Red Rock Resorts’ assets grow
Merely three months after its IPO, Red Rock Resorts declared its first ever cash dividend of US$0.10 per Class A common share for the third quarter of 2016.
US.- Red Rock Resorts former Station Casinos brand had accumulated a diverse portfolio of assets in Las Vegas and recently its growth has reached beyond “locals casinos.”
The company bought Palms Casino for US$312.5 million in cash. Management expects the property to “add US$35M in EBITDA and be accretive in the first year after closing.” In addition, Red Rock earns approximately 8 percent of its revenue in management deals with Tribal Casinos in California and Michigan.
Red Rock Resorts has also teamed up with the North Fork Rancheria of the Mono Indian Tribe on the “North Fork Project.” This project will be a 2,000 gaming machine casino on a 305-acre site near Madera, California. The project is years away to be completed, although Red Rocks’ management reports their revenue for Tribal Casinos is up 41 percent y/y.
Three months after its IPO, Red Rock Resorts declared its first ever cash dividend of US$0.10 per Class A common share for the third quarter of 2016. This dividend will be payable on August 30, 2016, to all stockholders of record as of the close of business on August 15, 2016.
