Red Rock Resorts, Inc. (RRR): Business Model Canvas

In der pulsierenden Unterhaltungslandschaft von Las Vegas erweist sich Red Rock Resorts, Inc. (RRR) als dynamisches Kraftpaket, das das traditionelle Casino-Erlebnis in ein vielfältiges Unterhaltungsökosystem verwandelt. Durch die strategische Kombination lokaler Spiele, innovativer Gastfreundschaft und modernster Technologie hat dieses Unternehmen neu definiert, was es bedeutet, immersive Unterhaltungsziele zu schaffen, die sowohl Einheimische als auch Besucher ansprechen. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie RRR meisterhaft einen einzigartigen Ansatz zur Gewinnung von Marktanteilen und zur Bereitstellung außergewöhnlicher Werte in der wettbewerbsintensiven Gaming-Landschaft Nevadas entwickelt hat.

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Wichtige Partnerschaften

Station Casinos (Muttergesellschaft und primäre strategische Allianz)

Red Rock Resorts, Inc. ist eine hundertprozentige Tochtergesellschaft von Station Casinos LLC. Ab 2023 betreibt das Unternehmen 10 Casino-Immobilien auf dem lokalen Markt von Las Vegas.

Einzelheiten zur Partnerschaft	Finanzielle Auswirkungen
Gesamte Casino-Eigenschaften	10 Eigenschaften
Gesamter Gaming-Umsatz (2022)	1,35 Milliarden US-Dollar
Marktkapitalisierung (2023)	2,1 Milliarden US-Dollar

Lokale Hotel- und Unterhaltungsanbieter in Las Vegas

• MGM Resorts International (Partnerschaft für Marketing)
• Caesars Entertainment (gemeinsame Werbeveranstaltungen)
• Lokale Unterhaltungsstätten und Veranstalter

Anbieter von Gaming-Technologie und Software

Technologiepartner	Erbrachte Dienstleistungen
Scientific Games Corporation	Gaming-Software und Spielautomatentechnologien
IGT (International Game Technology)	Gaming-Plattformen und digitale Lösungen
Aristokratische Technologien	Design von Spielautomaten und Spielsystemen

Immobilienentwicklungs- und Bauunternehmen

Zu den wichtigsten Partnerschaften gehören lokal ansässige Bau- und Entwicklungsunternehmen, die auf Casino- und Gastronomieinfrastruktur spezialisiert sind.

• Kompassbauer
• Penta Building Group
• Breslin Builders

Finanzinstitute für Kapital und Kreditlinien

Finanzinstitut	Kreditfazilität	Betrag
Bank of America	Revolvierende Kreditfazilität	500 Millionen Dollar
JPMorgan Chase	Laufzeitdarlehen	300 Millionen Dollar
Wells Fargo	Kapitalfinanzierung	250 Millionen Dollar

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Hauptaktivitäten

Casino- und Resortbetrieb auf dem Las Vegas Market

Red Rock Resorts ist tätig 9 Casino-Immobilien auf dem Las Vegas-Markt ab 2023, mit insgesamt 4.716 Spielautomaten und 131 Tischspiele. Die Gesamtfläche des Casinos umfasst ca 442.000 Quadratmeter.

Eigentum	Standort	Spielpositionen
Red Rock Casino	Las Vegas, NV	1.200 Spielautomaten
Green Valley Ranch	Henderson, NV	1.100 Spielautomaten

Management von Gaming- und Unterhaltungsdiensten

Jährlicher Gaming-Umsatz für 2022 erreicht 1,35 Milliarden US-Dollar, mit einem durchschnittlichen täglichen Spielgewinn von 2,3 Millionen US-Dollar über ihre Grundstücke hinweg.

• Umsatz mit Spielautomaten: 892 Millionen US-Dollar
• Umsatz mit Tischspielen: 458 Millionen US-Dollar
• Einnahmen aus Sportwetten: 45 Millionen US-Dollar

Immobilienentwicklung und -renovierung

Die Investitionen für 2022 beliefen sich auf insgesamt 127 Millionen Dollar, konzentrierte sich auf die Modernisierung und Erweiterung von Immobilien.

Kategorie „Renovierung“.	Investitionsbetrag
Upgrades der Casino-Etage	52 Millionen Dollar
Renovierung von Hotelzimmern	38 Millionen Dollar
Restaurant- und Unterhaltungsräume	37 Millionen Dollar

Verbesserung von Marketing und Kundenerlebnis

Die Marketingaufwendungen für 2022 betrugen 184 Millionen Dollar, repräsentierend 13.6% des Gesamtumsatzes.

