Red Rock Resorts, Inc., through its interest in Station Casinos LLC, develops and manages casino and entertainment properties in the United States.
The company operates as a gaming, development, and management company. Station LLC owns and operates seven major gaming and entertainment facilities, including Durango Casino & Resort (‘Durango’), and various smaller casinos (some of which are 50% owned). Durango opened on approximately 50 acres of land at the intersection of Interstate 215 and Dura...
Red Rock Resorts, Inc., through its interest in Station Casinos LLC, develops and manages casino and entertainment properties in the United States.
The company operates as a gaming, development, and management company. Station LLC owns and operates seven major gaming and entertainment facilities, including Durango Casino & Resort (‘Durango’), and various smaller casinos (some of which are 50% owned). Durango opened on approximately 50 acres of land at the intersection of Interstate 215 and Durango Drive in the southwest Las Vegas valley. The resort features approximately 533,000 square feet and includes 83,000 square feet of casino space, a few full-service food and beverage outlets, a food hall, a state-of-the-art sports book, and a resort-style pool.
The company has an indirect equity interest in Station LLC through its 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. As of December 31, 2024, the company held 58% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and is designated as the sole managing member of both Station Holdco and Station LLC. The company controls and operates all of the business and affairs of Station Holdco and Station LLC.
The company's casino properties are conveniently located throughout the Las Vegas valley and provide its customers with a wide variety of entertainment and dining options. Over 90% of the Las Vegas population is located within five miles of one of the company's gaming facilities. The company provides friendly service and exceptional value in a comfortable environment.
Most of the company's major properties are master-planned for expansion, enabling it to incrementally expand its facilities as demand dictates. The company also controls various desirable gaming-entitled development sites in Las Vegas.
The company's principal source of revenue and operating income is gaming. Its non-gaming offerings include restaurants, hotels, and other entertainment amenities. Approximately 80% of the company's casino revenue is generated from slot play. A significant portion of the company's business is dependent upon customers who live and/or work in the Las Vegas metropolitan area.
Business Strategy
The company's primary operating strategy emphasizes attracting and retaining customers, primarily Las Vegas residents and, to a lesser extent, out-of-town visitors. The company's properties attract customers through convenient locations with best-in-class assets; offering its customers the latest in slot and video poker technology; a variety of non-gaming amenities, such as hotel resorts, restaurants, bars, and entertainment options; focused marketing efforts targeting its extensive customer database; innovative, frequent promotional programs; and convention business.
The company offers a broad array of gaming options, including the most popular slot and video poker products, and the latest technological innovations in slots, table games, and sports wagering. It provides development and management services to Native American tribes using its expertise in developing and operating regional entertainment destinations.
Properties
Red Rock
Red Rock opened 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 suites, in addition to standard guest rooms. Additional non-gaming amenities include various full-service restaurants, a 16-screen movie theater complex, approximately 103,000 square feet of meeting and convention space, a full-service spa and salon and a gift shop. Red Rock also features numerous bars and lounges, new high-limit slot and table games rooms, and a variety of quick-serve restaurants.
Green Valley Ranch
Green Valley Ranch is strategically located at the intersection of Interstate 215 and Green Valley Parkway in Henderson, Nevada. Green Valley Ranch is approximately five minutes from Harry Reid International Airport and seven minutes from the Las Vegas Strip. Green Valley Ranch was designed to complement the Green Valley master-planned community. Green Valley Ranch gaming amenities include slots, table games, and a race and sports book. Green Valley Ranch also offers an eight-acre outdoor complex featuring private poolside cabanas and a contemporary poolside bar and grill. Green Valley Ranch also features several bars, high-limit slot and table games rooms, and offers a variety of quick-serve restaurants.
Durango Casino & Resort
Durango Casino & Resort is strategically located at the intersection of Interstate 215 and Durango Drive in the southwest Las Vegas valley. Durango is located within the fastest-growing area in the Las Vegas Valley and has excellent visibility and access from Interstate 215. As a result of gaming and land use restrictions, there are no major casino sites, other than those owned by the company, within approximately five miles of this site. Durango is a AAA Four Diamond resort featuring standard guest rooms and suites, approximately 83,000 square feet of casino space offering slots, table games, individual high-limit slot and table games rooms, and a state-of-the-art sports book. Non-gaming amenities include four full-service food and beverage outlets, a food hall, four bars, a resort-style pool, and approximately 28,000 square feet of meeting and convention space.
