RRR, BYD

Red Rock Resorts, Inc.

Consumer


Presented:06/29/2016
Price:$21.16
Cap:$2.45B
Current Price:$52.11
Cap:$3.11B

Presented

Date06/29/2016
Price$21.16
Market Cap$2.45B
Ent Value$4.46B
P/E Ratio12.63x
Book Value$4.77
Div Yield0%
Shares O/S115.85M
Ave Daily Vol1,155,983
Short Int1.96%

Current

Price$52.11
Market Cap$3.11B
Red Rock Resorts, Inc. engages in the provision of gaming and entertainment services. It provides services through the operation of casinos. The company was founded on September 9, 2015 and is headquartered in Las Vegas, NV.

Las Vegas Locals Market - Red Rock Resorts (RRR) and Boyd Gaming (BYD)

Publicly traded companies mentioned herein: Red Rock Resorts (RRR), Boyd Gaming (BYD) and MGM (MGM).

Highlights

One of the biggest beneficiaries in the ongoing recovery in gaming has been the Las Vegas locals market, which is serviced by operators including Red Rock Resorts and Boyd Gaming. The niche gaming segment often gets lumped in with regional gaming, which has recently hit a bit of a speed bump in its recovery, but Vegas locals market fundamentals appear very favorable. In lieu of destinations like malls, Las Vegas residents typically head to gaming properties that cater to locals and include amenities like restaurants and movie theaters in addition to slots and tables. Although not necessarily going back to its previous peak, the presenter anticipates a big runway for growth for RRR and BYD with the Vegas economy improving and housing values in the market starting to tick back up. Further, while he believes that both companies will beat consensus estimates, his thesis assumes no multiple expansion.

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Idea Discussion

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