Red Rock Resorts has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No pricing details were given in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder. The company intends to list on the Nasdaq under the symbol RRR.
The underwriters for the offering are Deutsche Bank, JPMorgan, Merrill Lynch and Goldman Sachs.
This is a leading gaming, development and management company operating 21 strategically located casino and entertainment properties. It has developed over $5 billion of regional gaming and entertainment destinations in multiple jurisdictions. Additionally, Red Rock Resorts is an established leader in Native American gaming, managing facilities in northern California and western Michigan.
The company began operations in 1976 with a 5,000-square-foot casino featuring 100 slot machines and has grown through development and acquisitions to become a premier provider of gaming and entertainment for residents of the Las Vegas regional market and visitors.
Its Las Vegas portfolio includes nine major gaming and entertainment facilities and ten smaller casinos (three of which are 50% owned), offering roughly 19,500 slot machines, 300 table games and 4,000 hotel rooms. These Las Vegas properties are broadly distributed throughout the market and easily accessible, with over 90% of the Las Vegas population located within five miles of one of its gaming facilities.
Most of the major properties are master-planned for expansion, enabling it to incrementally expand facilities as demand dictates. The company also controls six highly desirable gaming-entitled development sites, consisting of approximately 310 acres in Las Vegas and Reno, Nev.
The company intends to use the net proceeds from the offering to pay a portion of the purchase price for the Fertitta Entertainment Acquisition, acquire newly issued LLC units in Station Holdco and purchase LLC units from certain of its existing owners.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
