Red Rock Resorts, Inc. (RRR): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na vibrante paisagem da Las Vegas Entertainment, a Red Rock Resorts, Inc. (RRR) surge como uma potência dinâmica, transformando a experiência tradicional do cassino em um ecossistema de entretenimento multifacetado. Ao misturar estrategicamente jogos localizados, hospitalidade inovadora e tecnologia de ponta, esta empresa redefiniu o que significa criar destinos imersivos de entretenimento que atendem a residentes e visitantes locais. Mergulhe na intrincada tela do modelo de negócios que revela como o RRR criou magistralmente uma abordagem única para capturar participação de mercado e oferecer valor excepcional no cenário competitivo de jogos de Nevada.

Red Rock Resorts, Inc. (RRR) - Modelo de negócios: Parcerias -chave

Casinos da estação (empresa controladora e aliança estratégica primária)

A Red Rock Resorts, Inc. é uma subsidiária integral da Station Casinos LLC. A partir de 2023, a empresa opera 10 propriedades de cassino no mercado local de Las Vegas.

Detalhes da parceria	Impacto financeiro
Propriedades totais do cassino	10 propriedades
Receita total de jogos (2022)	US $ 1,35 bilhão
Capitalização de mercado (2023)	US $ 2,1 bilhões

Provedores locais de hospitalidade e entretenimento de Las Vegas

• MGM Resorts International (Parceria para Marketing)
• CAESARS Entertainment (eventos promocionais conjuntos)
• Locais de entretenimento e organizadores de eventos

Tecnologia de jogos e fornecedores de software

Parceiro de tecnologia	Serviços prestados
Corporação de jogos científicos	Software de jogo e tecnologias de máquina de caça -níqueis
IGT (Tecnologia Internacional de Jogo)	Plataformas de jogos e soluções digitais
Tecnologias aristocratas	Sistemas de design e jogos de máquina de caça -níqueis

Empresas de desenvolvimento e construção imobiliárias

As principais parcerias incluem empresas de construção e desenvolvimento de base local especializadas em infraestrutura de cassino e hospitalidade.

• Construtores de bússola
• Grupo de construção do Penta
• Breslin Builders

Instituições financeiras para linhas de capital e crédito

Instituição financeira	Linha de crédito	Quantia
Bank of America	Linha de crédito rotativo	US $ 500 milhões
JPMorgan Chase	Empréstimo a prazo	US $ 300 milhões
Wells Fargo	Financiamento de capital	US $ 250 milhões

Red Rock Resorts, Inc. (RRR) - Modelo de negócios: Atividades -chave

Operações de cassino e resort no mercado de Las Vegas

Red Rock Resorts opera 9 propriedades do cassino no mercado de Las Vegas a partir de 2023, com um total de 4.716 máquinas caça -níqueis e 131 jogos de mesa. O espaço total do cassino se estende aproximadamente 442.000 pés quadrados.

Propriedade	Localização	Posições de jogo
Casino de rocha vermelha	Las Vegas, nv	1.200 máquinas caça -níqueis
Green Valley Ranch	Henderson, NV	1.100 máquinas caça -níqueis

Gerenciamento de serviços para jogos e entretenimento

Receita anual de jogos para 2022 alcançada US $ 1,35 bilhão, com uma vitória média diária de jogos de US $ 2,3 milhões em suas propriedades.

• Receita da máquina de caça -níqueis: US $ 892 milhões
• Receita de jogos de mesa: US $ 458 milhões
• Receita de apostas esportivas: US $ 45 milhões

Desenvolvimento e renovação de propriedades

As despesas de capital para 2022 totalizaram US $ 127 milhões, focado em atualizações e expansão de propriedades.

Categoria de renovação	Valor do investimento
Atualizações do piso do cassino	US $ 52 milhões
Renovações de quartos de hotel	US $ 38 milhões
Espaços de restaurante e entretenimento	US $ 37 milhões

Melhoria de marketing e experiência do cliente

Despesas de marketing para 2022 foram US $ 184 milhões, representando 13.6% de receita total.

