RRRRed Rock Resorts, Inc.

Hotels & Motels

Revenue: $2.0B; 3.7% YoY
Operating margin: 29.7%; 1.3% YoY
EBITDA: $795M; 5.2% YoY
Market cap: $2.9B
Employees: 9,500; $212K revenue each
Net debt / EBITDA: 4.1×; $3.3B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
171% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$212K · 43rd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$1.7B	$1.7B	$1.9B	$2.0B	3.7%
Operating income	$402M	$561M	$559M	$569M	$597M	5.1%
Net income	$355M	$390M	$338M	$291M	$356M	22%
Operating cash flow	$610M	$542M	$494M	$548M	$610M	11%
Capex	$61M	$329M	$700M	$284M	$319M	12%
Stock-based comp	$13M	$18M	$20M	$31M	$32M	3.8%
Buybacks	$500M	$142M	$0	$4M	$79M	1915%
Dividends	$204M	$117M	$59M	$118M	$121M	2.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 17, 2025	FERTITTA LORENZO J	SCHEDULE 13D/A	30.2%	Passive
May 15, 2024	Fertitta Holdco LLC	SC 13D/A	30.6%	Active
Dec 20, 2021	Fertitta Holdco LLC	SC 13D/A	49.4%	Active
Aug 25, 2021	Fertitta Holdco LLC	SC 13D/A	28.1%	Active
Aug 25, 2020	Fertitta Holdco LLC	SC 13D/A	46.2%	Active
Aug 19, 2020	Fertitta Holdco LLC	SC 13D/A	45.5%	Active
Aug 13, 2020	Fertitta Holdco LLC	SC 13D/A	44.8%	Active
Aug 11, 2020	Fertitta Holdco LLC	SC 13D/A	28.4%	Active
Aug 10, 2020	Fertitta Holdco LLC	SC 13D/A	42.8%	Active
Aug 26, 2019	Fertitta Holdco LLC	SC 13D/A	42.2%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 3
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$13M	$14M	304	91
FY2024	$3M	$3M	231	97
FY2023	$3M	$3M	257	104
FY2022	$3M	$3M	188	90
FY2021	$3M	$3M	247	114