Red Rock Resorts Files 2023 Annual Report on Form 10-K

TL;DR

<b>Red Rock Resorts, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Red Rock Resorts, Inc. (RRR) filed a Annual Report (10-K) with the SEC on February 21, 2024. Red Rock Resorts, Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's primary business is in the Hotels & Motels sector (SIC 7011). Red Rock Resorts was formerly known as Station Casinos Corp. until September 21, 2015. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Red Rock Resorts, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Red Rock Resorts' financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a major player in the casino and hospitality industry, the details within this report are vital for understanding market trends, competitive positioning, and potential risks and opportunities within the sector.

Risk Assessment

Risk Level: medium — Red Rock Resorts, Inc. shows moderate risk based on this filing. The company operates in the highly cyclical and competitive casino and hospitality industry, which is subject to economic downturns, changing consumer preferences, and intense competition, as indicated by its SIC code and business description.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Red Rock Resorts' performance and outlook in the dynamic gaming and hospitality market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date the 10-K was filed)
• 001-37754 — SEC File Number (SEC registration number)
• 475081182 — IRS Number (Company's IRS identification number)

Key Players & Entities

• Red Rock Resorts, Inc. (company) — Filer name
• Station Casinos Corp. (company) — Former company name
• 2024-02-21 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end date
• 7011 (industry_code) — Standard Industrial Classification for Hotels & Motels
• DE (jurisdiction) — State of incorporation
• LAS VEGAS (location) — Business and mailing address city
• 7024953000 (phone_number) — Business phone number

FAQ

Industry Context

Red Rock Resorts operates within the casino and hospitality industry, a sector characterized by significant capital investment, regulatory oversight, and sensitivity to economic conditions and consumer discretionary spending.

Regulatory Implications

The casino and hospitality industry is subject to extensive state and local regulations governing gaming operations, licensing, and consumer protection. Compliance with these regulations is critical for continued operation.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand revenue streams, profitability, and debt levels.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Examine the risk factors section for potential challenges and uncertainties facing Red Rock Resorts.

Key Dates

• 2024-02-21: 10-K Filing — Submission of the annual report for the fiscal year ended December 31, 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing is the annual report (10-K) for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — ebruary 15, 2024 Class A Common Stock, $0.01 par value 59,202,330 Class B Common St
• $0.00001 — value 59,202,330 Class B Common Stock, $0.00001 par value 45,985,804 Documents Incorp
• $449,900 — ing single-family home in Las Vegas was $449,900 at December 31, 2023 up 5.9% as compare

Filing Documents

• rrr-20231231.htm (10-K) — 1970KB
• rrrex41-123123.htm (EX-4.1) — 41KB
• rrrex141-123123.htm (EX-14.1) — 66KB
• rrrex211-123123.htm (EX-21.1) — 13KB
• rrrex231-123123.htm (EX-23.1) — 3KB
• rrrex311-123123.htm (EX-31.1) — 9KB
• rrrex312-123123.htm (EX-31.2) — 10KB
• rrrex321-123123.htm (EX-32.1) — 5KB
• rrrex322-123123.htm (EX-32.2) — 5KB
• rrrex971-123123.htm (EX-97.1) — 17KB
• rrr-20231231_g1.jpg (GRAPHIC) — 774KB
• rrr-20231231_g2.jpg (GRAPHIC) — 56KB
• 0001653653-24-000004.txt (&nbsp;) — 13022KB
• rrr-20231231.xsd (EX-101.SCH) — 67KB
• rrr-20231231_cal.xml (EX-101.CAL) — 91KB
• rrr-20231231_def.xml (EX-101.DEF) — 594KB
• rrr-20231231_lab.xml (EX-101.LAB) — 1075KB
• rrr-20231231_pre.xml (EX-101.PRE) — 761KB
• rrr-20231231_htm.xml (XML) — 1379KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 94 Item 9A.

Controls and Procedures

Controls and Procedures 94 Item 9B. Other Information 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers and Corporate Governance 96 Item 11.

Executive Compensation

Executive Compensation 96 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 96 Item 13. Certain Relationships and Related Transactions, and Director Independence 96 Item 14. Principal Accountant Fees and Services 96 PART IV Item 15. Exhibits, Financial Statement Schedules 97 Item 16. Form 10-K Summary 99

Signatures

Signatures 100 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS 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 properties. Station LLC owns and operates seven major gaming and entertainment facilities, including Durango Casino & Resort ("Durango"), and ten smaller casinos (three of which are 50% owned). Durango opened in December of 2023 on approximately 50 acres of land at the intersection of Durango Drive and Interstate 215 in the southwest Las Vegas valley. The resort features approximately 533,000 square feet and includes 83,000 square feet of casino space, four full-service food and beverage outlets, a food hall, a state-of-the-art sports book and a resort-style pool . We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability interests in Station Holdco LLC ("Station Holdco," and such interests, "LLC Units"), which owns all of the economic interests in Station LLC. At December 31, 2023, we held 58% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC. Other than tax-related assets and liabilities, our only assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC. Our Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K (the "Consolidated Financia

Properties

Properties Set forth below is selected information about our properties at December 31, 2023. Hotel Rooms Slots (1) Gaming Tables (2) Acreage Las Vegas Properties Red Rock 795 2,610 61 64 Green Valley Ranch 495 2,145 54 40 Durango 209 2,258 63 50 Palace Station 575 1,620 51 30 Boulder Station 299 2,253 18 46 Sunset Station 457 2,008 31 75 Santa Fe Station 200 2,131 39 39 Wildfire Rancho — 166 — 5 Wildfire Fremont — 203 — 5 Wildfire Boulder — 160 — 2 Wildfire Sunset — 133 — 1 Wildfire Lake Mead — 192 — 3 Wildfire Valley View — 35 — — Wildfire Anthem — 15 — — 50% Owned Properties Barley's — 186 — — The Greens — 40 — — Wildfire Lanes — 178 — 7 3,030 16,333 317 367 __________________________________________________________________________ (1) Includes slot and video poker machines. (2) Generally includes blackjack ("21"), craps, roulette, pai gow and baccarat. Red Rock Red Rock opened in 2006 and is strategically located at the intersection of Interstate 215 and Charleston Boulevard in the Summerlin master-planned community in Las Vegas, Nevada. Red Rock is adjacent to Downtown Summerlin, a 1.6 million square-foot outdoor shopping, dining and entertainment center; City National Arena, which features two National Hockey League-sized ice sheets for use by both the Vegas Golden Knights team and the public; and Las Vegas Ballpark, the home of the Las Vegas Aviators professional Triple-A baseball team. Red Rock's gaming amenities include slots, table games, and a race and sports book. Red Rock is a AAA Four Diamond resort featuring an elegant desert oasis theme with a contemporary design featuring luxury amenities. This resort offers six styles of suites, including one-of-a-kind custom villas and penthouse 7 Table of Contents suites, in addition to standard guest rooms. Additional non-gaming amenities include ten full-service restaurants, a 16-screen movie theater complex, approximately 94,000 square feet of meeting and convention space,

View Full Filing

View this 10-K filing on SEC EDGAR