Red Rock Resorts Inc Stock Price, News & Analysis

Red Rock Resorts (RRR) announced preliminary results of its modified Dutch auction tender offer, which expired on December 9, 2021. A total of 6,921,149 shares were tendered at or below $51.50 each, with an estimated total cost of approximately $356.4 million. This represents around 10.13% of total outstanding shares. The final number of shares and purchase price are subject to confirmation by the Depositary and will be announced after the settlement period. BofA Securities acted as the dealer manager for this tender offer.

Red Rock Resorts, Inc. (NASDAQ: RRR) announced that its subsidiary, Station Casinos LLC, has priced a $500 million offering of senior notes due 2031 with a 4.625% interest rate. The offering is set to close on or around November 26, 2021. Proceeds from the notes will facilitate a distribution of approximately $344 million to LLC interest holders, fund a $350 million common stock buyback, and cover related fees and general corporate expenses. These notes will not be registered under the Securities Act and will be sold to qualified buyers in compliance with relevant regulations.

Red Rock Resorts, Inc. (NASDAQ: RRR) announced that Station Casinos LLC plans to offer $500 million in senior notes due 2031. Proceeds will be used for a $344 million distribution to LLC interest holders, funding a $350 million equity tender offer for Class A Common Stock, covering transaction costs, and general corporate purposes. The notes will be sold to qualified institutional buyers and are not registered under the Securities Act. The Company warns that actual results may differ from expectations.

Red Rock Resorts (RRR) announced a modified Dutch Auction tender offer to repurchase up to $350,000,000 of its Class A Common Stock, with a purchase price range set between $46.00 and $53.00 per share. The offer begins November 10, 2021, and expires at midnight on December 9, 2021. In addition, a special cash dividend of $3.00 per share has been declared, payable on December 22, 2021, to shareholders of record as of November 23, 2021. This strategy aims to return value to shareholders and efficiently utilize available cash.

Red Rock Resorts (NASDAQ: RRR) reported robust financial results for Q3 2021, with net revenues reaching $414.8 million, a 17% increase year-over-year. Net income soared to $117.9 million, marking a 64% rise from the previous year. Adjusted EBITDA also climbed by 15% to $184.5 million. Notably, Las Vegas operations contributed $412.7 million in revenues, up 29%. The company enhanced its share repurchase program, increasing it from $150 million to $300 million, with over $173 million available for repurchases.

Red Rock Resorts, Inc. (NASDAQ: RRR) is set to release its third quarter 2021 financial results on November 2, 2021, followed by a conference call at 4:30 p.m. ET. Participants can dial in starting at 4:15 p.m. ET to discuss the results, and a live audio webcast will also be available. A replay of the call will be accessible until November 9, 2021. Red Rock Resorts operates various entertainment and gaming properties in Las Vegas, including Red Rock Casino Resort Spa and Green Valley Ranch Resort Spa Casino.

Red Rock Resorts (NASDAQ: RRR) has announced the redemption of $280,333,000 in 5.000% senior notes due 2025, following a notice issued by Station Casinos LLC. The company plans to utilize cash reserves and borrowings from its revolving credit facility to cover the redemption premium, accrued interest, and associated costs. This action reflects Station Casinos' ongoing financial management as it continues to operate its array of gaming and entertainment properties in Las Vegas.

Red Rock Resorts reported Q2 2021 financial results, showing a significant recovery from the COVID-19 pandemic. Net revenues reached $428.2 million, a 295% increase from $108.5 million in Q2 2020, though down 11% from $482.9 million in Q2 2019. Net income was $143.4 million, improving from a loss of $118.4 million year-over-year. Adjusted EBITDA surged to $210.2 million, up from a negative $17.3 million in 2020, yet increased only 82% compared to 2019. The company ended Q2 2021 with $91 million in cash against $2.7 billion in debt.

Red Rock Resorts, Inc. (NASDAQ: RRR) is set to release its financial results for the second quarter of 2021 on July 28, 2021. The company will host a conference call at 4:30 p.m. ET on the same day to discuss the results, featuring prepared remarks and a Q&A session. Interested participants can join by calling in 15 minutes earlier, with options for both domestic and international dialing. A replay of the call will be available until August 4, 2021. Red Rock Resorts manages Station Casinos, a key provider of gaming in Las Vegas.