Palace Station
Palace Station is strategically located at the intersection of Interstate 15 and Sahara Avenue, one of Las Vegas’ most heavily traveled areas. Palace Station is a short distance from Harry Reid International Airport and very close to major attractions on the Las Vegas Strip and in downtown Las Vegas. Palace Station’s gaming amenities include slots, table games, and a race and sports book. In addition to its full-service restaurants, Palace Station also offers a variety of quick-serve restaurants.
Boulder Station
Boulder Station is strategically located at the intersection of Interstate 515 and Boulder Highway. Boulder Station is located approximately four miles east of the Las Vegas Strip and approximately four miles southeast of downtown Las Vegas. Boulder Station features a turn-of-the-20th-century railroad station theme. Gaming amenities include slots, table games, and a race and sports book.
Sunset Station
Sunset Station is strategically located at the intersection of Interstate 515 and Sunset Road. Situated in a highly concentrated commercial corridor along Interstate 515, Sunset Station has prominent visibility from the freeway and the Sunset commercial corridor. Sunset Station is located approximately 4.5 miles east of Harry Reid International Airport and approximately 5.5 miles southeast of Boulder Station. Sunset Station features a Spanish/Mediterranean style theme. Gaming amenities include slots, table games, and a newly renovated sports book. In addition, the center of the casino features a bar highlighted by over 8,000 square feet of stained glass. Sunset Station also offers a variety of quick-serve restaurants.
Santa Fe Station
The company purchased Santa Fe Station and subsequently refurbished and expanded the facility. Santa Fe Station is strategically located at the intersection of U.S. Highway 95 and Rancho Drive. Santa Fe Station’s gaming amenities include slots, table games, and a race and sports book. Santa Fe Station also features a bar, which is a centerpiece of the casino. In addition, Santa Fe Station offers a variety of quick-serve restaurants.
Wildfire Fremont
Wildfire Fremont is located on Fremont Street approximately three miles northwest of Boulder Station. Wildfire Fremont is a full-service restaurant, and a bar.
Wildfire Rancho
The company purchased Wildfire Rancho in 2003. Wildfire Rancho is located on Rancho Drive, approximately five miles southeast of Santa Fe Station. Wildfire Rancho’s gaming amenities include slots and a sports book. Wildfire Rancho’s non-gaming amenities include a lounge, outdoor patio, and quick-serve food offerings.
Wildfire Boulder and Wildfire Sunset
The company purchased Wildfire Boulder and Wildfire Sunset in 2004. Both properties are located in Henderson, Nevada, and offer gaming amenities, which include slots and sports wagering. In addition, both properties offer non-gaming amenities, which include a quick-serve restaurant and a bar. Wildfire Boulder is located approximately eight miles southeast of Sunset Station. Wildfire Sunset is located next to Sunset Station.
Wildfire Lake Mead
The company purchased Wildfire Lake Mead. Wildfire Lake Mead, which is located in Henderson, Nevada, features slots, a sports book, a bar, and quick-serve food offerings.
Wildfire Valley View and Wildfire Anthem
The company purchased Wildfire Valley View and Wildfire Anthem. Wildfire Valley View is located in Las Vegas and Wildfire Anthem is located in Henderson, Nevada. Gaming amenities offered by Wildfire Valley View and Wildfire Anthem include slots. Non-gaming amenities offered by Wildfire Valley View and Wildfire Anthem include a bar and quick-serve food offerings.
Seventy Six Centennial
The company opened Seventy Six Centennial in October 2024. The tavern is located in North Las Vegas. In addition to slot wagering, the tavern offers a restaurant, a bar with lounge space, and 24 TVs situated throughout the tavern.
Barley’s, The Greens, and Wildfire Lanes
The company owns a 50% interest in three smaller properties in Henderson, Nevada: Barley’s, which features slots, a sports book, and a restaurant; The Greens, which features slots, a restaurant, and lounge; and Wildfire Lanes, which features slots, a sports book, a quick-serve restaurant, bars, and an 18-lane bowling center.
Developable Land
The company owns approximately 452 acres of developable land, consisting of various strategically located parcels in Las Vegas, Nevada, each of which is zoned for casino gaming and other commercial uses. Following is a description of the company’s parcels of land held for development:
Viva: The company owns approximately 95 acres of land located at the intersection of Interstate 15 and Tropicana Boulevard, less than one-half mile from the Las Vegas Strip. This site has excellent visibility and access from Interstate 15, on which approximately 290,000 cars per day pass by the site. The company owns a number of commercial and industrial buildings on this site that it leases to third-party tenants.