• Budget für digitales Marketing: 42 Millionen US-Dollar
• Investition in das Treueprogramm: 36 Millionen US-Dollar
• Traditionelle Werbung: 106 Millionen US-Dollar

Generierung von Einnahmen aus Glücksspielen und Nicht-Glücksspielen

Aufschlüsselung der Gesamteinnahmen für 2022:

Einnahmequelle	Betrag	Prozentsatz
Casino-Gaming	1,35 Milliarden US-Dollar	72%
Hotelzimmer	218 Millionen Dollar	12%
Essen und Trinken	187 Millionen Dollar	10%
Unterhaltung und Sonstiges	120 Millionen Dollar	6%

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Schlüsselressourcen

Mehrere Casino- und Resort-Immobilien in Las Vegas

Red Rock Resorts besitzt und betreibt die folgenden Immobilien:

Eigenschaftsname	Standort	Typ
Red Rock Casino Resort & Spa	Las Vegas, Nevada	Flaggschiff-Casino-Resort
Stationscasinos	Las Vegas Valley	Mehrere Spieleinrichtungen

Markenbekanntheit auf dem Gaming-Markt in Nevada

Marktanteilsdaten ab 2023:

• Präsenz auf dem Gaming-Markt in Nevada: 15,6 %
• Lokales Gaming-Marktsegment: Top-3-Betreiber
• Gesamter Gaming-Umsatz: 1,2 Milliarden US-Dollar pro Jahr

Erfahrenes Management-Team

Exekutive	Position	Jahrelange Erfahrung
Frank Fertitta III	Vorsitzender	25+ Jahre
Lorenzo Fertitta	Stellvertretender Vorsitzender	22+ Jahre

Immobilienportfolio

Angaben zur Immobilie:

• Gesamtwert der Immobilie: 2,3 Milliarden US-Dollar
• Landbesitz: Ungefähr 200 Acres im Großraum Las Vegas
• Anzahl der eigenen Grundstücke: 10 Spielstätten

Gaming-Technologie-Infrastruktur

Technologieinvestitionen:

• Jährliche Technologieinvestition: 45 Millionen US-Dollar
• Digitale Gaming-Plattformen: 7 integrierte Systeme
• Austauschzyklus der Technologieinfrastruktur: 3–4 Jahre

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Wertversprechen

Umfassende Unterhaltungserlebnisse

Red Rock Resorts betreibt ab 2023 neun Casino-Immobilien auf dem Las Vegas-Markt und erwirtschaftet im Geschäftsjahr 2022 einen Gesamtumsatz von 1,32 Milliarden US-Dollar. Diese Immobilien bieten integrierte Unterhaltungserlebnisse in mehreren Segmenten.

Immobilientyp	Anzahl der Eigenschaften	Totaler Spielraum
Lokale Casinos	6	210.000 Quadratmeter
Strip-Casinos	3	145.000 Quadratmeter

Lokalisierte Las Vegas-Gaming- und Hospitality-Optionen

Das Unternehmen konzentriert sich auf lokale Casino-Märkte mit strategischen Standorten, die auf die lokale Bevölkerungsgruppe abzielen.

• Durchschnittliche Grundstücksgröße: 65.000 Quadratmeter
• Konzentration auf Märkte außerhalb des Strips von Las Vegas
• Durchschnittlicher täglicher Glücksspielumsatz pro Objekt: 425.000 $

Vielfältige Gaming- und Non-Gaming-Annehmlichkeiten

Red Rock Resorts bietet in seinem gesamten Portfolio mehrdimensionale Unterhaltungsmöglichkeiten.

Ausstattungskategorie	Durchschnitt pro Objekt
Spielautomaten	850 Maschinen
Tischspiele	45 Spieltische
Restaurantkonzepte	3-4 Speisemöglichkeiten

Praktische Casino-Standorte in der Nachbarschaft

Strategische Immobilienplatzierung in vorstädtischen Märkten von Las Vegas mit hoher lokaler Bevölkerungsdichte.

• Immobilien in stark frequentierten Vorstadtgebieten
• Nähe zu Wohngemeinschaften
• Barrierefreie Parkmöglichkeiten

Hochwertiger Kundenservice und Treueprogramme

Red Rock Resorts investierte im Jahr 2022 12,3 Millionen US-Dollar in die Verbesserung des Kundenerlebnisses und die Entwicklung von Treueprogrammen.

