Red Rock Resorts, Inc. (RRR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el vibrante paisaje de Las Vegas Entertainment, Red Rock Resorts, Inc. (RRR) emerge como una potencia dinámica, transformando la experiencia tradicional del casino en un ecosistema de entretenimiento multifacético. Al combinar estratégicamente los juegos localizados, la hospitalidad innovadora y la tecnología de vanguardia, esta compañía ha redefinido lo que significa crear destinos de entretenimiento inmersivos que atienden tanto a los residentes locales como a los visitantes. Sumérgete en el intrincado lienzo de modelo de negocio que presenta cómo RRR ha creado magistralmente un enfoque único para capturar la cuota de mercado y ofrecer un valor excepcional en el competitivo panorama de los juegos de Nevada.

Red Rock Resorts, Inc. (RRR) - Modelo de negocios: asociaciones clave

Casinos de estación (empresa matriz y alianza estratégica primaria)

Red Rock Resorts, Inc. es una subsidiaria de propiedad total de Station Casinos LLC. A partir de 2023, la compañía opera 10 propiedades de casino en el mercado local de Las Vegas.

Detalles de la asociación	Impacto financiero
Propiedades totales del casino	10 propiedades
Ingresos totales para los juegos (2022)	$ 1.35 mil millones
Capitalización de mercado (2023)	$ 2.1 mil millones

Proveedores locales de hospitalidad y entretenimiento de Las Vegas

• MGM Resorts International (Asociación para Marketing)
• Caesars Entertainment (eventos promocionales conjuntos)
• Lugares de entretenimiento local y organizadores de eventos

Proveedores de tecnología y software de juego

Socio tecnológico	Servicios proporcionados
Corporación de juegos científicos	Software de juego y tecnologías de máquinas tragamonedas
IGT (Tecnología de Juego Internacional)	Plataformas de juego y soluciones digitales
Tecnologías aristócratas	Diseño de máquinas tragamonedas y sistemas de juegos

Desarrollo inmobiliario y empresas de construcción

Las asociaciones clave incluyen empresas de construcción y desarrollo locales que se especializan en infraestructura de casino y hospitalidad.

• Constructores de brújulas
• Grupo de construcción de penta
• Constructores de Breslin

Instituciones financieras para líneas de capital y crédito

Institución financiera	Línea de crédito	Cantidad
Banco de América	Facilidad de crédito giratorio	$ 500 millones
JPMorgan Chase	Préstamo a plazo	$ 300 millones
Wells Fargo	Financiamiento de capital	$ 250 millones

Red Rock Resorts, Inc. (RRR) - Modelo de negocio: actividades clave

Operaciones de casino y resort en el mercado de Las Vegas

Red Rock Resorts opera 9 propiedades del casino en el mercado de Las Vegas a partir de 2023, con un total de 4.716 máquinas tragamonedas y 131 juegos de mesa. El espacio total del piso del casino se extiende aproximadamente 442,000 pies cuadrados.

Propiedad	Ubicación	Puestos de juego
Casino de roca roja	Las Vegas, NV	1.200 máquinas tragamonedas
Rancho de Green Valley	Henderson, NV	1.100 máquinas tragamonedas

Gestión de servicios de juegos y entretenimiento

Los ingresos de juego anuales para 2022 alcanzaron $ 1.35 mil millones, con una victoria promedio de juegos diarios de los juegos de $ 2.3 millones a través de sus propiedades.

• Ingresos de la máquina tragamonedas: $ 892 millones
• Ingresos de los juegos de mesa: $ 458 millones
• Ingresos de apuestas deportivas: $ 45 millones

Desarrollo y renovación de la propiedad

Los gastos de capital para 2022 totalizaron $ 127 millones, centrado en actualizaciones de propiedades y expansión.

Categoría de renovación	Monto de la inversión
Actualizaciones de piso de casino	$ 52 millones
Renovaciones de la habitación de hotel	$ 38 millones
Restaurante y espacios de entretenimiento	$ 37 millones

Mejora de la experiencia en marketing y el cliente

Los gastos de marketing para 2022 fueron $ 184 millones, representando 13.6% de ingresos totales.

