Red Rock Resorts delivered fourth-quarter results that exceeded Wall Street expectations, with management attributing the outperformance to robust visitation from both local and regional customers, as well as strong execution across its Las Vegas properties. Executive Vice President and CFO Stephen Cootey highlighted that gaming operations achieved their highest-ever fourth-quarter revenue and profitability, emphasizing that “robust visitation and net theoretical win across our local database, as well as our regional and national customers, helped drive the highest fourth quarter revenue and profitability for our gaming operations in the company’s history.”

Is now the time to buy RRR? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Red Rock Resorts’s Q4 Earnings Call

• David Katz (Jefferies) asked about demand trends versus the Strip; President Scott Kreeger emphasized Red Rock’s focus on the locals market, noting, “50% of our guests come over eight times a month,” and highlighted the convenience and value proposition of their locations.
• Ben Chaiken (Mizuho) questioned the earnings impact of construction disruption in 2026; CFO Stephen Cootey clarified that Green Valley Ranch would see about $9 million in disruption in Q1 and that impacts at Durango and Sunset were still being assessed.
• Barry Jonas (Truist Securities) asked if typical Q4-to-Q1 seasonal EBITDA increases would hold despite disruptions; Cootey said the company expects to achieve historical returns, with construction disruption representing the primary variable.
• Chad Beynon (Macquarie) inquired about pipeline timing and whether property investments would delay new greenfield projects; Vice Chairman Lorenzo Fertitta stated that investments in existing properties would not affect the timeline for new builds, emphasizing parallel development efforts.
• Jordan Bender (Citizens) sought clarity on the impact of a tax deduction change for high-end play; Kreeger noted that the main effect was customer education, while Cootey added that the company was working with industry partners and the IRS for administrative clarity.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will focus on (1) the operational and financial impact of ongoing construction at Durango, Sunset Station, and Green Valley Ranch, (2) the success of new amenities and their influence on customer acquisition and retention, and (3) further growth in the company’s database, especially among younger and high-net-worth segments. The pace of recovery in visitation post-disruption will also be an important marker.

Red Rock Resorts currently trades at $61.60, down from $66.79 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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