Kennzahlen zum Treueprogramm	Daten für 2022
Total Loyalty-Mitglieder	275,000
Durchschnittliche Ausgaben pro Mitglied	1.850 $ jährlich
Investition in ein Treueprogramm	12,3 Millionen US-Dollar

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschafts- und Treueprogramm-Engagement

Red Rock Resorts betreibt das Bordkarte Treueprogramm für alle Casinos in Las Vegas. Ab 2023 berichtete das Programm:

Metrik des Treueprogramms	Wert
Gesamtzahl der aktiven Mitglieder	412,537
Durchschnittliche jährliche Ausgaben pro Mitglied	$1,873
Bindungsrate des Treueprogramms	68.3%

Personalisierte Marketingstrategien

Das Unternehmen nutzt datengesteuerte Personalisierungstechniken mit folgenden Merkmalen:

• Segmentierte Marketingdatenbank mit 287.456 einzigartigen Kundenprofilen
• Gezielte Werbeangebote basierend auf individuellen Spiel- und Essensvorlieben
• Personalisierte Kommunikationskanäle erreichen 92,4 % der Mitglieder des Treueprogramms

Digitale und mobile Interaktionsplattformen

Digitale Plattformmetrik	Wert
Mobile App-Downloads	214,683
Monatlich aktive mobile Benutzer	87,456
Digitale Engagement-Rate	62.7%

Kundenfeedback und kontinuierliche Verbesserung

Zu den Kennzahlen zur Kundenzufriedenheitsverfolgung gehören:

• Rücklaufquote der jährlichen Kundenzufriedenheitsumfrage: 43,6 %
• Net Promoter Score (NPS): 57
• Vierteljährliche Feedback-Erhebung von 129.874 Kunden

Gezielte Werbekampagnen

Metrik für Werbekampagnen	Wert
Jährliche Marketingausgaben	24,3 Millionen US-Dollar
Durchschnittliche Kampagnen-Conversion-Rate	18.6%
Einlösungsrate für Aktionsangebote	27.4%

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Kanäle

Physische Casino- und Resort-Standorte

Red Rock Resorts betreibt ab 2023 10 Casino-Immobilien in Las Vegas, Nevada, darunter:

• Red Rock Casino Resort & Spa
• Green Valley Ranch Resort Spa & Kasino
• Palace Station Hotel und Casino
• Boulder Station Hotel und Casino
• Sunset Station Hotel und Casino

Eigentum	Standort	Gesamtquadratzahl
Red Rock Casino Resort & Spa	Las Vegas, NV	411.000 Quadratfuß
Green Valley Ranch Resort	Henderson, NV	380.000 Quadratfuß

Online- und mobile Gaming-Plattformen

Einnahmen aus digitalen Spielen im Jahr 2022: 42,7 Millionen US-Dollar

• Downloads mobiler Apps: 237.000
• Aktive Benutzer der Online-Casino-Plattform: 164.000

Direktmarketing-Kommunikation

Marketingausgaben im Jahr 2022: 84,3 Millionen US-Dollar

Marketingkanal	Jährliche Ausgaben
E-Mail-Marketing	12,6 Millionen US-Dollar
Direktwerbung	23,5 Millionen US-Dollar
Gezielte digitale Werbung	18,2 Millionen US-Dollar

Social-Media-Engagement

Social-Media-Follower im vierten Quartal 2023:

• Facebook: 215.000 Follower
• Instagram: 87.000 Follower
• Twitter: 42.000 Follower

Reservierungs- und Buchungssysteme

Statistiken zur Online-Buchungsplattform im Jahr 2022:

• Gesamtzahl der Online-Buchungen: 412.000
• Prozentsatz mobiler Buchungen: 68 %
• Durchschnittlicher Buchungswert: 342 $

Buchungskanal	Prozentsatz der Gesamtbuchungen
Direkte Website	52%
Mobile App	32%
Plattformen von Drittanbietern	16%

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Kundensegmente

Einheimische Einwohner von Las Vegas

Demografische Aufschlüsselung für lokales Kundensegment:

Kategorie	Prozentsatz	Geschätzte Anzahl
Einwohner von Clark County	72.3%	1,375,000
Wiederkehrende Besucher	45.6%	626,700
Durchschnittliche jährliche Ausgaben	$1,245	Pro lokalem Kunden

Regionale Gaming-Enthusiasten

Merkmale des regionalen Kundensegments:

• Hauptmärkte: Nevada, Arizona, Kalifornien
• Durchschnittliche Reisedistanz: 250-350 Meilen
• Häufigkeit der Besuche: 2-4 mal pro Jahr

Touristen- und Besucherpopulationen

Touristische Kategorie	Jahresvolumen	Mögliches Engagement
Las Vegas-Besucher	42,9 Millionen	65 % Spielinteresse
Internationale Touristen	6,3 Millionen	48 % Casino-Teilnahme