• Presupuesto de marketing digital: $ 42 millones
• Inversión del programa de lealtad: $ 36 millones
• Publicidad tradicional: $ 106 millones

Generación de ingresos de juegos de azar y no juego

Desglose total de ingresos para 2022:

Flujo de ingresos	Cantidad	Porcentaje
Juego de casino	$ 1.35 mil millones	72%
Habitaciones de hotel	$ 218 millones	12%
Comida y bebida	$ 187 millones	10%
Entretenimiento y otros	$ 120 millones	6%

Red Rock Resorts, Inc. (RRR) - Modelo de negocio: recursos clave

Múltiples propiedades de casino y resort en Las Vegas

Red Rock Resorts posee y opera las siguientes propiedades:

Nombre de propiedad	Ubicación	Tipo
Red Rock Casino Resort & Spa	Las Vegas, Nevada	Resort de casino insignia
Casinos de estación	Valle de Las Vegas	Múltiples instalaciones de juego

Reconocimiento de marca en el mercado de juegos de Nevada

Datos de participación de mercado a partir de 2023:

• Presencia del mercado de juegos de Nevada: 15.6%
• Segmento del mercado local de juegos: operador de los 3 principales
• Ingresos totales de juego: $ 1.2 mil millones anuales

Equipo de gestión experimentado

Ejecutivo	Posición	Años de experiencia
Frank Fertitta III	Presidente	Más de 25 años
Lorenzo Fertitta	Vicepresidente	Más de 22 años

Cartera de bienes raíces

Detalles de la propiedad:

• Valor de propiedad total: $ 2.3 mil millones
• Landings Lands: aproximadamente 200 acres en el área metropolitana de Las Vegas
• Número de propiedades propias: 10 instalaciones de juego

Infraestructura de tecnología de juegos

Inversiones tecnológicas:

• Inversión tecnológica anual: $ 45 millones
• Plataformas de juegos digitales: 7 sistemas integrados
• Ciclo de reemplazo de infraestructura tecnológica: 3-4 años

Red Rock Resorts, Inc. (RRR) - Modelo de negocio: propuestas de valor

Experiencias de entretenimiento integrales

Red Rock Resorts opera 9 propiedades del casino en el mercado de Las Vegas a partir de 2023, generando $ 1.32 mil millones en ingresos totales para el año fiscal 2022. Estas propiedades ofrecen experiencias de entretenimiento integradas en múltiples segmentos.

Tipo de propiedad	Número de propiedades	Espacio de juego total
Casinos locales	6	210,000 pies cuadrados
Tira de casinos	3	145,000 pies cuadrados

Opciones localizadas de juegos y hospitalidad de Las Vegas

La compañía se centra en los mercados de casinos del vecindario con ubicaciones estratégicas dirigidas a la demografía local.

• Tamaño promedio de la propiedad: 65,000 pies cuadrados
• Concentración en los mercados de Las Vegas fuera de rayas
• Ingresos promedio de juegos diarios por propiedad: $ 425,000

Diversas comodidades de juegos y no juegos

Red Rock Resorts ofrece opciones de entretenimiento multidimensional en su cartera.

Categoría de servicios	Promedio por propiedad
Máquinas tragamonedas	850 máquinas
Juegos de mesa	45 mesas de juego
Conceptos de restaurantes	3-4 opciones gastronómicas

Lugar de casino del vecindario conveniente

Colocación de propiedades estratégicas en mercados suburbanos de Las Vegas con alta densidad de población local.

• Propiedades ubicadas en áreas suburbanas de alto tráfico
• Proximidad a las comunidades residenciales
• Instalaciones de estacionamiento accesibles

Programas de servicio al cliente y fidelización de alta calidad

Red Rock Resorts invirtió $ 12.3 millones en el desarrollo del programa de mejora y lealtad del cliente en 2022.

