Red Rock Resorts price target lowered to $57 from $61 at JMP Securities

JMP Securities lowered the firm’s price target on Red Rock Resorts (RRR) to $57 from $61 and keeps an Outperform rating on the shares. Maryland released its state budget for the coming year, calling for an increase in the sports betting tax rate to 30% from 15%, and the tax rate on table games at casinos to increase to 25%, from 20%, the analyst tells investors in a research note. While negative for stocks in Gaming, Online Gaming and Gaming Technology, the firm says it largely expected these types of announcements in 1H25 as lawmakers and operators have created a seemingly generous tax structure, outside select states, since online gaming was legalized from 2018 to 2024. The firm sees strong opposition toward the governor’s push to increase the tax rate as part of the upcoming budget.