[Form 4] Red Rock Resorts, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 highlights: Berkshire Hathaway Inc. and Warren E. Buffett, both deemed 10% owners of Sirius XM Holdings (SIRI), disclosed fresh open-market purchases of the issuer’s common stock.

Transactions: Between 31-Jul-2025 and 04-Aug-2025 they bought 5,030,425 shares in four tranches: 1,977,837 sh at $21.0436, 85,389 sh at $21.4305, 1,930,000 sh at $21.0228 and 1,037,199 sh at $21.6252 (weighted-average prices; detailed price ranges supplied in footnotes).

Resulting ownership: Indirect holdings rose to 124,807,117 SIRI shares. Of this total, 108,822,227 shares are held by Berkshire insurance subsidiaries (GEICO, National Fire & Marine, National Indemnity) and 15,984,890 shares by pension plans of Berkshire subsidiaries. Buffett disclaims beneficial ownership except to the extent of his pecuniary interest.

Implications: The 4%+ increase in position reinforces Berkshire’s strategic exposure to SIRI and signals continued confidence from Buffett’s conglomerate while keeping the stake above the 10% threshold that triggers ongoing Section 16 reporting.

Insights

Securities Analyst

TL;DR: Berkshire bought 5.0 M SIRI shares, lifting stake to 124.8 M; purchase suggests incremental confidence, modest but positive signal.

Perspective: A 5 M-share addition raises Berkshire’s exposure by roughly 4 %, pushing its indirect ownership to 124.8 M shares. The buying window at ~$21 is near recent trading ranges, implying conviction rather than bargain hunting. Because Berkshire already exceeded the 10 % threshold, regulatory burden stays unchanged. While the dollar amount is small relative to Berkshire’s $300 B+ equity portfolio, Sirius XM benefits from the reputational endorsement. No immediate operational or financial impact on SIRI, yet the purchase may ease investor concerns about subscriber softness by showcasing an informed, long-term holder adding shares.

Corporate Governance Expert

TL;DR: Additional purchases keep Berkshire aligned with insider-ownership incentives; no governance red flags.

Buffett’s conglomerate continues to hold SIRI through multiple insurance entities and pension trusts, preserving a diversified indirect structure. All trades were properly disclosed via Form 4 within two business days, indicating compliance with Section 16. The filing reiterates Buffett’s disclaimer of beneficial ownership beyond pecuniary interest, a standard governance stance that limits fiduciary conflicts. The absence of derivative activity or dispositions suggests a straightforward long equity thesis. Overall, the event is governance-neutral to positive, reflecting transparent reporting and sustained insider alignment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Welch Jeffrey T

(Last) (First) (Middle)

C/O RED ROCK RESORTS, INC.

1505 SOUTH PAVILION CENTER DRIVE

(Street)

LAS VEGAS NV 89135

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Red Rock Resorts, Inc. [ RRR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
CLASS A COMMON STOCK	07/31/2025		M		310,210	A	$24.11	568,324	D
CLASS A COMMON STOCK	07/31/2025		F		196,904	D	$60.615	371,420	D
CLASS A COMMON STOCK	08/01/2025		S		56,653	D	$60.23(2)	314,767	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
EMPLOYEE STOCK OPTION (RIGHT TO BUY)	$24.11	07/31/2025		M			310,210	(1)	02/14/2026	CLASS A COMMON STOCK	310,210	$0.00	0	D

Explanation of Responses:

1. This stock option previously vested in accordance with the terms of the applicable vesting schedule.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $60.00 to $60.54, inclusive. The reporting person undertakes to provide to Red Rock Resorts, Inc., any security holder of Red Rock Resorts, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Footnote 2.

	/s/ Jeffrey T. Welch	08/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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