Insulated, Integrated, and Still Underappreciated; Updating '26 Estimates

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Insulated, Integrated, and Still Underappreciated; Updating '26 Estimates

USA | Gaming

Red Rock Resorts EquityJuneResearch11, 2026

COMPANY UPDATEInsulated, Integrated, and Still Underappreciated;

RATING BUYUpdating '26 Estimates

PRICE $62.08^

We left our most recent Las Vegas visit incrementally more positive on RRR,

reflecting improving confidence in operational execution and the company’s PRICE TARGET | % TO PT $74.00 | +19%

long-term growth trajectory. Our view looks through the well-understood near- 52W HIGH-LOW $68.99 - $47.57

term construction disruption and focuses instead on the strength of Las Vegas FLOAT (%) | ADV MM (USD) 46.0% | 58.14

Locals and forward return profile as capital projects are completed. We reiterate MARKET CAP $6.3B

Buy and continue to see RRR as our top pick in land-based gaming. TICKER RRR ^Prior trading day's closing price unless otherwise

noted.

A business model to model after. Our latest Las Vegas trip reaffirms our view that RRR exemplifies

our requirement of business model strength, supported by a proven management team and visible

FY (Dec) CHANGE TO JEFe JEF vs CONS

growth consistent with Buy-rated criteria; we view Durango as a flagship asset within the Las Vegas

2026 2027 2026 2027

locals market and expect RRR, and potentially peers, to replicate this format over time, while Mgmt.

has already begun executing on this strategy across Green Valley Ranch, Sunset Station, and the REV* NM +4% -1% NM

next phase at Durango, with a focus on brighter, more open gaming floors and expanded premium EBITDA -5% -3% -1% -2%

F&B and entertainment offerings, which should support sustained visitation growth and a mix shift

toward higher-value customers. 2026 ($) Q1 Q2 Q3 Q4 FY

EBITDA 212.6 197.2 191.3 217.5 818.6

Why we like Las Vegas Locals.