RRR - Is Little Known Red Rock Resorts A Strong Buy?
When people think of Las Vegas, what initially comes to mind? The glitz and glamour of the Las Vegas Strip, most likely. High-rise iconic resorts bustling with tourists searching for good times, great food, and exhilarating entertainment. But there is another side to Las Vegas. Away from the Strip is where the locals play, and this is where Red Rock Resorts (NASDAQ: RRR) sets up shop.
Red Rock Resorts operates 19 casino and entertainment properties throughout the Las Vegas valley. It does so through its namesake Red Rock Casino Resort & Spa and the Station and Wildfire casino brands. More than 90% of Las Vegas residents live within five miles of one of these properties. While the Las Vegas Strip is the largest gaming market in the U.S. by a wide margin, many do not know that the second-largest gaming marketplace is not New Jersey; it is the Las Vegas locals market.
For 2021, the Las Vegas Strip pulled in gross gaming revenues of over $7 billion. According to data from state gaming control boards, provided by Red Rock Resorts, the locals market grossed $2.9 billion, while New Jersey came in third, with $2.6 billion in gross gaming revenues. This provides Red Rock Resorts with a fertile market from which to draw.
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Is Little Known Red Rock Resorts A Strong Buy?