Red Rock Resorts, Inc. (RRR) Stock Price & How to Invest

Station Casinos, founded in 1976 and held today through Red Rock Resorts, Inc., is the dominant operator in the Las Vegas locals market. Its customers are the roughly 2.3 million people who live in the Las Vegas valley, and its properties are built as neighbourhood entertainment centres rather than tourist destinations: casinos wrapped in movie theatres, bowling alleys, restaurants, banquet space and race and sports books. The estate is seven major gaming facilities, including Red Rock Casino Resort Spa, Green Valley Ranch, Durango Resort & Casino, Palace Station, Boulder Station, Sunset Station and Santa Fe Station, plus 16 smaller Wildfire and Seventy Six taverns, three of which are 50% owned. Casino play supplies the bulk of revenue, at ~$338 million of the ~$510 million in second-quarter 2026 net revenues, with food and beverage at ~$93 million and rooms at ~$47 million. A second and much smaller segment earns management and development fees from the North Fork Rancheria of Mono Indians in Madera County, California, worth ~$17.6 million across all of 2025. Everything else, including a ~$469 million book of land held for development, sits inside Station LLC.

What drives the numbers is repeat local visitation and gaming margin, and both have historically been unusually good. Casino margin ran 73.3% in the second quarter of 2026 and Las Vegas segment adjusted EBITDA margin was ~45%, levels a regional operator rarely reaches, helped by owning the real estate outright instead of paying rent under a casino REIT master lease. Trailing twelve-month net revenues to June 30, 2026 were ~$2.01 billion with adjusted EBITDA of ~$825 million. The market is paying roughly 21.6 times trailing diluted EPS of $2.83 and about 11.6 to 12 times trailing adjusted EBITDA on an enterprise value near ~$9.6 billion, a multiple that sits above most regional casino peers. Part of what is being paid for is the pipeline: Durango North, the North Fork opening, and a land bank in west Henderson and on Las Vegas Boulevard South. Part of it is the scarcity of a market where Station holds an entrenched share.

The single-market concentration is the first thing to size. Almost all of the revenue comes from residents of one metropolitan area whose own economy runs on tourism, convention traffic and construction, so a Las Vegas employment shock hits the customer base and the visitor economy at the same time. Second-quarter 2026 already showed the strain of running a build cycle through live properties: net revenues fell 3.0% to $510.3 million, adjusted EBITDA fell 9.3% to $208.0 million, and room revenue dropped 8.8% year over year on renovation disruption at Sunset Station and Green Valley Ranch. Food and beverage margin fell to 15.4% from 19.6%. Depreciation rose 22.9% to $59.0 million as Durango and the renovations came into service, which is why consolidated net income fell 29.3% to $76.6 million even though the operating business remains highly profitable. Leverage is real and structural. Total debt was ~$3.6 billion against ~$136.5 million of cash and ~$292 million of total book equity, with interest expense of ~$99.1 million in the first half alone. The stack includes a ~$1.52 billion term loan due March 2031, $690 million of 4.50% notes due February 2028, $500 million of 4.625% notes due 2031, $500 million of 6.625% notes due 2032 and ~$345 million drawn on the revolver, so the 2028 maturity gets refinanced at rates well above the coupon it replaces. North Fork carries litigation risk that is not theoretical: after the California Supreme Court denied the Mono's petition for review in April 2026, the Picayune Rancheria of Chukchansi Indians filed suit in June 2026 in the Eastern District of California against the NIGC Chair, the Mono, Station Casinos LLC and Red Rock Resorts, Inc., seeking to enjoin gaming on the site weeks before the planned opening. Governance concentration compounds all of it, since the Fertitta family entities hold 99% of the noncontrolling interest and control the board through Class B stock, leaving Class A holders with limited say.

17 analysts publish price targets on RRR, averaging $73.41 against a $61.09 price as of August 2026, or +20.2%. The published targets run from $61.00 to $78.00, a narrow spread, and the ratings split 15 buy, 2 hold, 0 sell. Over the last six months there have been 10 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full RRR forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Red Rock Resorts, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Durango is the growth engine, and it is being doubled. Durango Resort & Casino opened in December 2023 in southwest Las Vegas and has been the clearest source of incremental cash flow since. The most optimistic published target, $78.00, assumes this works close to its best case.

