Red Rock Resorts: Las Vegas Growth And Scarce Land

Red Rock Resorts offers a durable Las Vegas locals casino business and a unique portfolio of scarce, gaming-entitled development land. RRR benefits from recurring local demand, demographic tailwinds, and strong barriers to entry due to regulatory restrictions on new casino sites. Expansion projects like Durango North are positioned to capture population growth, with management targeting >6,000 additional households within three miles. I recommend a buy rating, supported by stable margins, attractive land optionality, and a calculated equity value of ~$85 per share. I am positive on Red Rock Resorts (RRR). The crux of my buy case is that RRR owns a strong Las Vegas locals casino business and a collection of gaming-entitled development sites that