Chad Beynon Reiterates Buy Rating on Red Rock Resorts Citing Strong Performance and Growth Potential

Macquarie analyst Chad Beynon has maintained their bullish stance on RRR stock, giving a Buy rating today.

Chad Beynon has given his Buy rating due to a combination of factors, including Red Rock Resorts’ (RRR) strong performance and promising growth prospects. In the first quarter, RRR’s revenues and EBITDA aligned with consensus and displayed healthy year-over-year growth, indicating a robust operational foundation. Additionally, Beynon is impressed with the company’s management team, solid local Vegas economics, and the strategic land holdings that provide a platform for future expansion.

Furthermore, Beynon’s optimism is bolstered by RRR’s long-term growth profile, supported by its sophisticated operations, high margins, and favorable demographic trends. He highlights the potential for the company to capitalize on the growing population and income levels in its markets, which positions RRR to significantly increase its EBITDA over the next decade. The successful opening of Durango and its anticipated quick path to return on invested capital, along with a sizable land bank for new developments, also contribute to the positive outlook, justifying the Buy rating and a $62 target price.

According to TipRanks, Beynon is a 4-star analyst with an average return of 5.2% and a 50.57% success rate. Beynon covers the Consumer Cyclical sector, focusing on stocks such as Marriott International, MGM Resorts, and Penn National Gaming.

In another report released today, Mizuho Securities also maintained a Buy rating on the stock with a $66.00 price target.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Red Rock Resorts (RRR) Company Description:

Red Rock Resorts, Inc. is a holding company, which engages in the management and development of gaming and entertainment facilities. The firm operates through the following segments: Las Vegas Operations and Native American Management. Its amenities include restaurants, entertainment venues, movie theatres, bowling and convention or banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. The company was founded in 1976 and is headquartered in Las Vegas, NV.