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/survey.jpg8001200Ken Liu/wp-content/uploads/stationipodissected7.pngKen Liu2017-12-06 23:30:572017-12-13 22:55:31Selected Results: 2017 Corporate Governance Survey of Red Rock Shareholders
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.
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/RRR-Stock-1-3-17-to-9-29-17_700x.png345700Ken Liu/wp-content/uploads/stationipodissected7.pngKen Liu2017-10-09 23:03:322017-10-10 00:06:53Opportunity Cost: The Case of Cohen & Steers’ Investment in Red Rock Resorts
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?
Six law firms have announced investigations into Red Rock Resorts following the company’s annual meeting in July, when shareholders showed their dissatisfaction with the company’s directors.
https://www.rrripodissected.org/wp-content/uploads/magnifier-1714172_960_720.jpg639960Ken Liu/wp-content/uploads/stationipodissected7.pngKen Liu2017-09-28 22:32:472017-09-29 01:30:35Law Firms Announce Investigations into Red Rock Resorts
Now that Red Rock Resorts is private jet-free, do its executives simply fly commercial as they try to look for growth opportunities outside Las Vegas, even around the world (e.g., Brazil)? And should billionaire owners of super yachts continue to be subsidized by Red Rock Resorts outside shareholders, who have been paying the Fertittas’ income tax with cash “tax distributions”?
Selected Results: 2017 Corporate Governance Survey of Red Rock Shareholders
/in UpdatesThe 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.
Baron’s Sunk Cost Trap: Red Rock Resorts
/in UpdatesRed 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.
Opportunity Cost: The Case of Cohen & Steers’ Investment in Red Rock Resorts
/in UpdatesCohen & 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.”
The Palms Conundrum
/in UpdatesWhat 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?
Law Firms Announce Investigations into Red Rock Resorts
/in UpdatesSix law firms have announced investigations into Red Rock Resorts following the company’s annual meeting in July, when shareholders showed their dissatisfaction with the company’s directors.
An Update on Private Jets (and Yachts!)
/in UpdatesNow that Red Rock Resorts is private jet-free, do its executives simply fly commercial as they try to look for growth opportunities outside Las Vegas, even around the world (e.g., Brazil)? And should billionaire owners of super yachts continue to be subsidized by Red Rock Resorts outside shareholders, who have been paying the Fertittas’ income tax with cash “tax distributions”?