At a glance
Red Rock Resorts Inc is worth $5.08B, about 16 times its fiscal 2025 earnings. Revenue grew 3.7% to $2.01B in fiscal 2025, with 9.3% kept as profit; over 5 years it has grown 11.2% a year. It pays a 4.21% dividend yield, and returned $1.34B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −15.5% over the past year with dividends reinvested and +2.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 78.7% in the 2020 crash (S&P 500: 33.7%) and 40.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 12 months after the lows.
The business in plain English
Red Rock Resorts runs casinos aimed mainly at Las Vegas locals. It is a holding company whose only business is Station Casinos LLC, founded in 1976. At December 31, 2025, Red Rock owned 59% of the economic interest in that business and all the voting power. Station owns seven major casino resorts, including Durango Casino & Resort, opened in December 2023, plus 13 smaller casinos, three of them 50% owned. Over 90% of the Las Vegas population lives within five miles of one of its casinos.
Gambling brings in most of the money. In 2025, casino revenue was $1.34 billion, or 66.6% of the $2.01 billion total. Food and beverage added 18%, hotel rooms 9.5%, other items 5% and management fees 0.9%. About 80% of casino revenue comes from slot machines. It also draws visitors from nearby areas such as Southern California, Arizona and Utah. Its my|Rewards Boarding Pass loyalty program sends tailored offers to slot machine screens.
Most of its major properties were planned with room to expand, and it controls six Las Vegas development sites already approved for casinos. It also develops and manages casinos for Native American tribes. Construction of one for the North Fork Rancheria of Mono Indians began in September 2024, and Red Rock will help run it.
Price history
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RRR -15.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Casino | $1.34B | 66.6% |
| Food and beverage | $362.4M | 18% |
| Room | $190.1M | 9.5% |
| Other | $100.8M | 5% |
| Management Service | $17.6M | 0.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $510.3M, down 3% from a year earlier, and net income was $39.1M (-30.6%).
- For fiscal 2025, revenue was $2.01B (+3.7% year over year; +11.2% a year from FY2020 to FY2025) with a 9.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.2% good |
|---|---|
| Operating margin | 29.7% good |
| Free cash flow margin | 14.4% good |
| Return on equity (FY2025) | 90.3% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 4.5% watch |
| Net cash (cash minus debt) | $-3.44B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.18B | $-150.4M | $154.3M |
| FY2021 | $1.62B | $241.8M | $548.7M |
| FY2022 | $1.66B | $205.5M | $213.6M |
| FY2023 | $1.72B | $176.0M | $-205.2M |
| FY2024 | $1.94B | $154.1M | $264.4M |
| FY2025 | $2.01B | $188.1M | $290.5M |
Valuation snapshot
| Market value | $5.08B |
|---|---|
| P/E ratio | 15.5 |
| Dividend yield | 4.21% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RRR price data to Oct 28, 2026 | -19.5% | -15.5% | +11.4% | +2.3% | +11.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -19.5% |
| 2025 | +39.4% |
| 2024 | -10.1% |
| 2023 | +36.2% |
| 2022 | -23.8% |
| 2021 | +133.5% |
| 2020 | +5.8% |
| 2019 | +19.9% |
| 2018 | -39.0% |
| 2017 | +48.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 71.4% over that stretch · deepest drop along the way 78.7%, back to its old high 10.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.6% over that stretch · deepest drop along the way 40%, back to its old high 12.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (21 read): 0 open-market purchases and 3 sales ($3.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Scott Kreeger President | sell | $1.9M |
| Aug 12, 2026 | Kord Nichols EVP & Chief Operating Officer | sell | $617K |
| Sep 1, 2026 | Jeffrey T Welch EVP and Chief Legal Officer | sell | $503K |
Who owns it
Large shareholders (13G filings)
| BAMCO INC /NY/ | 27.94% | May 31, 2026 |
| BlackRock, Inc. | 11.6% | Nov 30, 2025 |
| Vanguard Portfolio Management | 4.36% | Sep 30, 2026 |
| Eminence Capital, LP | 4% | Sep 30, 2025 |
| FMR LLC | 3.6% | Jun 30, 2025 |
ETFs with the most weight in RRR
| SCAP Infrastructure Capital Small Cap Income ETF | 2.42% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.91% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.4% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.28% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.26% |
| ICAP Infrastructure Capital Equity Income ETF | 0.24% |
| EES WisdomTree U.S. SmallCap Fund | 0.21% |
| CSA VictoryShares US Small Cap Volatility Wtd ETF | 0.2% |
What could go wrong
- Everything rides on Las Vegas. All of its casinos are in the Las Vegas valley. A local recession, falling home prices, rising unemployment, higher gas prices or a slowdown in population growth would hit the whole company at once.
