Red Rock Resorts, Inc. (RRR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de Las Vegas Entertainment, Red Rock Resorts, Inc. (RRR) émerge comme une puissance dynamique, transformant l'expérience de casino traditionnelle en un écosystème de divertissement multiforme. En mélangeant stratégiquement les jeux localisés, l'hospitalité innovante et la technologie de pointe, cette entreprise a redéfini ce que signifie créer des destinations de divertissement immersives qui s'adressent à la fois aux résidents locaux et aux visiteurs. Plongez dans la toile du modèle commercial complexe qui dévoile comment RRR a magistralement conçu une approche unique pour capturer des parts de marché et offrir une valeur exceptionnelle dans le paysage concurrentiel du jeu du Nevada.

Red Rock Resorts, Inc. (RRR) - Modèle commercial: partenariats clés

Casinos de station (société mère et principale alliance stratégique)

Red Rock Resorts, Inc. est une filiale en propriété exclusive de Station Casinos LLC. En 2023, la société exploite 10 propriétés de casino sur le marché local de Las Vegas.

Détails du partenariat	Impact financier
Propriétés totales du casino	10 propriétés
Revenus totaux de jeu (2022)	1,35 milliard de dollars
Capitalisation boursière (2023)	2,1 milliards de dollars

Fournisseurs locaux de l'hospitalité et de divertissement à Las Vegas

• MGM Resorts International (partenariat pour le marketing)
• Césars Entertainment (événements promotionnels conjoints)
• LIEUX DE DIVERTISSEMENT locaux et organisateurs d'événements

Technologie de jeu et fournisseurs de logiciels

Partenaire technologique	Services fournis
Scientific Games Corporation	Logiciels de jeu et technologies de machines à sous
IGT (International Game Technology)	Plateformes de jeu et solutions numériques
Technologies aristocrate	Systèmes de conception et de jeu de machines à sous

Entreprises de développement immobilier et de construction

Les partenariats clés comprennent des sociétés de construction et de développement localement spécialisées dans les infrastructures de casino et d'accueil.

• Constructeurs de boussole
• Groupe de construction Penta
• Constructeurs de Breslin

Institutions financières pour les lignes de capital et de crédit

Institution financière	Facilité de crédit	Montant
Banque d'Amérique	Facilité de crédit renouvelable	500 millions de dollars
JPMorgan Chase	Prêt à terme	300 millions de dollars
Wells Fargo	Financement des capitaux	250 millions de dollars

Red Rock Resorts, Inc. (RRR) - Modèle d'entreprise: Activités clés

Opérations de casino et de villégiature à Las Vegas Market

Red Rock Resorts fonctionne 9 propriétés de casino sur le marché de Las Vegas en 2023, avec un total de 4 716 machines à sous et 131 jeux de table. L'espace total du sol du casino s'étend approximativement 442 000 pieds carrés.

Propriété	Emplacement	Positions de jeu
Casino rock rouge	Las Vegas, NV	1 200 machines à sous
Green Valley Ranch	Henderson, NV	1 100 machines à sous

Gestion des services de jeu et de divertissement

Les revenus de jeu annuels pour 2022 sont atteints 1,35 milliard de dollars, avec une victoire de jeu quotidienne moyenne de 2,3 millions de dollars à travers leurs propriétés.

• Revenus de machines à sous: 892 millions de dollars
• Revenus de jeux de table: 458 millions de dollars
• Revenus de paris sportifs: 45 millions de dollars

Développement et rénovation immobilières

Les dépenses en capital pour 2022 ont totalisé 127 millions de dollars, axé sur les mises à niveau des propriétés et l'expansion.

Catégorie de rénovation	Montant d'investissement
Mises à niveau du sol du casino	52 millions de dollars
Rénovations de chambre d'hôtel	38 millions de dollars
Espaces de restauration et de divertissement	37 millions de dollars

Amélioration du marketing et de l'expérience client

Les dépenses de marketing pour 2022 étaient 184 millions de dollars, représentant 13.6% du total des revenus.

