ad-fullscreen
section-ads_high_impact_1

Red Rock’s IPO to value casino operator at up to $2.4B

Las Vegas-based casino operator Red Rock Resorts Inc. plans to raise as much as $569 million in an initial public offering, which could value the company at about $2.4 billion.

The company, which operates Station- and Wildfire-branded casinos across the Las Vegas Valley, expects the offering of 27.1 million class A shares to be priced at $18-$21 per share, it said in a regulatory filing on Friday.

A gradual fall in volatility in the stock market is now opening up the window for IPO hopefuls.

Red Rock’s initial public offering comes following reports made in January that Station Casinos and Deutsche Bank, which owns 25 percent of the company, had postponed its plans to become publicly traded “due to market conditions.”

Other companies currently marketing their IPOs include Dell-owned cyber security firm Dell Secure Works and MGM Growth Properties LLC, a real estate investment trust backed by gaming and hospitality company MGM Resorts International Inc.

Exchange operator Bats Global Markets Inc raised $252.7 million in its IPO on Thursday.

Red Rock said it had applied to list its shares on the Nasdaq under the symbol “RRR.”

Selling stockholders are offering additional 196,000 shares, the company said.

Red Rock plans to use net proceeds from the offering to purchase units in Station Holdco LLC, a privately owned gaming and entertainment company.

Red Rock’s net revenue rose 4.7 percent to $1.35 billion in the year ended Dec. 31, from a year earlier.

Deutsche Bank Securities, JPMorgan Chase & Co, BofA Merrill Lynch and Goldman Sachs & Co are the leading underwriters, Red Rock said.

This is a developing story. Check back for updates.

section-ads_high_impact_4
TOP NEWS
pos-2 — ads_infeed_1
post-4 — ads_infeed_2
high_impact_5
Home Front Page Footer Listing
Circular
You May Like

You May Like