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Introduction Red Rock Resorts, Inc. ( we, our, us, Red Rock or the Company ) is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ( Station LLC ), through which we conduct all of our operations. Station LLC is a gaming, development and management company established in 1976 that develops and operates strategically-located casino and entertainment propert…
Margins and capital returns are both well above average: 29.70% operating margin, ROIC at 15.01%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 3.7%, steady but not accelerating.
Net debt of $3.33B represents 11.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.02B
▲ +3.7% YoY
Net Income (TTM)
$186M
▲ +22.1% YoY
Op. Margin
29.03%
▲ +0.4pp YoY
ROIC
14.72%
▲ +0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$255M
▲ +9.9% YoY
Op. Cash Flow (TTM)
$623M
▲ +11.2% YoY
Net Debt
$3.47B
Cash & Equiv.
$134M
5Y CAGR: +11.2%
5Y CAGR: +13.5%
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