https://www.rrripodissected.org/wp-content/uploads/iStock-red-fish-hooked-880x400.png 400 880 Jason Kordosky /wp-content/uploads/stationipodissected7.png Jason Kordosky2019-04-02 21:39:522019-04-17 17:36:10Who's on the Hook for the Palms?
Red Rock Resorts has set a big ROI target for its Palms Casino Resort. Can they get there? Investors should ask management to set clear markers: who will be held accountable if the post-renovation Palms doesn’t generate the kind of ROI management has projected?
https://www.rrripodissected.org/wp-content/uploads/Stamped-Proxy-Card-2018-1.png 432 622 Jason Kordosky /wp-content/uploads/stationipodissected7.png Jason Kordosky2018-06-08 20:58:492018-06-08 21:09:38Withhold the Vote 2018: Failure to Sunset Perpetual Dual-Class Stock
We encourage Red Rock Resorts shareholders to withhold authority to vote on their proxy card for the company’s board of directors – Frank J. Fertitta III, Lorenzo J. Fertitta, Robert A. Cashell, Jr., Robert E. Lewis, and James E. Nave, D.V.M. – at the upcoming annual stockholders meeting on June 14.
https://www.rrripodissected.org/wp-content/uploads/survey.jpg 800 1200 Ken Liu /wp-content/uploads/stationipodissected7.png Ken Liu2017-12-06 23:30:572017-12-13 22:55:31Selected Results: 2017 Corporate Governance Survey of Red Rock Shareholders
The results of our survey reveal shareholder respondents expressed consensus for a hybrid format for the annual general meeting, took issue with the dual-class capital structure and other takeover defenses, and shared their preference for a more diverse board, an independent board chair, and their doubt regarding shareholder representation on the board.
https://www.rrripodissected.org/wp-content/uploads/iStock_000007105837_Small_life-jackets-e1510256606518.jpg 397 800 Ken Liu /wp-content/uploads/stationipodissected7.png Ken Liu2017-11-09 10:30:392017-11-10 18:02:04Baron's Sunk Cost Trap: Red Rock Resorts
Red Rock’s shares have underperformed both the market and its peers, year-to-date. Baron’s efforts to double down on Red Rock’s stagnant stock suggest its stock pickers have fallen into a sunk cost trap, unwilling to recognize the opportunity cost they’ve incurred by putting millions more of their clients’ money in RRR over the past year.
https://www.rrripodissected.org/wp-content/uploads/RRR-Stock-1-3-17-to-9-29-17_700x.png 345 700 Ken Liu /wp-content/uploads/stationipodissected7.png Ken Liu2017-10-09 23:03:322017-10-10 00:06:53Opportunity Cost: The Case of Cohen & Steers’ Investment in Red Rock Resorts
Cohen & Steers, Inc. (NYSE: CNS) filed a Schedule 13G on December 12, 2016, announcing its beneficial ownership (at the time 15.94% of Class A shares) in Red Rock Resorts. This was an interesting move by Cohen & Steers, which is often praised as the “king of REITs” and self-described as “pioneers in REIT investing.”
https://www.rrripodissected.org/wp-content/uploads/iStock_000001257818_Small.jpg 565 849 Ken Liu /wp-content/uploads/stationipodissected7.png Ken Liu2017-09-29 18:23:422017-09-29 18:31:44The Palms Conundrum
What is Station Casinos doing with Palms? The company has committed nearly half a billion dollars to the property. What kind of management experience can Station bring to Palms? Does Station have the management know-how to operate an almost-Strip property like Palms?