High-Roller- und Premium-Spieler

Analyse des Premiumsegments:

Segmentcharakteristik	Wert
Durchschnittliche Einsatzgröße	$500-$5,000
Jährlicher Umsatzbeitrag	37.5%
Teilnehmer des Treueprogramms	22,500

Jüngere Bevölkerungsgruppe

• Altersspanne: 21–35 Jahre
• Präferenz für digitales Engagement
• Unterhaltungsorientierte Erlebnissuchende

Demografischer Messwert	Prozentsatz
Interaktion mit sozialen Medien	68%
Interesse an Online-Spielen	52%
Teilnahme an Veranstaltungen	41%

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Kostenstruktur

Immobilienwartung und -betrieb

Im Jahresbericht 2023 meldete Red Rock Resorts Gesamtkosten für die Instandhaltung der Immobilien in Höhe von 98,3 Millionen US-Dollar. Die spezifische Aufschlüsselung umfasst:

Ausgabenkategorie	Betrag ($)
Wartung der Casino-Anlage	42,6 Millionen
Instandhaltung von Resortimmobilien	33,7 Millionen
Nebenkosten	22,0 Millionen

Löhne und Leistungen der Mitarbeiter

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 214,5 Millionen US-Dollar, darunter:

• Grundlohn: 156,2 Millionen US-Dollar
• Gesundheitsleistungen: 28,3 Millionen US-Dollar
• Ruhestandsbeiträge: 15,4 Millionen US-Dollar
• Leistungsprämien: 14,6 Millionen US-Dollar

Investitionen in Gaming-Technologie

Die Technologie- und Ausrüstungsinvestitionen für 2023 beliefen sich auf insgesamt 45,7 Millionen US-Dollar und setzten sich zusammen aus:

Kategorie „Technologie“.	Investition ($)
Upgrade der Spielautomaten	23,4 Millionen
Cybersicherheitssysteme	8,9 Millionen
Netzwerkinfrastruktur	13,4 Millionen

Marketing- und Werbekosten

Die Marketingausgaben für 2023 erreichten 67,2 Millionen US-Dollar und verteilten sich wie folgt:

• Digitales Marketing: 22,6 Millionen US-Dollar
• Traditionelle Werbung: 18,5 Millionen US-Dollar
• Spielertreueprogramme: 15,3 Millionen US-Dollar
• Event-Sponsoring: 10,8 Millionen US-Dollar

Immobilienentwicklungs- und Renovierungskosten

Die Investitionsausgaben für 2023 beliefen sich auf insgesamt 112,6 Millionen US-Dollar, mit spezifischen Zuweisungen:

Entwicklungskategorie	Investition ($)
Neubau von Immobilien	62,4 Millionen
Renovierungen bestehender Immobilien	38,2 Millionen
Landerwerb	12,0 Millionen

Red Rock Resorts, Inc. (RRR) – Geschäftsmodell: Einnahmequellen

Casino-Gaming-Einnahmen

Für das Geschäftsjahr 2023 berichtete Red Rock Resorts 529,3 Millionen US-Dollar an Casino-Gaming-Einnahmen. Aufschlüsselung der Glücksspieleinnahmen nach Immobilien:

Eigentum	Gaming-Einnahmen ($)
Red Rock Casino Resort	186,4 Millionen
Green Valley Ranch	172,9 Millionen
Sonnenuntergangsstation	89,6 Millionen
Andere Eigenschaften	80,4 Millionen

Hotel- und Resortunterkünfte

Gesamter Hotelumsatz für 2023: 124,7 Millionen US-Dollar. Wichtige Unterkunftsstatistiken:

• Durchschnittlicher Zimmerpreis pro Tag: 229 $
• Auslastung: 82,3 %
• Insgesamt verfügbare Zimmer: 1.285

Verkauf von Lebensmitteln und Getränken

Lebensmittel- und Getränkeumsatz für 2023: 215,6 Millionen US-Dollar. Wie folgt segmentiert:

Segment	Umsatz ($)
Restaurants	142,3 Millionen
Bars und Lounges	47,9 Millionen
Catering-Dienstleistungen	25,4 Millionen

Unterhaltungs- und Event-Hosting

Unterhaltungseinnahmen für 2023: 37,2 Millionen US-Dollar. Aufschlüsselung:

• Verkauf von Konzert- und Veranstaltungskarten: 22,5 Millionen US-Dollar
• Vermietung privater Veranstaltungen: 9,7 Millionen US-Dollar
• Einnahmen aus Nachtclubs und Unterhaltungsstätten: 5 Millionen US-Dollar