• Budget de marketing numérique: 42 millions de dollars
• Investissement du programme de fidélité: 36 millions de dollars
• Publicité traditionnelle: 106 millions de dollars

Génération de revenus de jeu et de non-jeu

Répartition totale des revenus pour 2022:

Flux de revenus	Montant	Pourcentage
Jeu de casino	1,35 milliard de dollars	72%
Chambres d'hôtel	218 millions de dollars	12%
Nourriture et boisson	187 millions de dollars	10%
Divertissement et autres	120 millions de dollars	6%

Red Rock Resorts, Inc. (RRR) - Modèle commercial: Ressources clés

Propriétés multiples de casino et de villégiature à Las Vegas

Red Rock Resorts possède et exploite les propriétés suivantes:

Nom de propriété	Emplacement	Taper
Red Rock Casino Resort & Spa	Las Vegas, Nevada	Resort de casino phare
Casinos de station	Valley à Las Vegas	Installations de jeux multiples

Reconnaissance de la marque sur le marché des jeux du Nevada

Données de part de marché à partir de 2023:

• Présence du marché du jeu du Nevada: 15,6%
• Segment du marché des jeux locaux: Top 3 opérateur
• Revenus totaux de jeu: 1,2 milliard de dollars par an

Équipe de gestion expérimentée

Exécutif	Position	Années d'expérience
Frank Fertitta III	Président	25 ans et plus
Lorenzo Fertitta	Vice-président	22 ans et plus

Portefeuille immobilier

Détails de la propriété:

• Valeur totale de la propriété: 2,3 milliards de dollars
• Land Holdings: Environ 200 acres dans la région métropolitaine de Las Vegas
• Nombre de propriétés possédées: 10 installations de jeu

Infrastructure technologique de jeu

Investissements technologiques:

• Investissement technologique annuel: 45 millions de dollars
• Plateformes de jeu numériques: 7 systèmes intégrés
• Cycle de remplacement de l'infrastructure technologique: 3-4 ans

Red Rock Resorts, Inc. (RRR) - Modèle d'entreprise: propositions de valeur

Expériences de divertissement complètes

Red Rock Resorts exploite 9 propriétés de casino sur le marché de Las Vegas à partir de 2023, générant 1,32 milliard de dollars de revenus totaux pour l'exercice 2022. Ces propriétés offrent des expériences de divertissement intégrées sur plusieurs segments.

Type de propriété	Nombre de propriétés	Espace de jeu total
Casinos locaux	6	210 000 pieds carrés
Casinos de bande	3	145 000 pieds carrés

Options localisées de jeux et d'accueil à Las Vegas

L'entreprise se concentre sur les marchés de casino de quartier avec des emplacements stratégiques ciblant la démographie locale.

• Taille moyenne des propriétés: 65 000 pieds carrés
• Concentration sur les marchés de Las Vegas hors Strip
• Revenus de jeu quotidiens moyens par propriété: 425 000 $

Divers équipements et équipements non gaming

Red Rock Resorts propose des options de divertissement multidimensionnelles à travers son portefeuille.

Catégorie d'agrément	Moyenne par propriété
Machines à sous	850 machines
Jeux de table	45 tables de jeu
Concepts de restaurant	3-4 options de restauration

Emplacements de casino de quartier pratique

Placement stratégique de propriétés dans les marchés de banlieue de Las Vegas avec une forte densité de population locale.

• Propriétés situées dans les zones de banlieue très trafiques
• Proximité avec les communautés résidentielles
• Parkings accessibles

Programmes de service à la clientèle et de fidélité de haute qualité

Red Rock Resorts a investi 12,3 millions de dollars dans le développement du programme d'amélioration et de fidélité de l'expérience client en 2022.

