Red Rock Resorts Has Issued A Notice Of Partial Redemption Of Senior Notes Due 2025

Rhea-AI Summary

Red Rock Resorts (NASDAQ: RRR) announced a conditional partial redemption of $250 million in 5.000% senior notes due 2025 by Station Casinos LLC. This redemption is subject to specific conditions and will be funded through cash on hand and borrowings from a revolving credit facility. Station Casinos operates numerous entertainment venues across Las Vegas, offering various amenities including restaurants and gaming options. The company emphasizes its leading position in the local market while noting that certain forward-looking statements may involve risks and uncertainties that could affect future results.

Positive

• Redemption of $250 million senior notes due 2025 enhances financial stability.
• Use of cash on hand and credit facilities indicates strong liquidity.

Negative

• Dependence on market conditions for successful redemption.
• Potential risks associated with forward-looking statements regarding future performance.

LAS VEGAS, Jan. 21, 2021 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts", "we" or the "Company") (NASDAQ: RRR) announced today that Station Casinos LLC ("Station Casinos") has issued a conditional notice of partial redemption of the 5.000% senior notes due 2025. The Company anticipates that $250,000,000.00 in principal amount of senior notes will be redeemed, subject to the satisfaction of certain conditions.  The senior notes are fully and unconditionally guaranteed by certain of the Company's current and future domestic restricted subsidiaries.

Station Casinos intends to use cash on hand and borrowings under its revolving credit facility to pay the redemption premium, accrued and unpaid interest and any fees or expenses related to the redemption.

About Red Rock Resorts and Forward Looking Statements

Red Rock Resorts owns a majority indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming 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 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, Palms Casino Resort, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Texas Station Gambling Hall & Hotel, Fiesta Rancho Casino Hotel, Fiesta Henderson Casino Hotel, Wildfire Rancho, Wildfire Boulder, Wild Wild West Gambling Hall & Hotel, 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.  In addition, Station Casinos is the manager of Graton Resort & Casino in northern California.

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. 

Investors:
Red Rock Resorts
Stephen L. Cootey
Rodney S. Atamian
(702) 495-3550

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SOURCE Red Rock Resorts, Inc.

FAQ

What is the amount of senior notes being redeemed by Red Rock Resorts?

Red Rock Resorts is redeeming $250 million in senior notes due 2025.

When is the partial redemption of senior notes scheduled?

The redemption is conditional and will occur once certain conditions are satisfied.

How will Station Casinos fund the redemption of the senior notes?

Station Casinos will use cash on hand and borrowings under its revolving credit facility.

What are the risks associated with Red Rock Resorts' forward-looking statements?

Forward-looking statements may involve risks and uncertainties that can lead to actual results differing materially.