Flamingo/I-215: The company owns approximately 58 acres located between Interstate 215 and Flamingo Road in the master-planned community of Summerlin in Las Vegas. The site has excellent visibility and access from Interstate 215.
Cactus Avenue: The company owns approximately 123 acres near the intersection of Cactus Avenue and Las Vegas Boulevard, approximately six miles south of the Las Vegas Strip.
Via Inspirada/Bicentennial Parkway: The company owns approximately 61 acres located on Via Inspirada near Bicentennial Parkway in the Las Vegas valley, approximately six miles southwest of Green Valley Ranch. This site is the only casino gaming-entitled property in the master-planned community of Inspirada.
Skye Canyon: The company owns approximately 48 acres in northwestern Las Vegas off of U.S. Highway 95, approximately seven miles northwest of Santa Fe Station.
Losee Road/I-215: The company owns approximately 67 acres of land near the intersection of Interstate 215 and Losee Road in North Las Vegas.
Native American Development
The company has entered into a Third Amended and Restated Management Agreement (the ‘Management Agreement’) and a Third Amended and Restated Development Agreement (the ‘Development Agreement’) with the North Fork Rancheria of Mono Indians (the ‘Mono’), a federally recognized Native American tribe located near Fresno, California, under which it will assist the Mono in developing and operating a gaming and entertainment facility (the ‘North Fork Project’) to be located on a 305-acre site (the ‘North Fork Site’) located adjacent to U.S. Highway 99 north of the city of Madera in Madera County, California. The North Fork Site was taken into trust for the benefit of the Mono by the United States Department of the Interior. In September 2024, construction commenced on the site of the North Fork Project.
The Management Agreement provides for a management fee of 30% of the facility’s net income. The Management Agreement and the Development Agreement have a term of seven years from the opening of the facility.
Seasonality
The company’s cash flows from operating activities are somewhat seasonal in nature. Its operating results are traditionally strongest in the fourth quarter and weakest in the third quarter (year ended December 31, 2024).
Regulation and Licensing
The company’s gaming operations in Nevada are subject to the licensing and regulatory control of the Nevada Gaming Commission (the ‘Nevada Commission’), the Nevada State Gaming Control Board (the ‘Nevada Board’), the Las Vegas City Council, the Clark County Liquor and Gaming Licensing Board (the ‘CCLGLB’), the North Las Vegas City Council, the Henderson City Council, and certain other local regulatory agencies. The Nevada Commission, Nevada Board, Las Vegas City Council, CCLGLB, North Las Vegas City Council, Henderson City Council, and certain other local regulatory agencies are collectively referred to as the ‘Nevada Gaming Authorities.’
The company’s indirect subsidiaries that conduct gaming operations in Nevada are required to be licensed by the Nevada Gaming Authorities.
The company is required to periodically submit detailed financial and operating reports to the Nevada Commission and provide any other information. Substantially all material loans, leases, sales of securities, and similar financing transactions by the company and its licensed or registered subsidiaries must be reported to or approved by the Nevada Commission and/or the Nevada Board.
The company has been found suitable to indirectly own the equity interests in its licensed and registered subsidiaries (the ‘Gaming Subsidiaries’) and is registered by the Nevada Commission as a publicly traded corporation for purposes of the Nevada Act (a ‘Registered Corporation’). On August 22, 2024, the Nevada Commission approved the Eleventh Revised Order of Registration for the company that, among other things, reaffirmed its registration as a publicly traded corporation for the purposes of the Nevada Act (‘Eleventh Revised Order’).
On September 22, 2022, the Nevada Commission granted the company prior approval, subject to certain conditions, to make public offerings for a period of three years (the ‘Shelf Approval’).
Native American tribes are sovereign nations with their own governmental systems, which have primary regulatory authority over gaming on land within the tribes’ jurisdiction. Therefore, persons engaged in gaming activities on tribal lands, including the company, are subject to the provisions of tribal ordinances and regulations. Tribal gaming ordinances are subject to review by the NIGC under certain standards established by the Indian Gaming Regulatory Act of 1988 (the ‘IGRA’).
The company’s services are subject to federal anti-money laundering laws, including the Currency and Foreign Transactions Reporting Act of 1970 (the ‘Bank Secrecy Act’).
History
The company was founded in 1976. The company, a Delaware corporation, was incorporated in 2015. The company was formerly known as Station Casinos Corp. and changed its name to Red Rock Resorts, Inc. in 2016.