Métriques du programme de fidélité	2022 données
Membres de la fidélité totale	275,000
Dépenses moyennes par membre	1 850 $ par an
Investissement du programme de fidélité	12,3 millions de dollars

Red Rock Resorts, Inc. (RRR) - Modèle d'entreprise: relations avec les clients

Engagement du programme d'adhésion et de fidélité

Red Rock Resorts exploite le Carte d'embarquement Programme de fidélité dans ses propriétés de casino à Las Vegas. En 2023, le programme a rapporté:

Métrique du programme de fidélité	Valeur
Membres actifs totaux	412,537
Dépenses annuelles moyennes par membre	$1,873
Taux de rétention du programme de fidélité	68.3%

Stratégies de marketing personnalisées

L'entreprise utilise des techniques de personnalisation axées sur les données avec les caractéristiques suivantes:

• Base de données marketing segmentée avec 287 456 profils de clients uniques
• Offres promotionnelles ciblées basées sur les préférences individuelles de jeu et de restauration
• Canaux de communication personnalisés atteignant 92,4% des membres du programme de fidélité

Plates-formes d'interaction numérique et mobile

Métrique de la plate-forme numérique	Valeur
Téléchargements d'applications mobiles	214,683
Utilisateurs mobiles actifs mensuels	87,456
Taux d'engagement numérique	62.7%

Commentaires des clients et amélioration continue

Les mesures de suivi de la satisfaction du client comprennent:

• Taux de réponse de l'enquête annuelle de satisfaction client: 43,6%
• Score du promoteur net (NPS): 57
• Collection de commentaires trimestriels de 129 874 clients

Campagnes promotionnelles ciblées

Métrique de campagne promotionnelle	Valeur
Dépenses marketing annuelles	24,3 millions de dollars
Taux de conversion de campagne moyen	18.6%
Taux de rachat de l'offre promotionnelle	27.4%

Red Rock Resorts, Inc. (RRR) - Modèle d'entreprise: canaux

Casino physique et lieux de la station

Red Rock Resorts exploite 10 propriétés de casino à Las Vegas, Nevada, à partir de 2023, notamment:

• 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

Propriété	Emplacement	Total en pieds carrés
Red Rock Casino Resort & Spa	Las Vegas, NV	411 000 pieds carrés
Green Valley Ranch Resort	Henderson, NV	380 000 pieds carrés

Plateformes de jeu en ligne et mobiles

Revenus de jeux numériques en 2022: 42,7 millions de dollars

• Téléchargements d'applications mobiles: 237 000
• Plateforme de casino en ligne Utilisateurs actifs: 164 000

Communications marketing directes

Dépenses de marketing en 2022: 84,3 millions de dollars

Canal de marketing	Dépenses annuelles
E-mail marketing	12,6 millions de dollars
Publication de publication	23,5 millions de dollars
Annonces numériques ciblées	18,2 millions de dollars

Engagement des médias sociaux

Les adeptes des médias sociaux au quatrième trimestre 2023:

• Facebook: 215 000 abonnés
• Instagram: 87 000 abonnés
• Twitter: 42 000 abonnés

Systèmes de réservation et de réservation

Statistiques de la plate-forme de réservation en ligne en 2022:

• Réservations totales en ligne: 412 000
• Pourcentage de réservation mobile: 68%
• Valeur de réservation moyenne: 342 $

Canal de réservation	Pourcentage de réservations totales
Site Web direct	52%
Application mobile	32%
Plates-formes tierces	16%

Red Rock Resorts, Inc. (RRR) - Modèle d'entreprise: segments de clients

Résidents locaux de Las Vegas

Déchange démographique pour le segment de clientèle local:

Catégorie	Pourcentage	Nombre estimé
Résidents du comté de Clark	72.3%	1,375,000
Visiteurs répétés	45.6%	626,700
Dépenses annuelles moyennes	$1,245	Par client local

Passionnés de jeux régionaux

Caractéristiques régionales du segment des clients:

• Marchés primaires: Nevada, Arizona, Californie
• Distance de déplacement moyenne: 250-350 miles
• Fréquence des visites: 2 à 4 fois par an

Populations de touristes et de visiteurs

Catégorie touristique	Volume annuel	Engagement potentiel
Visiteurs de Las Vegas	42,9 millions	65% d'intérêt de jeu
Touristes internationaux	6,3 millions	48% de participation au casino

Players à haut rouleau et premium

Analyse du segment premium:

Caractéristique du segment	Valeur
Taille de pari moyenne	$500-$5,000
Contribution annuelle des revenus	37.5%
Participants du programme de fidélité	22,500

Jeune démographique

• Tranche d'âge: 21-35 ans
• Préférence d'engagement numérique
• Chercheurs d'expérience axés sur le divertissement

Métrique démographique	Pourcentage
Interaction des médias sociaux	68%
Intérêt de jeu en ligne	52%
Fréquentation des événements	41%

Red Rock Resorts, Inc. (RRR) - Modèle d'entreprise: Structure des coûts

Entretien et opérations des biens

À partir du rapport annuel de 2023, Red Rock Resorts a déclaré des frais de maintenance des biens totaux de 98,3 millions de dollars. La rupture spécifique comprend:

Catégorie de dépenses	Montant ($)
Entretien des installations de casino	42,6 millions
Entretien de la propriété du complexe	33,7 millions
Coûts des services publics	22,0 millions

Salaire et avantages sociaux des employés

La rémunération totale des employés pour 2023 était de 214,5 millions de dollars, notamment:

• Salaires de base: 156,2 millions de dollars
• Avantages en santé: 28,3 millions de dollars
• Contributions de retraite: 15,4 millions de dollars
• Bonus de performance: 14,6 millions de dollars

Investissements technologiques de jeu

L'investissement technologique et d'équipement pour 2023 a totalisé 45,7 millions de dollars, comprenant:

Catégorie de technologie	Investissement ($)
Mise à niveau des machines de jeu	23,4 millions
Systèmes de cybersécurité	8,9 millions
Infrastructure réseau	13,4 millions

Dépenses marketing et promotionnelles

Les dépenses de marketing pour 2023 ont atteint 67,2 millions de dollars, distribuée comme suit:

• Marketing numérique: 22,6 millions de dollars
• Publicité traditionnelle: 18,5 millions de dollars
• Programmes de fidélité des joueurs: 15,3 millions de dollars
• Sponsors d'événements: 10,8 millions de dollars

Coûts de développement immobilier et de rénovation

Les dépenses en capital pour 2023 ont totalisé 112,6 millions de dollars, avec des allocations spécifiques:

Catégorie de développement	Investissement ($)
Construction de nouvelles propriétés	62,4 millions
Rénovations de propriétés existantes	38,2 millions
Acquisitions de terres	12,0 millions

Red Rock Resorts, Inc. (RRR) - Modèle d'entreprise: Strots de revenus

Revenus de jeux de casino

Pour l'exercice 2023, Red Rock Resorts a rapporté 529,3 millions de dollars dans les revenus de jeu de casino. Répartition des revenus de jeu par propriété:

Propriété	Revenus de jeux ($)
Red Rock Casino Resort	186,4 millions
Green Valley Ranch	172,9 millions
Gare de coucher de soleil	89,6 millions
Autres propriétés	80,4 millions

Hôtel et hébergement de villégiature

Revenu total de l'hôtel pour 2023: 124,7 millions de dollars. Statistiques clés de l'hébergement:

• Tarif quotidien moyen: 229 $
• Taux d'occupation: 82,3%
• Total des chambres disponibles: 1 285

Ventes de nourriture et de boissons

Revenus de nourriture et de boissons pour 2023: 215,6 millions de dollars. Segmenté comme suit:

Segment	Revenus ($)
Restaurants	142,3 millions
Bars et salons	47,9 millions
Services de restauration	25,4 millions

Divertissement et hébergement d'événements

Revenus de divertissement pour 2023: 37,2 millions de dollars. Panne:

• Ventes de billets de concert et d'événements: 22,5 millions de dollars
• Location d'événements privés: 9,7 millions de dollars
• Boîte de nuit et revenu du lieu de divertissement: 5 millions de dollars

Équipements et services non-joués

Revenus sans incapacité à 2023: 89,5 millions de dollars. Déchange détaillée:

Service	Revenus ($)
Centre de spa et de bien-être	18,6 millions
Magasins de détail	24,3 millions
Parking et transport	15,2 millions
Autres services auxiliaires	31,4 millions

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.