Nicht-Gaming-Annehmlichkeiten und -Dienste

Nicht-Gaming-Einnahmen für 2023: 89,5 Millionen US-Dollar. Detaillierte Aufschlüsselung:

Service	Umsatz ($)
Spa- und Wellnesscenter	18,6 Millionen
Einzelhandelsgeschäfte	24,3 Millionen
Parken und Transport	15,2 Millionen
Andere Nebendienstleistungen	31,4 Millionen

Red Rock Resorts, Inc. (RRR) - Canvas Business Model: Value Propositions

You're looking at the core appeal Red Rock Resorts, Inc. (RRR) offers its primary customer base-the Las Vegas local. It's not about the convention crowd; it's about making your regular entertainment routine easy and rewarding. The value proposition centers on convenience, comprehensive offerings, and recognizing your loyalty.

Convenient, accessible locations for 90% of Las Vegas locals

Red Rock Resorts, Inc. anchors its strategy on being the neighborhood spot. While the exact percentage of local households covered isn't a publicly stated metric, the physical footprint is substantial. They operate 19 strategically located properties across the Las Vegas Valley. This density ensures that for a significant portion of the local population, a Red Rock Resorts, Inc. property is never far away. This accessibility is key to driving the high-frequency visitation that underpins their financial results, such as the $513.3 million in Net Revenues from Las Vegas Operations reported for the second quarter of 2025. This geographic advantage supports their gaming-centric model focused on local customers rather than tourists.

Integrated entertainment (gaming, dining, bowling, cinema) under one roof

The offering goes well beyond just slot machines and table games. Red Rock Resorts, Inc. properties are designed as complete regional entertainment destinations. You can game, catch a movie, bowl, and dine, all without leaving the property. This integration is what keeps customers engaged for longer periods. For instance, their properties include:

• Numerous restaurants and dining establishments.
• Entertainment venues for live events.
• Movie theaters.
• Bowling centers.
• Convention and banquet space.

This all-in-one approach is a major draw for the local market, which values convenience and variety in their leisure time.

Exceptional value and accessible pricing versus the Las Vegas Strip

A core differentiator for Red Rock Resorts, Inc. is positioning itself as the better value proposition compared to the high-cost Strip resorts. While direct, item-for-item price comparisons aren't always published, management notes that their strategy is increasingly attracting out-of-town guests specifically because of this value perception. The focus on the locals market inherently means pricing structures are designed to encourage repeat, lower-stakes visits over one-time, high-spend tourist excursions. The strength of this model is evident in their profitability, with Las Vegas operations generating $239.4 million in Adjusted EBITDA in Q2 2025.

Here's a quick look at the operational scale supporting the business as of late 2025:

Metric	Value (Latest Reported)	Period/Date Context
Las Vegas Operations Net Revenue	$513.3 million	Q2 2025
Las Vegas Operations Adjusted EBITDA	$239.4 million	Q2 2025
Total Properties Operated	19	As of late 2025
Undeveloped Land Holdings (Acres)	461	As of Q2 2025
Undeveloped Land Value	Over $950 million	As of Q2 2025

Personalized service and strong rewards for high-frequency visitors

Red Rock Resorts, Inc. heavily relies on its sophisticated loyalty program, the Boarding Pass program, to drive repeat business. This isn't just about points; it's about incentivizing and rewarding the most valuable customers. The data clearly shows this works. For the core carded play business, a massive 75% of local slot revenue comes from guests who visit four or more times per month. This high-frequency group receives tiered benefits like free play, dining credits, and priority access, which locks them into the ecosystem. The Durango Casino Resort opening further validated this, adding over 108,000 new customers to the database since its opening in December 2023, all of whom are now targets for this loyalty structure. The company's commitment to shareholders, which indirectly supports the long-term viability of these rewards, included declaring a Q3 2025 dividend of $0.25 per Class A common share. Finance: draft 13-week cash view by Friday.

Red Rock Resorts, Inc. (RRR) - Canvas Business Model: Customer Relationships

Red Rock Resorts, Inc. focuses on a high-touch, relationship-driven model, which is critical because the company is anchored by a gaming-centric business model targeting the Las Vegas locals market, where many customers play over four times a month. This strategy contrasts with the tourism-dependent Strip properties.

