Join Hedgeye's Gaming, Lodging and Leisure (GLL) Team – led by Todd Jordan – for a review of their LONG Thesis on Red Rock Resorts (RRR). The call will take place on Wednesday June 28, at 1 pm ET.
Email firstname.lastname@example.org for more information.
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Armed with an arsenal of new data sets and unique analysis, Jordan will lay out the long term (3-5 yrs) bull case for RRR. We see RRR as the premier operator in the space, and as best positioned to capitalize on the long term growth outlook for the Las Vegas local market.
KEY DISCUSSION POINTS:
WHAT ARE THE REAL DRIVERS OF THE LAS VEGAS LOCALS MARKET?
The usual suspects apply here too but some additional drivers for this market may surprise you.
- The Las Vegas locals market could be the best performing casino market in the country over the next 3-5 years
- Macro has and should continue to play a big role in the future of this promising market
- We'll provide a rigorous statistical analysis of the specific macro and demographic factors
- If macro and demographics matter, why hasn't improvement in both generated higher GGR growth recently?
- Uncovering the leading indicators
THE PREMIER OPERATOR IN THE SPACE
RRR is the best positioned operator to capitalize on the growthy long term outlook for the LV local market
- Comparison study vs. other operators - why own RRR?
- Palace Station/Palms - Post renovation impact will lead to greater returns
- Land development opportunities and value
- What about supply? Capped and under RRR's control = major opportunity for SS growth when the drivers start kicking in
MANAGEMENT TOOLBOX/LONG-TERM OUTLOOK
A clear 2018 story already but management can create additional value
- New CFO - near term reset?
- Unlocking undervalued real estate - what are the options and what are they worth?
- Longer term GGR, EBITDA, ROIC projections - high, higher, ???
- What's priced in the stock? What's the upside?
Ping email@example.com for more information. Please note if you are not a current subscriber to our Gaming, Lodging & Leisure research there will be a fee associated with this call.
Hedgeye Risk Management is a leading independent provider of real-time investment research. Focused exclusively on generating and delivering investment ideas, the firm combines quantitative, bottom-up and macro analysis with an emphasis on timing.
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