- The Fertitta family controls the vote. Entities controlled by Frank and Lorenzo Fertitta hold Class B shares with ten votes each. As a Nasdaq "controlled company," Red Rock can skip some governance rules that protect ordinary shareholders.
- Holding company structure and tax payments owed. At December 31, 2025, Red Rock held a 59% economic stake in its operating business and relies on its payouts. A tax receivable agreement may require large payments to owners from before its 2016 listing.
- Heavy debt and a thin equity cushion. As of June 30, 2026, total debt was about $3.58 billion against $136 million of cash and investments and $171 million of shareholder equity. Loan rules (covenants) limit flexibility, and expansion needs heavy capital.
- Casino trips are easy to cut. Inflation, job losses or falling consumer confidence can reduce gambling and dining spending. The company says inflation has already pushed up its labor and food and beverage costs.
- Tougher competition and union pressure. It competes with large Las Vegas hotel casinos and small gaming-only venues, and expects competition to intensify. Union organizing could also cause labor disputes or work stoppages and raise labor costs.
Recent events
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Red Rock pays a dividend, but the record is uneven. Dividends per share were $0.10 in 2020, $3.00 in both 2021 and 2022, $0.57 in 2023, $1.14 in 2024 and $1.18 in 2025, so the streak of increases is only two years. In 2025 the dividend used 64% of earnings and 42% of free cash flow (cash left after capital spending). The dividend yield (yearly dividends divided by the share price) was 4.21% as of October 28, 2026. From 2021 to 2025 the company spent $725 million repurchasing its own shares and $618 million on dividends.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 78.7% between February 20 and March 17, 2020, and took about 11 months to recover. In the 2022 bear market they fell 40% and needed about 12 months to regain the peak. Like any single stock, Red Rock carries more risk than a diversified fund.
Questions investors ask
Does Red Rock Resorts pay a dividend?
Yes. Red Rock paid $1.18 per share in 2025, up from $1.14 in 2024, and the dividend yield was 4.21% as of October 28, 2026. The record is uneven: it paid $0.10 in 2020, $3.00 in both 2021 and 2022, then $0.57 in 2023. The 2025 dividend used 64% of earnings, and the company warns it may not always have enough funds to pay dividends.
How does Red Rock Resorts make money?
Mainly from gambling, especially slot machines. Of its $2.01 billion in 2025 revenue, casino gaming produced 66.6%, food and beverage 18%, hotel rooms 9.5%, other items 5% and management fees 0.9%. About 80% of casino revenue comes from slot play. Its seven major resorts and 13 smaller casinos serve mainly Las Vegas residents, and most revenue is collected in cash.
Who owns Red Rock Resorts?
The Fertitta family controls it, and large fund managers hold big stakes. Entities controlled by Frank J. Fertitta III, chairman and CEO, and Lorenzo J. Fertitta, vice chairman, hold Class B shares that carry ten votes each, making Red Rock a Nasdaq "controlled company" exempt from some governance rules. BAMCO reported owning 27.94% as of May 31, 2026, BlackRock 11.6% as of November 30, 2025, and Vanguard Portfolio Management 6.04% as of March 31, 2026.
How much debt does Red Rock Resorts have?
A substantial amount. As of June 30, 2026, total debt was about $3.58 billion, compared with $136 million in cash and investments, $171 million of shareholder equity and $4.37 billion of total assets. The company says its debt carries covenants (loan rules) that limit its flexibility. A filing dated October 21, 2026 reported a major agreement and a new debt or financial obligation.
How has Red Rock Resorts stock performed over time?
It has grown over the long run but with sharp swings. As of October 28, 2026, the share price gained about 11.3% a year over 10 years and 2.3% a year over five years, and it was down 19.5% for 2026 through that date. It fell 78.7% in the 2020 COVID crash and 40% in the 2022 bear market. At that date it traded at 15.5 times 2025 earnings.