• Orçamento de marketing digital: US $ 42 milhões
• Programa de fidelidade Investimento: US $ 36 milhões
• Publicidade tradicional: US $ 106 milhões

Geração de receita que não joga e não jogando

Repartição total da receita para 2022:

Fluxo de receita	Quantia	Percentagem
Jogos de cassino	US $ 1,35 bilhão	72%
Quartos de hotel	US $ 218 milhões	12%
Comida e bebida	US $ 187 milhões	10%
Entretenimento e outros	US $ 120 milhões	6%

Red Rock Resorts, Inc. (RRR) - Modelo de negócios: Recursos -chave

Múltiplas propriedades de cassino e resort em Las Vegas

Red Rock Resorts possui e opera as seguintes propriedades:

Nome da propriedade	Localização	Tipo
Resort de cassino de rock vermelho & Spa	Las Vegas, Nevada	Resort de cassino principal
Cassinos da estação	Vale de Las Vegas	Várias instalações de jogo

Reconhecimento da marca no mercado de jogos de Nevada

Dados de participação de mercado a partir de 2023:

• Presença do mercado de jogos de Nevada: 15,6%
• Segmento de mercado de jogos locais: 3 principais operadores
• Receita total de jogos: US $ 1,2 bilhão anualmente

Equipe de gerenciamento experiente

Executivo	Posição	Anos de experiência
Frank Fertitta III	Presidente	Mais de 25 anos
Lorenzo Fertitta	Vice -Presidente	Mais de 22 anos

Portfólio imobiliário

Detalhes da propriedade:

• Valor total da propriedade: US $ 2,3 bilhões
• Terras terrestres: aproximadamente 200 acres na área metropolitana de Las Vegas
• Número de propriedades de propriedade: 10 instalações de jogo

Infraestrutura de tecnologia de jogos

Investimentos de tecnologia:

• Investimento de tecnologia anual: US $ 45 milhões
• Plataformas de jogos digitais: 7 sistemas integrados
• Ciclo de reposição de infraestrutura tecnológica: 3-4 anos

Red Rock Resorts, Inc. (RRR) - Modelo de negócios: proposições de valor

Experiências abrangentes de entretenimento

O Red Rock Resorts opera 9 propriedades de cassino no mercado de Las Vegas a partir de 2023, gerando US $ 1,32 bilhão em receita total para o ano fiscal de 2022. Essas propriedades oferecem experiências de entretenimento integradas em vários segmentos.

Tipo de propriedade	Número de propriedades	Espaço total para jogos
Cassinos locais	6	210.000 pés quadrados
Tira de cassinos	3	145.000 pés quadrados

Opções localizadas de jogos e hospitalidade de Las Vegas

A empresa se concentra nos mercados de cassinos do bairro, com locais estratégicos direcionados à demografia local.

• Tamanho médio da propriedade: 65.000 pés quadrados
• Concentração nos mercados de Las Vegas fora da faixa
• Receita média diária de jogos por propriedade: US $ 425.000

Diversas jogos e comodidades não-gamadoras

O Red Rock Resorts oferece opções de entretenimento multidimensional em seu portfólio.

Categoria de comodidade	Média por propriedade
Máquinas caça -níqueis	850 máquinas
Jogos de mesa	45 tabelas de jogos
Conceitos de restaurantes	3-4 opções de refeições

Locais convenientes do cassino do bairro

Colocação estratégica de propriedades nos mercados suburbanos de Las Vegas com alta densidade populacional local.

• Propriedades localizadas em áreas suburbanas de alto tráfego
• Proximidade com comunidades residenciais
• Instalações de estacionamento acessíveis

Programas de atendimento ao cliente e de fidelidade de alta qualidade

A Red Rock Resorts investiu US $ 12,3 milhões em desenvolvimento de programas de experiência e fidelidade da experiência do cliente em 2022.

