Red Rock Resorts, Inc. (NASDAQ:RRR) to Issue $1.00 Special Dividend

Red Rock Resorts, Inc. (NASDAQ:RRR) declared a special dividend on Tuesday, February 10th. Stockholders of record on Friday, February 20th will be given a dividend of 1.00 per share on Friday, February 27th. The ex-dividend date is Friday, February 20th.

Red Rock Resorts has raised its dividend by an average of 0.4%per year over the last three years. Red Rock Resorts has a dividend payout ratio of 58.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Red Rock Resorts to earn $1.91 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 54.5%.

Red Rock Resorts Stock Performance

Red Rock Resorts stock traded down $0.80 during midday trading on Wednesday, hitting $66.00. The company’s stock had a trading volume of 647,636 shares, compared to its average volume of 618,196. The company has a 50-day moving average price of $61.92 and a two-hundred day moving average price of $60.01. The company has a market cap of $6.99 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 2.79 and a beta of 1.49. Red Rock Resorts has a 1-year low of $35.09 and a 1-year high of $68.99. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.34. The business had revenue of $511.78 million for the quarter, compared to analyst estimates of $500.90 million. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. Red Rock Resorts’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 earnings per share. As a group, sell-side analysts predict that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts announced that its board has authorized a stock repurchase plan on Tuesday, October 28th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to purchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.