Red Rock Resorts initiated with a Positive at Susquehanna

Susquehanna initiated coverage of Red Rock Resorts with a Positive rating and $52 price target. Red Rock operates 15 gaming facilities in the Las Vegas Locals market, says the firm, which is “bullish” as it sees Red Rock being “uniquely positioned” with about 35% share of slots in the three Las Vegas Locals reporting jurisdictions, unique sources of attractive reinvestment due to its “land-bank” of five developmental greenfield locations and a “material” catalyst coming in Q4 with its new Durango casino opening, the analyst tells investors.