The core of this relationship strategy is the my|Rewards Boarding Pass loyalty program, which has 5 tiers for members. This program is being continuously enhanced, for instance, by integrating points earned from gaming activity with dollars spent on non-gaming amenities like restaurants, bars, spas, or shops, aiming to generate incremental loyalty from the non-gaming customer. The company employs an analytical approach to promotional development, using proprietary customer relationship management systems highly attuned to guest interactions. This is supported by technology installed on all slot machines to provide on device marketing, bonusing, and real-time customized promotions.

Concrete evidence of successful customer acquisition through these efforts is seen at the Durango Casino Resort, which, since its December 2023 opening, added over 108,000 new customers to the database as of the second quarter of 2025. The company also saw significant improvement in its non-rewards customers across the database in Q2 2025, with uncarded second quarter slot coin-in showing the highest quarter of increase seen in the last two years.

For group and convention business, Red Rock Resorts maintains a substantial physical capacity to serve this segment across its Las Vegas portfolio. The company offers approximately 257,472 square feet of convention and meeting space. The Group Sales and Catering team delivered a near-record second quarter revenue and profit for Q2 2025, indicating strong direct service for this segment continues through 2025.

Here is a snapshot of the operational scale supporting these customer relationships as of mid-to-late 2025:

Metric	Value/Data Point	Period/Context
Total Las Vegas Portfolio Slot Machines	Approximately 16,333	As of late 2025
Total Las Vegas Portfolio Table Games	317	As of late 2025
New Customers Added by Durango	Over 108,000	Since Dec 2023 through Q2 2025
Boarding Pass Loyalty Program Tiers	5	As of late 2025
Las Vegas Convention/Meeting Space	257,472 square feet	As of late 2025
Q2 2025 Las Vegas Operations Net Revenue	$513.3 million	Q2 2025

The company's commitment to this segment is further demonstrated by the continuous reinvestment in amenities designed to enhance the guest experience and drive repeat visitation. The focus on data-driven marketing helps optimize reinvestment into guests who deliver stronger results.

Key elements driving customer engagement include:

• Maintaining accessible pricing and convenient locations for locals.
• Delivering personalized service across the portfolio.
• Seeing growth in the under 35 age demographic, which grew 15% in Q2 2025.
• Achieving the highest quarterly net revenue in the company's 49-year history in Q2 2025.

The company's strategy relies on the high level of repeat visitors demanding exceptional service, variety, and quality.

Red Rock Resorts, Inc. (RRR) - Canvas Business Model: Channels

You're looking at how Red Rock Resorts, Inc. (RRR) gets its value proposition-focused on the Las Vegas locals market-out to its customers. The primary channels are deeply rooted in physical presence, supplemented by digital touchpoints for convenience and loyalty.

The core delivery mechanism is the physical casino resort footprint. As of late 2025, Red Rock Resorts, Inc. (RRR) operates a substantial portfolio across the Las Vegas valley, designed for maximum local accessibility, with over 90% of the Las Vegas population located within five miles of one of their gaming facilities. This physical scale is substantial, as evidenced by the Q2 2025 consolidated net revenue of $526.3 million.

Here's a breakdown of the physical asset scale that serves as the primary channel for gaming, hospitality, and dining:

Property Category	Count	Slot Machines (Approximate)	Table Games (Approximate)	Hotel Rooms (Approximate)
Major Gaming Facilities	7	N/A	N/A	N/A
Smaller Casinos (Total)	11	N/A	N/A	N/A
Total Las Vegas Portfolio Assets (As of Q2 2025)	N/A	16,333	317	3,030
Convention/Meeting Space (Approximate)	N/A	N/A	N/A	257,472 square feet

The Wildfire-branded neighborhood casinos and taverns represent a focused channel strategy to capture more of the immediate local market share. These are distinct from the larger resorts. Red Rock Resorts, Inc. (RRR) manages properties like Wildfire Rancho, Wildfire Boulder, and Wildfire Sunset under the Station Casinos umbrella. This neighborhood focus is being aggressively expanded through a new tavern concept.

The rollout of the neighborhood tavern channel, branded as Seventy Six by Station Casinos, shows the company's intent to deepen local penetration:

• The first tavern opened by the end of September (contextually 2024), with a second following in North Las Vegas in January (contextually 2025).
• Five additional taverns were in the works to be completed by early 2026.
• Each tavern is equipped with 15 bartop multi-game slot machines.
• Staffing per tavern was planned at 25 employees.

Direct booking via property websites and mobile apps is the digital extension of the physical channel. While specific mobile app download or direct booking revenue figures aren't public, the company maintains a web presence at www.redrockresorts.com for investor relations, which implies a direct digital interface for customers is maintained across its properties. The overall business success, with trailing 12-month revenue hitting $2B as of September 30, 2025, is supported by the efficiency of these combined channels.

