Eminence Capital Discloses 5.1% Stake in Red Rock Resorts (RRR)

Eminence Capital, LP and Ricky C. Sandler report beneficial ownership of 3,059,372 shares of Red Rock Resorts, Inc. Class A Common Stock, representing 5.1% of the class.

Accepted by SEC EDGAR 08/14/2025 - 04:13 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Eminence Capital, LP and Ricky C. Sandler report beneficial ownership of 3,059,372 shares of Red Rock Resorts, Inc. Class A Common Stock, representing 5.1% of the class. The percentage is calculated using 60,092,344 shares outstanding as of May 1, 2025, per the companys quarterly report. Eminence Capital is a Delaware investment adviser and Mr. Sandler is its CEO; both report shared voting power of 3,012,795 shares and shared dispositive power of 3,059,372 shares. The filing states the holdings were acquired in the ordinary course of business and not to influence control.

Positive

• Clear disclosure of total shares and percentage (3,059,372 shares; 5.1%)
• Shared voting and dispositive powers are specified (3,012,795 and 3,059,372 respectively), improving transparency
• Calculation basis provided (60,092,344 shares outstanding as of May 1, 2025)

Negative

• None.

Insights

Financial Analyst

TL;DR A 5.1% stake by an institutional investor signals meaningful ownership but not control.

Eminence Capital and Ricky Sandler disclose a combined 3,059,372 shares (5.1%) of RRR, with shared voting and dispositive powers nearly identical, indicating centralized advisory control over the positions held in managed funds and SMAs. The stake is calculated from 60,092,344 outstanding Class A shares. This level typically warrants investor attention as it crosses the 5% reporting threshold, triggering enhanced transparency but does not itself imply a change in corporate control according to the filing.

Corporate Governance Expert

TL;DR Ownership disclosure meets regulatory thresholds and clarifies voting/dispositive arrangements.

The Schedule 13G identifies shared voting power of 3,012,795 shares and shared dispositive power of 3,059,372, reflecting the reporting persons managerial and advisory roles over the Eminence Funds and SMAs. The certification confirms holdings are in the ordinary course of business and not intended to influence control. The filing also includes a joint filing agreement as Exhibit 99.1, supporting coordinated reporting compliance.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many Red Rock Resorts (RRR) shares do Eminence Capital and Ricky Sandler report owning?

They report beneficial ownership of 3,059,372 shares of Class A Common Stock.

What percentage of RRR does the 3,059,372 shares represent?

The shares represent 5.1% of the Class A Common Stock, based on 60,092,344 outstanding shares.

What voting and dispositive powers are reported by the filers?

They report shared voting power of 3,012,795 shares and shared dispositive power of 3,059,372 shares; no sole powers are reported.

Where is Eminence Capital organized and what is Ricky Sandlers role?

Eminence Capital is organized in Delaware; Ricky C. Sandler is CEO and the filing indicates he may share voting/dispositive power.

Does the filing state the purpose of the holdings?

Yes; the certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Red Rock Resorts, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.01 per share

(Title of Class of Securities)

75700L108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 75700L108

1

Names of Reporting Persons

Eminence Capital, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,012,795.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,059,372.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,059,372.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 75700L108

1

Names of Reporting Persons

Ricky C. Sandler

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,012,795.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,059,372.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,059,372.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Red Rock Resorts, Inc.
(b)	Address of issuer's principal executive offices: 1505 South Pavilion Center Drive, Las Vegas, NV 89135
Item 2.
(a)	Name of person filing: This statement is filed by Eminence Capital, LP, a Delaware limited partnership ("Eminence Capital") and Ricky C. Sandler, a U.S. Citizen ("Mr. Sandler," and together with Eminence Capital, the "Reporting Persons"). Eminence Capital serves as the management company or investment adviser to, and may be deemed to have shared voting and/or dispositive power (as the case may be) over the shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock") of Red Rock Resorts, Inc., a Delaware corporation (the "Company") held by various investment funds (the "Eminence Funds") and separately managed accounts (the "Eminence SMAs," and together with the Eminence Funds, the "Eminence Funds and SMAs") under its management and control. The general partner of Eminence Capital is Eminence Capital GP, LLC, the sole managing member of which is Mr. Sandler. Mr. Sandler is the Chief Executive Officer of Eminence Capital and may be deemed to have shared voting and/or dispositive power (as the case may be) with respect to the shares of Class A Common Stock held by the Eminence Funds and SMAs. The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Section 13G of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the principal business and principal office of Eminence Capital is 399 Park Avenue, 25th Floor, New York, NY 10022. The business address of Mr. Sandler is 399 Park Avenue, 25th Floor, New York, NY 10022.
(c)	Citizenship: Eminence Capital is a limited partnership organized under the laws of the State of Delaware. Mr. Sandler is a United States citizen.
(d)	Title of class of securities: Class A Common Stock, par value $0.01 per share
(e)	CUSIP No.: 75700L108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 60,092,344 shares of Class A Common Stock outstanding as of May 1, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 8, 2025.
(b)	Percent of class: 5.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. No person other than the Reporting Persons and the Eminence Funds and SMAs is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Class A Common Stock held by the Eminence Funds and SMAs.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Eminence Capital, LP

Signature:	/s/ Ricky C. Sandler
Name/Title:	Ricky C. Sandler, Chief Executive Officer
Date:	08/14/2025

Ricky C. Sandler

Signature:	/s/ Ricky C. Sandler
Name/Title:	Ricky C. Sandler, Individually
Date:	08/14/2025

Exhibit Information

Exhibit 99.1: Joint Filing Agreement