Red Rock Resorts Announces Special Dividend

Rhea-AI Summary

Red Rock Resorts has declared a special dividend of $1.00 per Class A common share, payable on December 9, 2022. This announcement was made on November 14, 2022, with a record date of November 30, 2022. Prior to the dividend, Station Holdco will distribute approximately $108.1 million to unit holders, with Red Rock expected to receive around $62.1 million. The company, a major provider of gaming and hospitality in Las Vegas, operates multiple properties and is focused on long-term growth despite uncertainties in the market.

Positive

• Declaration of a special dividend of $1.00 per share, enhancing shareholder value.
• Expected cash distribution of approximately $62.1 million to Red Rock from Station Holdco.

Negative

• None.

LAS VEGAS, Nov. 14, 2022 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today announced that the Company's Board of Directors has declared a special dividend of $1.00 per Class A common share. The special dividend will be payable on December 9, 2022 to all stockholders of record as of the close of business on November 30, 2022. 

Prior to the payment of such dividend, Station Holdco LLC ("Station Holdco") will make a cash distribution to all unit holders of record, including the Company, of $1.00 per unit for a total distribution of approximately $108.1 million, approximately $62.1 million of which is expected to be distributed to the Company and approximately $46.0 million of which is expected to be distributed to the other unit holders of record of Station Holdco. 

Company Information and Forward Looking Statements

Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of Las Vegas, Nevada. Station Casinos' properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include hotels as well as various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem and Wildfire Lake Mead. Station Casinos also owns a 50% interest in Barley's Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward looking statements can often be identified by their use of words such as "will", "might", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "would", "target", "project", "intend", "plan", "seek", "estimate", "pursue", "should", "may" and "assume", or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the extent and duration of the impact of the COVID-19 pandemic, rising inflation, higher interest rates and increased energy costs on consumer demand and the Company's business, financial results and liquidity; the impact and cost of new operating procedures implemented at the Company's properties in response to the COVID-19 pandemic; the impact of actions that the Company has undertaken to reduce costs and improve efficiencies to mitigate losses as a result of the COVID-19 pandemic; the impact of the COVID-19 pandemic, and resulting unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

View source version on http://redrockresorts.investorroom.com/:

INVESTORS:
Stephen L. Cootey
Stephen.Cootey@redrockresorts.com
(702) 495-4214

MEDIA:
Michael J. Britt
Michael.Britt@redrockresorts.com
(702) 495-3693

View original content:https://www.prnewswire.com/news-releases/red-rock-resorts-announces-special-dividend-301676644.html

SOURCE Red Rock Resorts, Inc.

FAQ

What is the special dividend amount declared by Red Rock Resorts?

Red Rock Resorts has declared a special dividend of $1.00 per Class A common share.

When will Red Rock Resorts pay the special dividend?

The special dividend will be payable on December 9, 2022.

What is the record date for the special dividend of Red Rock Resorts?

The record date for the special dividend is November 30, 2022.

How much is Red Rock expected to receive from Station Holdco's distribution?

Red Rock is expected to receive approximately $62.1 million from Station Holdco's distribution.

What total amount will Station Holdco distribute to its unit holders?

Station Holdco will distribute approximately $108.1 million to its unit holders.