{"id":289190,"date":"2023-09-11T15:21:16","date_gmt":"2023-09-11T20:21:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=289190"},"modified":"2023-09-11T15:56:51","modified_gmt":"2023-09-11T20:56:51","slug":"red-rock-stock-has-big-potential-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/","title":{"rendered":"Red Rock Stock Primed for Upside on Las Vegas Locals Strength"},"content":{"rendered":"

Red Rock Resorts (NASDAQ: RRR) stock could be a winner amid ongoing strength in the Las Vegas locals market — the operator’s key constituency.<\/p>\n

\"red
Red Rock Casino-Resort, seen in an ad above. An analyst believes the stock has multiple upside catalysts. (Image: YouTube)<\/figcaption><\/figure>\n

That\u2019s the take of Susquehanna analyst Joseph Stauff, who initiated coverage of the casino operator with a \u201cpositive\u201d rating and a $52 price target in a report to clients Monday. That implies upside of 17.1% from current levels. Shares of Red Rock are higher by nearly 9% year-to-date.<\/p>\n

Stauff expressed bullishness on the gaming equity, noting Red Rock has an impressive 35% share of slot machine gaming across the three Las Vegas reporting segments — a noteworthy trait at a time when the local population is swelling.<\/strong><\/p>\n

An influx of affluent retirees from other states, namely neighboring California, bolsters the long-term case for Red Rock shares because many of those consumers can pay cash for Las Vegas real estate. Combine the elimination of mortgage obligations with lower property taxes and no state income tax in Nevada, and they have the discretionary cash with which to indulge in visits<\/a> to Red Rock-operated casinos.<\/p>\n

Red Rock Stock Alternative Las Vegas Avenue<\/h2>\n

While many market participants think of Strip operators such as Caesars Entertainment and MGM Resorts International (NYSE: MGM) as the primary avenues for investing in Las Vegas, Red Rock offers a different approach that reduces the volatility associated with Strip assets.<\/p>\n

\n

In addition to its namesake venue in Summerlin and the Green Valley Ranch in Henderson, Red Rock operates multiple gaming properties under the Station brand<\/a> throughout the Las Vegas area. The company also runs 10 Wildfire casinos, including seven in Henderson, according to its website.<\/p>\n<\/div>\n

Translation: Red Rock doesn\u2019t operate a Strip casino resort, but it is levered to important Las Vegas trends, such as construction and an increasingly impressive event calendar. Additionally, Susquehanna\u2019s Stauff highlighted the company\u2019s real estate holdings as a potentially underappreciated catalyst for the stock.<\/p>\n

Red Rock owns all of the real estate on which its casinos reside, meaning it doesn\u2019t pay rent to a landlord. It also holds hundreds of acres of undeveloped land across the Las Vegas Valley. In aggregate, the company\u2019s property assets are likely worth several billion dollars, if not more.<\/p>\n

Durango Could Boost Red Rock Stock<\/h2>\n

Red Rock\u2019s newest integrated resort<\/a> — Durango Casino & Resort in Southwest Las Vegas — is slated to open on Nov. 20. Stauff called that a potential \u201cmaterial catalyst\u201d for the stock.<\/p>\n

Red Rock believes Durango Casino & Resort<\/a> will be successful because it\u2019s in one of the few areas of Las Vegas that isn\u2019t densely populated with gaming venues. In fact, the operator forecast that Durango could eventually be among its top three casinos in terms of overall performance. That\u2019s setting the bar high, considering the steadiness of the operator\u2019s eponymous venue and others in its portfolio.<\/p>\n

Red Rock commenced construction on the $750 million<\/a> Durango project last year, and it was topped off last October.<\/p>\n","protected":false},"excerpt":{"rendered":"

Red Rock Resorts (NASDAQ: RRR) stock could be a winner amid ongoing strength in the Las Vegas locals market — the operator’s key constituency. That\u2019s the take of Susquehanna analyst Joseph Stauff, who initiated coverage of the casino operator with a \u201cpositive\u201d rating and a $52 price target in a report to clients Monday. That […]<\/p>\n","protected":false},"author":46,"featured_media":248555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,81886],"tags":[81903,81898,23],"acf":[],"yoast_head":"\nRed Rock Stock Has Big Potential, Says Analyst<\/title>\n<meta name=\"description\" content=\"Red Rock Resorts stock has winning traits, says analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Red Rock Stock Has Big Potential, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Red Rock Resorts stock has winning traits, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-11T20:21:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-11T20:56:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/RRR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/\",\"name\":\"Red Rock Stock Has Big Potential, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/RRR.jpg\",\"datePublished\":\"2023-09-11T20:21:16+00:00\",\"dateModified\":\"2023-09-11T20:56:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Red Rock Resorts stock has winning traits, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/red-rock-stock-has-big-potential-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/RRR.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/RRR.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Red Rock Casino-Resort. An analyst said the company could benefit from lower interest rates. 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