Métricas del programa de fidelización	Datos 2022
Miembros de lealtad total	275,000
Gasto promedio por miembro	$ 1,850 anualmente
Inversión del programa de fidelización	$ 12.3 millones

Red Rock Resorts, Inc. (RRR) - Modelo de negocios: relaciones con los clientes

Compromiso del programa de membresía y lealtad

Red Rock Resorts opera el Pase de abordar Programa de fidelización en sus propiedades del casino en Las Vegas. A partir de 2023, el programa informó:

Métrica del programa de fidelización	Valor
Totales miembros activos	412,537
Gasto anual promedio por miembro	$1,873
Tasa de retención del programa de fidelización	68.3%

Estrategias de marketing personalizadas

La compañía utiliza técnicas de personalización basadas en datos con las siguientes características:

• Base de datos de marketing segmentado con 287,456 perfiles de clientes únicos
• Ofertas promocionales específicas basadas en preferencias individuales de juegos y gastronomía
• Canales de comunicación personalizados que alcanzan el 92.4% de los miembros del programa de fidelización

Plataformas de interacción digital y móvil

Métrica de plataforma digital	Valor
Descargas de aplicaciones móviles	214,683
Usuarios móviles activos mensuales	87,456
Tasa de compromiso digital	62.7%

Comentarios de los clientes y mejora continua

Las métricas de seguimiento de la satisfacción del cliente incluyen:

• Tasa de respuesta anual de la encuesta de satisfacción del cliente: 43.6%
• Puntuación del promotor neto (NPS): 57
• Recopilación de comentarios trimestrales de 129,874 clientes

Campañas promocionales dirigidas

Métrica de campaña promocional	Valor
Gasto de marketing anual	$ 24.3 millones
Tasa de conversión de campaña promedio	18.6%
Tasa de redención de ofertas promocionales	27.4%

Red Rock Resorts, Inc. (RRR) - Modelo de negocios: canales

Ubicaciones físicas de casino y resort

Red Rock Resorts opera 10 propiedades de casino en Las Vegas, Nevada, a partir de 2023, que incluyen:

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

Propiedad	Ubicación	Hoques cuadrados totales
Red Rock Casino Resort & Spa	Las Vegas, NV	411,000 pies cuadrados
Green Valley Ranch Resort	Henderson, NV	380,000 pies cuadrados

Plataformas de juegos en línea y móviles

Ingresos de juegos digitales en 2022: $ 42.7 millones

• Descargas de aplicaciones móviles: 237,000
• Plataforma de casino en línea Usuarios activos: 164,000

Comunicaciones de marketing directo

Gastos de marketing en 2022: $ 84.3 millones

Canal de marketing	Gasto anual
Marketing por correo electrónico	$ 12.6 millones
Correo directo	$ 23.5 millones
Anuncios digitales dirigidos	$ 18.2 millones

Compromiso de las redes sociales

Seguidores de redes sociales a partir del cuarto trimestre 2023:

• Facebook: 215,000 seguidores
• Instagram: 87,000 seguidores
• Twitter: 42,000 seguidores

Sistemas de reserva y reserva

Estadísticas de plataforma de reserva en línea en 2022:

• Total de reservas en línea: 412,000
• Porcentaje de reserva móvil: 68%
• Valor de reserva promedio: $ 342

Canal de reserva	Porcentaje de reservas totales
Sitio web directo	52%
Aplicación móvil	32%
Plataformas de terceros	16%

Red Rock Resorts, Inc. (RRR) - Modelo de negocio: segmentos de clientes

Residentes locales de Las Vegas

Desglose demográfico para el segmento local de clientes:

Categoría	Porcentaje	Número estimado
Residentes del condado de Clark	72.3%	1,375,000
Repetir visitantes	45.6%	626,700
Gasto anual promedio	$1,245	Por cliente local

Entusiastas de los juegos regionales

Características regionales del segmento de clientes:

• Mercados primarios: Nevada, Arizona, California
• Distancia de viaje promedio: 250-350 millas
• Frecuencia de visitas: 2-4 veces al año

Poblaciones turísticas y visitantes

Categoría turística	Volumen anual	Compromiso potencial
Visitantes de Las Vegas	42.9 millones	65% de interés para juegos
Turistas internacionales	6.3 millones	48% de participación del casino

