Red Rock Resorts Has Issued A Notice Of Redemption of Senior Notes Due 2025
Red Rock Resorts (NASDAQ: RRR) has announced the redemption of $280,333,000 in 5.000% senior notes due 2025, following a notice issued by Station Casinos LLC. The company plans to utilize cash reserves and borrowings from its revolving credit facility to cover the redemption premium, accrued interest, and associated costs. This action reflects Station Casinos' ongoing financial management as it continues to operate its array of gaming and entertainment properties in Las Vegas.
- Redemption of $280,333,000 in senior notes enhances financial flexibility.
- Use of cash on hand for the redemption indicates strong liquidity position.
- Dependence on revolving credit facility for funding redemption could pose financial risks.
- Ongoing impact of COVID-19 on business operations remains a concern.
LAS VEGAS, Sept. 30, 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 notice of redemption of the
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 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 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, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, 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 Palms Casino Resort, Texas Station Gambling Hall & Hotel, Fiesta Ranch Casino Hotel and Fiesta Henderson Casino Hotel, which have been closed since March 2020, and owns a
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, our ability to consummate the sale of the Palms; the extent and duration of the impact of the COVID-19 pandemic on the Company's business, financial results and liquidity and the economy and consumer discretionary spending generally; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions; the effects of competition; changes in laws, including increased tax rates; risks associated with construction projects; acts of war or terrorist incidents, natural disasters or civil unrest; 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, 2020, 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.
Investors:
Red Rock Resorts
Stephen L. Cootey
(702) 495-3550
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SOURCE Red Rock Resorts, Inc.
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