Regarding planned digital wallet and tech enhancements for mobile engagement, the company's focus on technology is evident in its financial reporting, as Adjusted EBITDA calculations for Q2 2025 included adjustments for business innovation and technology enhancements. Furthermore, the full-year 2025 capital expenditure guidance was projected between $325 million and $375 million, which supports ongoing technology upgrades across the physical and digital channels. Lorenzo Fortita, a key executive, emphasized that the company is fundamentally a development company, which includes developing its technological infrastructure to support its gaming-centric model.

Red Rock Resorts, Inc. (RRR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Red Rock Resorts, Inc. (RRR), and the story is clearly about the local resident, not the Strip tourist. This focus is what drives their record financial results.

Core Las Vegas Locals Market (high-frequency, non-tourist base)

This group is the bedrock of Red Rock Resorts' business. They are high-frequency players who value the accessible pricing and convenient locations of the off-Strip properties like Station Casinos. This segment provides a stability that Strip-focused operators simply don't have. To give you a concrete idea of their loyalty, management noted that 75% of local carded slot revenue is generated by guests who visit four or more times per month. This recurring revenue stream is key.

The success of the newest property, Durango Casino & Resort, shows the continued expansion potential within this core market. Durango added more than 100,000 new customers to the company's database since its December 2023 opening, and it is on pace to deliver a return net of cannibalization of more than 15% through the second quarter of 2025.

The strength of this segment is reflected in the overall operational numbers for the second quarter of 2025, where Las Vegas operations posted net revenue of $513.3 million, up 6.2% year-over-year.

The customer segments driving this performance include:

• The loyal, high-frequency local player base.
• Core, VIP, and non-rewards players seeing gains.
• A younger demographic, with visitation from those under 35 increasing by 15% in Q2 2025.

Regional and national out-of-town guests

While the locals are the anchor, Red Rock Resorts is successfully attracting out-of-town visitors who are pushing back against the high prices found on the Strip. Management has stated that the company's value proposition is starting to resonate with these guests, too. Furthermore, they have not seen material negative impacts on visitation from their California-based drive-in market, partly due to decreased gas prices making the trip more affordable.

Group and convention attendees utilizing meeting space

This segment primarily drives hotel and non-gaming revenue. Hotel bookings are looking healthy, with management reporting significant increases in Group bookings for the remainder of 2025 and extending into 2026. This is supported by ongoing capital investments, such as the remodel at Green Valley Ranch, which includes convention space enhancements.

Patrons of smaller, gaming-centric Wildfire taverns

These smaller, gaming-centric locations fall under the broader Station Casinos brand and benefit from the same focus on the local community and value that drives the larger resorts. The overall strength in the locals' market and the stability in the core slot and table games business across the carded database supports these properties as well.

Here's a quick look at how the financial performance in the latest reported quarters ties to the overall customer base:

Customer Focus Area	Key Financial/Statistical Metric	Latest Available Data (2025)
Core Las Vegas Locals	Local Carded Slot Revenue Frequency	75% from guests visiting 4+ times/month
Core Las Vegas Locals	New Customer Acquisition (Durango)	Over 100,000 new customers added
Regional/National Guests	Visitation Growth (Under 35)	15% increase (Q2 2025)
Group/Convention	Hotel Booking Outlook	Significant increases cited for remainder of 2025 and into 2026
Overall Las Vegas Operations	Net Revenue (Q2 2025)	$513.3 million
Overall Las Vegas Operations	Adjusted EBITDA Margin (Q3 2025)	44.7%

The company's Q3 2025 consolidated net revenue was $475.6 million, with Las Vegas operations contributing $468.6 million. This demonstrates that the vast majority of their revenue stream is directly tied to the local and regional patrons they serve.

Finance: draft Q4 2025 customer segment variance analysis by next Tuesday.

Red Rock Resorts, Inc. (RRR) - Canvas Business Model: Cost Structure

The Cost Structure for Red Rock Resorts, Inc. (RRR) is heavily weighted toward capital deployment for property enhancements and the ongoing servicing of its debt load, alongside the significant fixed and variable costs associated with operating its extensive portfolio of Las Vegas locals-focused integrated resorts.

Significant capital expenditures (capex) are a defining feature of the cost base, reflecting the company's strategy of continuous reinvestment. For the full year 2025, the projected total capital spend was revised downward in the third quarter to a range between $325 million and $350 million. This followed an earlier projection in Q1 2025 of $350 million to $400 million. This capex is split between investment capital and maintenance capital to keep the 18 properties competitive.

