Red Rock Resorts Inc
RRRBuild a strategy around RRR
Red Rock Resorts Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 15.5x with 3.4B debt vs 220M equity - interest expense (208M TTM) consumes 51% of pretax income[Debt to Equity]
- Operating margin 30.7% TTM vs industry median 8.2% - 3.7x advantage drives 612M operating income on 2B revenue[Operating Margin TTM]
- Tangible book value negative (-56M) - 276M intangibles exceed 220M equity, limiting downside protection[Tangible Book Value]
Watch Triggers
- Interest Expense TTM: Exceeds 250M or >55% of pretax income — Signals debt burden becoming unsustainable; current 208M already consumes 51% of pretax
- Free Cash Flow TTM: Falls below 250M — Would extend deleveraging timeline beyond 10 years at current debt levels
- Operating Margin TTM: Drops below 25% — Margin compression would erode the core competitive advantage vs peers
Bull Case
Best-in-class margins: 62% gross, 31% operating, 40% EBITDA margins vs industry medians of 52%, 8%, 10% respectively
Asset-heavy model (2.9B PPE) creates barriers; 333M FCF TTM = 5.6% yield on 5.9B market cap
Bear Case
Extreme leverage: 15.5x D/E, 4.2x net debt/EBITDA, 208M annual interest - refinancing risk if rates stay elevated
EPS declining -7.7% 3Y CAGR despite stable revenue (+4.7% 3Y) - margin compression or rising interest costs
Bull vs Bear Balance
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Forward Thesis
FCF generation (333M TTM) can reduce leverage by 1x annually if prioritized over dividends
- FCF margin 16.7% on 2B revenue
- Capex 269M manageable vs 807M EBITDA
- Interest coverage 2.9x provides cushion
Valuation Context
Caveats
Public Strategies Rankings
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RRR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$5.58B | — | ||
$8.88B | — | ||
18 | — | ||
$2.01B | +3.7% | — | |
$3.12 | +18.8% | — | |
30.7% | +1.0% | — | |
9.35% | +1.4% | — | |
$288.87M | +15.8% | — | |
88.8% | +8.6% | — | |
Beta 5Y (Monthly) | unknown | — |
RRR Dividend History
2026
$1.26002025
$2.01002024
$2.00002023
$1.00002022
$2.00002021
$3.00002020
$0.10002019
$0.40002018
$0.40002017
$0.40002016
$0.2000RRR Stock Splits
RRR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/20/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/21/25 | 12/31/24 | 10-K | |
11/08/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
02/21/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/07/23 | 06/30/23 | 10-Q | |
05/08/23 | 03/31/23 | 10-Q | |
02/24/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/06/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/06/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
02/23/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/07/20 | 06/30/20 | 10-Q | |
05/20/20 | 03/31/20 | 10-Q | |
02/21/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/08/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
11/09/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/10/17 | 03/31/17 | 10-Q | |
03/13/17 | 12/31/16 | 10-K | |
11/10/16 | 09/30/16 | 10-Q | |
08/15/16 | 06/30/16 | 10-Q | |
06/10/16 | 03/31/16 | 10-Q | |
04/28/16 | 12/31/15 | 424B1 | |
11/23/15 | 09/30/15 | S-1/A | |
10/13/15 | 06/30/15 | S-1 | |
06/10/16 | 03/31/15 | 10-Q | |
10/13/15 | 12/31/14 | S-1 | |
09/30/14 | 09/30/14 | Unknown | -- |