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

This is our first report on casino and gaming player, Red Rock Resorts. The company has presented a strong fourth quarter and full year report for 2023 in their recent earnings conference call. The Las Vegas operations of the company saw its best-ever adjusted EBITDA in Q4. Further, nearly record net revenue and adjusted EBITDA margin were achieved for the full year, with the best adjusted EBITDA in the company’s history. The financial results were buoyed by the successful integration of the Durango and Wildfire Fremont properties into the Red Rock Resorts portfolio. These openings not only led to the expansion of the company’s physical footprint but also validated their long-term growth strategy.