Debt servicing represents a major fixed cost. As of the end of the third quarter of 2025, Red Rock Resorts reported a total principal amount of debt outstanding of $3.4 billion. The company has actively managed this, for instance, by closing a $750 million North Fork construction financing subsequent to Q1 2025, which was expected to reduce capitalized interest expense by nearly $100 million.

Operating costs are substantial, covering the labor and day-to-day expenses for the integrated resorts. Labor costs saw an increase of approximately ~2% in Q1 2025. The efficiency of these operations is reflected in the margins; the consolidated Adjusted EBITDA margin for Q3 2025 was 40.1%, while the Las Vegas operations margin reached 47.7% in Q1 2025.

Construction disruption costs are a near-term, variable cost that management quantifies. The company acknowledged near-term disruption impact from ongoing projects at Durango, Sunset Station, and Green Valley Ranch. Specifically, management noted that the majority of an almost $15 million disruption impact was occurring at Green Valley Ranch as towers were being taken down in the second half of 2025. For the fourth quarter of 2025 alone, an estimated disruption impact of $8 million was anticipated from Green Valley Ranch.

Here's a look at some key financial metrics impacting the cost structure as of late 2025:

Cost/Balance Sheet Component	Latest Reported Amount (2025)	Reporting Period
Total Principal Debt	$3.4 billion	Q3 2025
FY 2025 Projected Total Capital Spend (Latest)	$325 million to $350 million	FY 2025 Projection (Q3 Update)
FY 2025 Projected Total Capital Spend (Previous)	$350 million to $400 million	FY 2025 Projection (Q1 Update)
Cash & Cash Equivalents	$129.8 million	Q3 2025
Estimated Green Valley Ranch Disruption Impact	$8 million	Q4 2025 Estimate

The cost structure also includes significant capital allocated to specific property upgrades, which are intended to drive future revenue but are immediate cash outflows or capitalized costs:

• Durango Casino Resort expansion investment projected at approximately $120 million, expected completion late December 2025.
• Green Valley Ranch refresh room product renovation cost expected to be about $150 million.
• Sunset Station podium refresh cost expected to be about $53 million.

The company's focus on returning capital to shareholders through dividends and repurchases also impacts the cash utilization side of the cost/funding equation, though these are not traditional operating expenses. For instance, a cash dividend of $0.26 per Class A common share was declared for the fourth quarter of 2025.

Finance: draft 13-week cash view by Friday.

Red Rock Resorts, Inc. (RRR) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Red Rock Resorts, Inc. (RRR) revenue generation, which is heavily weighted toward its Las Vegas locals market focus. This model prioritizes recurring cash flow from a loyal customer base over the volatile, tourism-dependent revenue of the Strip.

The company reported record financial results for the second quarter of 2025, achieving the highest quarterly net revenue in its 49-year history. On a consolidated basis, net revenues reached $526.3 million for Q2 2025. This performance is definitely guided to continue, with full-year 2025 net revenue projected to exceed $2.2 billion.

The primary revenue streams are segmented across the core hospitality and gaming offerings at their Las Vegas properties. Here's how the key components stacked up for the second quarter of 2025:

• Casino gaming revenue, the largest segment (Q2 2025: $344.80 million)
• Food and beverage revenue (Q2 2025: $94.37 million)
• Room and hotel revenue (Q2 2025: $51.19 million)
• Native American management and development fees (Q2 2025: $10.0 million)

The gaming segment is the anchor, showing continued strength. The company noted that 75% of local carded slot revenue comes from guests who visit four or more times per month, which is the stability you want to see in this business. The hotel division also delivered its strongest second-quarter revenue and profit through higher occupancy and daily rates.

For a clearer picture of the Q2 2025 revenue mix, look at this breakdown:

Revenue Stream	Q2 2025 Amount (Millions USD)
Casino Gaming Revenue	$344.80
Food and Beverage Revenue	$94.37
Room and Hotel Revenue	$51.19
Native American Management/Development Fees	$10.01
Other Segments (Including North Fork Contribution)	Approximately $25.91 (Implied from total)

Also, remember that the consolidated net revenue of $526.3 million for Q2 2025 included $10.0 million specifically from the North Fork project. That's a nice boost from a new development coming online. The core Las Vegas operations revenue was $513.3 million for the quarter, up 6.2% year-over-year.

The company's focus on the locals market means these revenue streams are inherently more predictable than those reliant on transient tourism. Still, near-term revenue can see minor impacts from ongoing property upgrades, like the estimated $8 million disruption anticipated from Green Valley Ranch in Q4 2025 due to renovations.

Finance: draft 13-week cash view by Friday.