from these new properties -- stand to directly capture business from one another.

Both companies have historically built properties that are at least five miles apart. The thinking goes that people generally won't drive much farther to patronize a neighborhood casino. That way, casinos rope in a captive audience of residents within a 5-mile radius without poaching business from rivals.

Red Rock, a 3.4-mile drive from Coast Casinos' successful Suncoast property near Summerlin, presents a new challenge for parent company Boyd Gaming.

Meanwhile, Coast's South Coast property at Las Vegas Boulevard South and Silverado Ranch Boulevard is a 5.6-mile drive from Station's Green Valley Ranch in Henderson. While that's a bit farther from Green Valley's sweet spot, South Coast's location near Interstate 15, as well as its state-of-the-art equestrian center, give Boyd an opening to capture California drivers who had originally planned to bypass the Strip for Green Valley Ranch.

Some analysts disagree over how much is at stake in this potential battle for customers. There's also disagreement over whether the white-hot locals business could be slowing down.

In a research note to investors last week, Morgan Stanley stock analyst Celeste Brown said the locals casino market will "easily" absorb new supply from Red Rock and South Coast without significantly stealing customers from existing properties.

"The new properties are opening in relatively underserved areas with high population growth, and we expect they will largely expand the market," Brown said.

Coast Casinos' boss Michael Gaughan predicted last week that growth in the western valley will offset Red Rock's impact on his casino.

"By the time Red Rock gets open, Suncoast won't take the hit," Gaughan said. "The town's just exploding."

Gaughan also said the new South Coast won't siphon much business from Station. "I'm a long way away from Green Valley Ranch."

But at least one analyst believes that impact could be more than investors expect.

In a research note to investors in August, Goldman Sachs stock analyst Steven Kent said he suspects that Station will be "better positioned" than Boyd to capture business.

"(Station) looks to be more of a market share taker as these new properties open," as Red Rock is closer to Suncoast than South Coast is to Green Valley Ranch, Kent said. Given that scenario, it could be harder for Coast's properties to meet expectations of 5 percent revenue growth, he said.

Analysts are especially bullish on Red Rock given its location in one of the most expensive districts in the valley as well as the fact that the company will own 100 percent of the property.

Green Valley Ranch, the most recent experiment in luxury-style gambling for locals, has been Station's most profitable casino yet. Its performance after less than four years in business warranted a $115 million expansion, including several high-roller suites, and gave Station the basis to forge ahead with a more luxurious Red Rock. Yet half of Green Valley's operating profit goes to the Greenspun family, Station business partners and owners of In Business Las Vegas.

Brian Gordon, a partner with Las Vegas consulting firm Applied Analysis, believes the Las Vegas Valley is growing so rapidly that both new properties will have plenty of business to draw from without hurting existing competitors.

"Red Rock is opening in what some would consider the hottest consumer demographic in Southern Nevada, where there's significant population growth and higher-than average household income levels," Gordon said. "I think there's room for that area to grow as Summerlin develops further to the west and attracts residents from the southwest part of the valley."

The South Coast will have even less crossover with Green Valley Ranch customers because of the property's ability to draw more of a tourist crowd from I-15, Gordon said. Second homes including condo and timeshare complexes are sprouting nearby along Las Vegas Boulevard South, while the South Coast will be able to offer cheaper rooms for visitors than resorts farther up the Strip, he said. New housing developments such as the upscale Southern Highlands community on the west side of I-15 will be well within the South Coast's capture zone, he added.

While raising questions about short-term performance, Kent acknowledged that Las Vegas' economic vital signs remain healthy. Economic expansion driven by population growth, new housing developments and low unemployment are examples of how the city will continue to grow "for at least another few years," he said.

August gaming revenue data released Tuesday by the state Gaming Control Board also show healthy growth in the locals market.

North Las Vegas casinos won 20 percent more from gamblers in August than the same month last year. Boulder Highway won 12 percent more and the balance of Clark County (including the remaining locals casinos) won 14 percent more.

"(W)e believe concerns about a slowdown in the locals market are overblown," Brown said in a separate research note Tuesday.

Liz Benston covers gaming for In Business Las Vegas and its sister publication, the Las Vegas Sun. She can be reached at (702) 259-4077 or by e-mail at benston@lasvegassun.com.