About Red Rock Resorts
Red Rock Resorts, Inc. (Red Rock), through its subsidiary, Station Casinos LLC (Station LLC), operates as a gaming, development and management company. The company develops and operates strategically-located casino and entertainment properties. Station LLC owns and operates major gaming and entertainment facilities, including Durango Casino & Resort (‘Durango’), and 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, full-service food and beverage outlets, a food hall, a sports book, and a resort-style pool. The company owns all of the outstanding voting interests in Station LLC and has an indirect equity interest in Station LLC through the company’s 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, 2023, the company held 58% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and the company 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. Other than tax-related assets and liabilities, the company’s only assets are the company’s equity interest in Station Holdco, the company’s voting interest in Station LLC and a note receivable from Station LLC. The company has no operations outside of its management of Station Holdco and Station LLC. The company’s casino properties are conveniently located throughout the Las Vegas valley and provide the company’s customers 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 the company to incrementally expand its facilities as demand dictates. The company also controls highly desirable gaming-entitled development sites in Las Vegas. The company’s principal source of revenue and operating income is gaming. The company’s non-gaming offerings include restaurants, hotels and other entertainment amenities. Approximately 80% to 85% 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 the company’s 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 the company’s extensive customer database; 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. The company 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 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 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 various styles of suites, including one-of-a-kind custom villas and penthouse suites, in addition to standard guest rooms. Additional non-gaming amenities include full-service restaurants, a movie theater complex, approximately 94,000 square feet of meeting and convention space, a full-service spa and salon, a bowling center, a Kid’s Quest child care facility, 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 opened in 2001 and 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, including a new high limit table games room that opened in November 2023, and a race and sports book. Green Valley Ranch is a Mediterranean-style AAA Four Diamond resort featuring standard guest rooms and suites, full-service restaurants, a 4,200-square-foot non-gaming arcade, an European Spa with outdoor pools, a movie theater complex, a Kid’s Quest child care facility, a gift shop, and approximately 65,000 square feet of meeting and convention space, which includes the Grand Events Center and El Cielo Ballroom. 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 and offers a variety of quick-serve restaurants. Durango Casino & Resort Durango Casino & Resort opened in December of 2023 and is strategically located at the intersection of Durango Drive and Interstate 215 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. The approximately 533,000 square foot resort features 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 sports book. Non-gaming amenities include full-service food and beverage outlets, a food hall, bars, a resort-style pool, and over 25,000 square feet of meeting and event space. Palace Station Palace Station opened in 1976 and is strategically located at the intersection of Sahara Avenue and Interstate 15, 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. Palace Station’s non-gaming amenities include a resort-style pool area, a nine-screen Regal Cinebarre luxury movieplex, full-service restaurants, bars, an approximately 20,000-square-foot meeting and convention center, and a gift shop. In addition to its full-service restaurants, Palace Station offers a variety of quick-serve restaurants. Boulder Station Boulder Station opened in 1994 and is strategically located at the intersection of Boulder Highway and Interstate 515. 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. Non-gaming amenities include full-service restaurants, an entertainment lounge, bars, a movie theater complex, a Kid’s Quest child care facility, a swimming pool, a non-gaming video arcade, and a gift shop. Boulder Station also offers a variety of quick-serve restaurants. Sunset Station Sunset Station opened in 1997 and 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 race and sports book. Non-gaming amenities include full-service restaurants, approximately 13,000 square feet of meeting space, an entertainment lounge, an outdoor amphitheater, bars, a gift shop, a non-gaming video arcade, a luxury seating movie theater complex, a bowling center, a Kid’s Quest child care facility and a swimming pool. 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 in 2000 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. Non-gaming amenities include full-service restaurants, a gift shop, a non-gaming video arcade, a swimming pool, an entertainment lounge, bars and grills, a bowling center, a luxury seating movie theater complex, a Kid’s Quest child care facility and over 14,000 square feet of meeting and banquet facilities. 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 The company opened Wildfire Fremont in February 2023. Wildfire Fremont is located on Fremont Street approximately three miles northwest of Boulder Station. Wildfire Fremont has slot machines, a sports book, 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 in 2006. 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 in 2013. 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. Barley’s, The Greens and Wildfire Lanes The company owns a 50% interest in three smaller properties in Henderson, Nevada, including 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 a bowling center. Developable Land The company owns approximately 441 acres of developable land comprised 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: Land Held for Development Viva: The company owns approximately 96 acres of land located at the intersection of Tropicana Boulevard and Interstate 15, 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 the company leases to third-party tenants. Flamingo/I-215: The company owns approximately 58 acres located between Flamingo Road and Interstate 215 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 128 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 44 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’), each dated November 7, 2023, with the North Fork Rancheria of Mono Indians (the ‘Mono’), a federally recognized Native American tribe located near Fresno, California, under which the company 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 the 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 February 2013. The company expects to receive a development fee of 4% of the costs of construction (as defined in the Development Agreement) for the company’s development services, which will be paid upon the commencement of gaming operations at the facility. The Management Agreement provides for a management fee of 30% of the facility’s net income. As contemplated, the North Fork Project is expected to include slot machines, table games and several restaurants. The Management Agreement and the Development Agreement have a term of seven years from the opening of the facility. The development of the North Fork Project is subject to ongoing legal challenges and financing. There can be no assurance that the North Fork Project will be successfully completed nor that future events and circumstances will not change the company’s estimates of the timing, scope, and potential for successful completion or that any such changes will not be material. There can be no assurance that the company will recover all of its investment in the North Fork Project even if it is successfully completed and opened for business. Seasonality The company’s cash flows from operating activities are somewhat seasonal in nature. The company’s operating results are traditionally strongest in the fourth quarter and weakest in the third quarter (year ended December 2023). 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 Henderson City Council and certain other local regulatory agencies. The Nevada Commission, Nevada Board, Las Vegas City Council, CCLGLB, 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. 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 the company’s licensed and registered subsidiaries (the ‘Gaming Subsidiaries’) and the company is registered by the Nevada Commission as a publicly traded corporation for purposes of the Nevada Act (a ‘Registered Corporation’). On November 16, 2023, the Nevada Commission approved the Tenth Revised Order of Registration for the company that, among other things, reaffirmed the company’s registration as a publicly traded corporation for the purposes of the Nevada Act (‘Tenth Revised Order’). 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 Red Rock Resorts, Inc. was founded in 1976. The company, a Delaware corporation, was incorporated in 2015.