The case against. The single-market concentration is the first thing to size. The most pessimistic target, $61.00, is roughly what RRR is worth if this bites instead.

Read the full bull and bear case on RRR, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Red Rock Resorts, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$2.005 billion for the twelve months to June 30, 2026, essentially flat against ~$2.011 billion in fiscal 2025 and up from ~$1.939 billion in 2024 and ~$1.724 billion in 2023. Second-quarter 2026 net revenues were $510.3 million, down 3.0% from $526.3 million a year earlier, with Las Vegas operations at $503.2 million and the Native American segment at just $3.8 million against a prior-year quarter that included a $6.1 million cumulative revenue catch-up.
• Adjusted EBITDA and margin: ~$825 million for the twelve months to June 30, 2026, down from ~$848.6 million in fiscal 2025 and up from ~$795.9 million in 2024. Second-quarter adjusted EBITDA was $208.0 million, a 9.3% decline, with Las Vegas operations at $227.5 million on a ~45.2% segment margin versus ~46.6% a year earlier. Corporate costs ran ~$22.3 million in the quarter. Casino department margin held at 73.3%.
• Earnings and the Up-C split: Consolidated net income was ~$320.8 million for the trailing twelve months, but only ~$168.9 million of that was attributable to Red Rock Resorts, Inc.; the remainder went to noncontrolling interests. Trailing diluted EPS was $2.83, giving a P/E near 21.6 at ~$61. Reported diluted share counts swing between periods because the if-converted method is applied to Class B only when dilutive: 58.8 million diluted shares in the second quarter of 2026 against 102.7 million in the year-ago quarter.
• Share structure and ownership: 59,130,385 Class A shares and 45,885,804 Class B shares were outstanding at August 3, 2026, with Class B carrying voting rights but no economics and pairing one-for-one with exchangeable Station Holdco LLC units. Station Holdco had 111,637,592 units at June 30, 2026, of which Red Rock held 65,751,788 (58.9%) and the noncontrolling holders 45,885,804 (41.1%). Fertitta family entities hold 99% of that noncontrolling interest. Screened market cap is ~$6.1 billion on a blended ~99.6 million share count; float is ~46.9 million shares.
• Cash flow and balance sheet: First-half 2026 operating cash flow was ~$297.8 million against ~$257.0 million of capital expenditures net of related payables, ~$90.6 million of dividends, ~$82.3 million of distributions to noncontrolling holders and ~$38.3 million of buybacks. Cash was $136.5 million at June 30, 2026, total long-term debt ~$3.58 billion, and revolver availability ~$707.5 million net of $345.0 million drawn and $47.5 million of letters of credit. Total assets were ~$4.37 billion against ~$291.9 million of total stockholders' equity.
• Market pricing and dividend: The stock traded near ~$61 in August 2026 against a 52-week range of roughly $50.52 to $68.99, for an enterprise value near ~$9.6 billion and ~11.6 to 12 times trailing adjusted EBITDA. The regular dividend is $0.26 per quarter, or ~$1.04 annualised for a ~1.7% yield; trailing payments of $2.04 including the $1.00 February 2026 special work out to ~3.3%. Beta is ~1.34 and short interest is ~3.1 million shares, near 3% of the count.

Roughly 12 times EV to adjusted EBITDA prices RRR above most regional casino operators, which usually change hands closer to 7 to 9 times. Two things explain the gap: Station owns its real estate outright rather than paying rent under a REIT master lease, so its EBITDA is not encumbered the way a sale-leaseback operator's is, and the locals market has been structurally stronger than the Strip. The multiple also embeds a development pipeline that is currently costing money rather than making it.

Other names that sit close to RRR: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get RRR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so RRR sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where RRR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

As of August 2026, RRR is a high-margin, owner-operated locals casino business trading near ~$61 with a ~$6.1 billion screened market cap, ~$3.6 billion of debt and ~$825 million of trailing adjusted EBITDA, in the middle of a heavy build cycle that is compressing near-term earnings. Anyone reading the reported EPS or share count has to adjust for the holding-company structure first.

Whether RRR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is RRR a buy or a sell?, and where the stock could go from here in the RRR stock forecast.

For income investors, whether RRR pays a dividend and how the payout looks is covered in does RRR pay a dividend? And to weigh RRR against a peer, read the full side-by-side comparisons: RRR vs BYD and RRR vs MGM.