Jugadores de alto rollero y premium

Análisis de segmento premium:

Característica de segmento	Valor
Tamaño de apuesta promedio	$500-$5,000
Contribución anual de ingresos	37.5%
Participantes del programa de fidelización	22,500

Demográfico más joven

• Rango de edad: 21-35 años
• Preferencia de compromiso digital
• Buscadores de experiencia centrados en el entretenimiento

Métrico demográfico	Porcentaje
Interacción en las redes sociales	68%
Interés de juego en línea	52%
Asistencia para eventos	41%

Red Rock Resorts, Inc. (RRR) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones de la propiedad

A partir del informe anual de 2023, Red Rock Resorts reportó gastos totales de mantenimiento de la propiedad de $ 98.3 millones. Desglose específico incluye:

Categoría de gastos	Monto ($)
Mantenimiento de la instalación de casino	42.6 millones
Mantenimiento de la propiedad del resort	33.7 millones
Costos de servicios públicos	22.0 millones

Salarios y beneficios de los empleados

La compensación total de los empleados para 2023 fue de $ 214.5 millones, que incluye:

• Salarios base: $ 156.2 millones
• Beneficios de atención médica: $ 28.3 millones
• Contribuciones de jubilación: $ 15.4 millones
• Bonos de rendimiento: $ 14.6 millones

Inversiones en tecnología de juegos

La inversión en tecnología y equipos para 2023 totalizó $ 45.7 millones, que comprende:

Categoría de tecnología	Inversión ($)
Actualización de máquinas de juego	23.4 millones
Sistemas de ciberseguridad	8.9 millones
Infraestructura de red	13.4 millones

Gastos de marketing y promoción

Los gastos de marketing para 2023 alcanzaron $ 67.2 millones, distribuido de la siguiente manera:

• Marketing digital: $ 22.6 millones
• Publicidad tradicional: $ 18.5 millones
• Programas de lealtad del jugador: $ 15.3 millones
• Patrocinios de eventos: $ 10.8 millones

Desarrollo inmobiliario y costos de renovación

Los gastos de capital para 2023 totalizaron $ 112.6 millones, con asignaciones específicas:

Categoría de desarrollo	Inversión ($)
Nueva construcción de propiedades	62.4 millones
Renovaciones de propiedades existentes	38.2 millones
Adquisiciones de tierras	12.0 millones

Red Rock Resorts, Inc. (RRR) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

Para el año fiscal 2023, Red Rock Resorts informó $ 529.3 millones en ingresos de juegos de casino. Desglose de los ingresos de los juegos por propiedad:

Propiedad	Ingresos de juego ($)
Red Rock Casino Resort	186.4 millones
Rancho de Green Valley	172.9 millones
Estación de sol	89.6 millones
Otras propiedades	80.4 millones

Alojamiento de hotel y resort

Ingresos totales del hotel para 2023: $ 124.7 millones. Estadísticas de alojamiento clave:

• Tasa promedio de la habitación diaria: $ 229
• Tasa de ocupación: 82.3%
• Total de habitaciones disponibles: 1,285

Ventas de alimentos y bebidas

Ingresos de alimentos y bebidas para 2023: $ 215.6 millones. Segmentado de la siguiente manera:

Segmento	Ingresos ($)
Restaurantes	142.3 millones
Bares y salones	47.9 millones
Servicios de catering	25.4 millones

Alojamiento de entretenimiento y eventos

Ingresos de entretenimiento para 2023: $ 37.2 millones. Descomponer:

• Venta de entradas para conciertos y eventos: $ 22.5 millones
• Alquiler de eventos privados: $ 9.7 millones
• Ingresos de club nocturno y sede de entretenimiento: $ 5 millones

Servicios y servicios que no son de juego

Ingresos no de juego para 2023: $ 89.5 millones. Desglose detallado:

Servicio	Ingresos ($)
Spa y centro de bienestar	18.6 millones
Tiendas minoristas	24.3 millones
Estacionamiento y transporte	15.2 millones
Otros servicios auxiliares	31.4 millones

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.