Métricas do Programa de Fidelidade	2022 dados
Membros totais de lealdade	275,000
Gasto médio por membro	US $ 1.850 anualmente
Investimento do programa de fidelidade	US $ 12,3 milhões

Red Rock Resorts, Inc. (RRR) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento do programa de associação e fidelidade

Red Rock Resorts opera o Cartão de embarque Programa de fidelidade em suas propriedades de cassino em Las Vegas. A partir de 2023, o programa relatou:

Métrica do Programa de Fidelidade	Valor
Membros ativos totais	412,537
Gasto médio anual por membro	$1,873
Taxa de retenção de programas de fidelidade	68.3%

Estratégias de marketing personalizadas

A empresa utiliza técnicas de personalização orientadas a dados com as seguintes características:

• Banco de dados de marketing segmentado com 287.456 perfis de clientes exclusivos
• Ofertas promocionais direcionadas com base em preferências individuais de jogos e restaurantes
• Canais de comunicação personalizados atingindo 92,4% dos membros do programa de fidelidade

Plataformas de interação digital e móvel

Métrica da plataforma digital	Valor
Downloads de aplicativos móveis	214,683
Usuários de celular ativos mensais	87,456
Taxa de engajamento digital	62.7%

Feedback do cliente e melhoria contínua

As métricas de rastreamento de satisfação do cliente incluem:

• Taxa anual de resposta da pesquisa de satisfação do cliente: 43,6%
• Pontuação do promotor líquido (NPS): 57
• Coleção de feedback trimestral de 129.874 clientes

Campanhas promocionais direcionadas

Métrica de campanha promocional	Valor
Gastos anuais de marketing	US $ 24,3 milhões
Taxa média de conversão de campanha	18.6%
Taxa de resgate de oferta promocional	27.4%

Red Rock Resorts, Inc. (RRR) - Modelo de Negócios: Canais

Locais de cassino físico e resort

O Red Rock Resorts opera 10 propriedades de cassino em Las Vegas, Nevada, a partir de 2023, incluindo:

• Resort de cassino de rock vermelho & Spa
• Green Valley Ranch Resort Spa & Cassino
• Palace Station Hotel and Casino
• Boulder Station Hotel and Casino
• Sunset Station Hotel and Casino

Propriedade	Localização	Mágua quadrada total
Resort de cassino de rock vermelho & Spa	Las Vegas, nv	411.000 pés quadrados
Resort do Ranch Green Valley	Henderson, NV	380.000 pés quadrados

Plataformas de jogos online e móveis

Receita de jogos digitais em 2022: US $ 42,7 milhões

• Downloads de aplicativos móveis: 237.000
• Usuários ativos da plataforma de cassino online: 164.000

Comunicações de marketing direto

Despesas de marketing em 2022: US $ 84,3 milhões

Canal de marketing	Gasto anual
Marketing por e -mail	US $ 12,6 milhões
Mala direta	US $ 23,5 milhões
Anúncios digitais direcionados	US $ 18,2 milhões

Engajamento da mídia social

Seguidores de mídia social a partir do quarto trimestre 2023:

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

Sistemas de reserva e reserva

Estatísticas da plataforma de reserva on -line em 2022:

• Total de reservas online: 412.000
• Porcentagem de reserva móvel: 68%
• Valor médio de reserva: $ 342

Canal de reserva	Porcentagem do total de reservas
Site direto	52%
Aplicativo móvel	32%
Plataformas de terceiros	16%

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

Residentes locais de Las Vegas

Redução demográfica para segmento de clientes locais:

Categoria	Percentagem	Número estimado
Residentes do Condado de Clark	72.3%	1,375,000
Repetir visitantes	45.6%	626,700
Gastos médios anuais	$1,245	Por cliente local

Entusiastas regionais dos jogos

Características regionais do segmento de clientes:

• Mercados primários: Nevada, Arizona, Califórnia
• Distância média da viagem: 250-350 milhas
• Frequência de visitas: 2-4 vezes por ano

Populações de turistas e visitantes

Categoria turística	Volume anual	Potencial engajamento
Visitantes de Las Vegas	42,9 milhões	65% de interesse dos jogos
Turistas internacionais	6,3 milhões	48% de participação do cassino

Jogadores de alto jogador e premium

Análise do segmento premium:

Característica do segmento	Valor
Tamanho médio da aposta	$500-$5,000
Contribuição anual da receita	37.5%
Participantes do Programa de Fidelidade	22,500

Demografia demográfica mais jovem

• Faixa etária: 21-35 anos
• Preferência de engajamento digital
• Buscadores de experiência focados em entretenimento

Métrica demográfica	Percentagem
Interação da mídia social	68%
Interesse de jogos online	52%
Participação no evento	41%

Red Rock Resorts, Inc. (RRR) - Modelo de negócios: estrutura de custos

Manutenção de propriedades e operações

A partir de 2023, o Relatório Anual, Red Rock Resorts relatou despesas totais de manutenção de propriedades de US $ 98,3 milhões. O colapso específico inclui:

Categoria de despesa	Valor ($)
Manutenção das instalações do cassino	42,6 milhões
Recorde de propriedade do resort	33,7 milhões
Custos de utilidade	22,0 milhões

Salários e benefícios dos funcionários

A compensação total dos funcionários para 2023 foi de US $ 214,5 milhões, incluindo:

• Salários básicos: US $ 156,2 milhões
• Benefícios para a saúde: US $ 28,3 milhões
• Contribuições de aposentadoria: US $ 15,4 milhões
• Bônus de desempenho: US $ 14,6 milhões

Investimentos em tecnologia de jogos

O investimento em tecnologia e equipamento para 2023 totalizou US $ 45,7 milhões, compreendendo:

Categoria de tecnologia	Investimento ($)
Máquinas de jogos Atualização	23,4 milhões
Sistemas de segurança cibernética	8,9 milhões
Infraestrutura de rede	13,4 milhões

Despesas de marketing e promocionais

As despesas de marketing para 2023 atingiram US $ 67,2 milhões, distribuídos da seguinte forma:

• Marketing Digital: US $ 22,6 milhões
• Publicidade tradicional: US $ 18,5 milhões
• Programas de fidelidade do jogador: US $ 15,3 milhões
• Patrocínio de eventos: US $ 10,8 milhões

Desenvolvimento imobiliário e custos de renovação

As despesas de capital para 2023 totalizaram US $ 112,6 milhões, com alocações específicas:

Categoria de desenvolvimento	Investimento ($)
Construção de novas propriedades	62,4 milhões
Renovações de propriedades existentes	38,2 milhões
Aquisições de terras	12,0 milhões

Red Rock Resorts, Inc. (RRR) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Para o ano fiscal de 2023, Red Rock Resorts relatou US $ 529,3 milhões na receita de jogos de cassino. Repartição da receita de jogos por propriedade:

Propriedade	Receita de jogos ($)
Resort de cassino de rock vermelho	186,4 milhões
Green Valley Ranch	172,9 milhões
Estação do Sunset	89,6 milhões
Outras propriedades	80,4 milhões

Hotel e acomodações de resort

Receita total do hotel para 2023: US $ 124,7 milhões. Principais estatísticas de acomodação:

• Taxa média média diária: US $ 229
• Taxa de ocupação: 82,3%
• Total de quartos disponíveis: 1.285

Vendas de alimentos e bebidas

Receita de alimentos e bebidas para 2023: US $ 215,6 milhões. Segmentado da seguinte maneira:

Segmento	Receita ($)
Restaurantes	142,3 milhões
Bares e lounges	47,9 milhões
Serviços de catering	25,4 milhões

Entretenimento e hospedagem de eventos

Receita de entretenimento para 2023: US $ 37,2 milhões. Discriminação:

• Vendas de ingressos para concertos e eventos: US $ 22,5 milhões
• Aluguel de eventos particulares: US $ 9,7 milhões
• Receita do local de boate e entretenimento: US $ 5 milhões

Comodidades e serviços não-gamadores

Receita não-gamante para 2023: US $ 89,5 milhões. Repartição detalhada:

Serviço	Receita ($)
Spa e centro de bem -estar	18,6 milhões
Lojas de varejo	24,3 milhões
Estacionamento e transporte	15,2 milhões
Outros serviços auxiliares	31,4 milhões

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.