Red Rock Resorts: Initiation of Coverage – Changing Market Dynamics and Loyalty Program Expansion! 

Red Rock Resorts’ second quarter 2024 results showcased robust performance that affirms both the
strength and challenges of its operations. The Las Vegas-based company, which operates principally
under the Station Casinos brand, reported its highest second-quarter net revenue and adjusted EBITDA in
history for its Las Vegas operations. The company also highlighted the positive impact of its new Durango Casino Resort, which has enhanced its customer base significantly by drawing in and retaining new patrons, boosting not only visitation by approximately 90% but also the net theoretical win. This property alone has added over 55,000 new customers to Red Rock’s database and is anticipated to become one of the highest margin properties for the company.