60°F
weather icon Clear
Las Vegas, NV
Casinos & Gaming

Red Rock Resorts buying back 6.9 million shares from shareholders

A rendering of the proposed Durango hotel-casino in the southwest Las Vegas Valley. (Station Ca ...
A rendering of the proposed Durango hotel-casino in the southwest Las Vegas Valley. (Station Casinos)
More Stories
A team of Las Vegas real estate developers is planning to build what could be the city’s tall ...
Vegas has no NBA team (yet) but can it support 2 arena projects?
No disruptions reported after 700 walk off job. What’s next?
Test Exco Article Single Video Two
(AGS)
New York company acquiring Vegas gaming manufacturer in $1.1B deal
By / Las Vegas Review-Journal
December 10, 2021 - 12:23 pm
 

The parent company of Station Casinos Inc. will buy back 6.9 million shares for $51.50 a share as part of a “modified Dutch auction” process that concluded Thursday.

In a Securities and Exchange Commission filing Friday, Red Rock Resorts Inc. reported the results of the auction that was first announced in November. The company said it intends to buy back about $350 million in shares as well as pay a $3-per-share dividend. Red Rock stock closed Thursday at $49.62 a share.

Under a Dutch tender, a company seeks bids for the number of shares and amount an investor is willing to pay. The company then can choose the highest bid to reach the total amount of the shares sold, offering that price to all investors.

Analysts said at the time that they expected the price to be somewhere between $49 and $53 a share.

The move is expected to improve Red Rock’s balance sheet as it prepares to build a new neighborhood $750 million casino in southwest Las Vegas on Durango Drive.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

MOST READ
1
Construction can start on first phase of Las Vegas Spaceport
Construction can start on first phase of Las Vegas Spaceport
2
Southern Nevada eatery ranks among top 5 BBQ spots in US, Yelp says
Southern Nevada eatery ranks among top 5 BBQ spots in US, Yelp says
3
High roller offers $1M reward for info on alleged drugging at Vegas casino
High roller offers $1M reward for info on alleged drugging at Vegas casino
4
What are those massive concrete towers across from Mandalay Bay?
What are those massive concrete towers across from Mandalay Bay?
5
CARTOON: Abandoning an ally — again
CARTOON: Abandoning an ally — again
LISTEN TO THE TOP FIVE HERE
SPONSORED BY DIMOPOULOS LAW FIRM
Don't miss the big stories. Like us on Facebook.
MORE STORIES
recommend 1
Mick Jagger sweeps into famous Las Vegas restaurant
recommend 2
Playoff roundup: Gorman, Basic volleyball reach 4A state title game
recommend 3
Las Vegas driver killed when car hits block wall in west valley
recommend 4
LETTER: National popular vote presidential polls are meaningless
recommend 5
LETTER: Why aren’t Palestinians rising up against Hamas?
recommend 6
LETTER: Beware of GOP plans for Social Security, Medicaid
THE LATEST
 
No disruptions reported after 700 walk off job. What’s next?
By McKenna Ross / RJ

About 700 hospitality workers at an off-Strip casino have walked off the job and will withhold work for two days while pressing their employer to reach a deal over their five-year contract.

 
Test Exco Article Single Video Two
By McKenna Ross / RJ

The historic downtown Las Vegas gambling hall will add two bars, a restaurant and more casino floor space later this year.

 
48-hour strike planned at off-Strip resort
By McKenna Ross / RJ

Roughly 700 hospitality workers at an off-Strip casino plan to walk off the job for two days after lengthy contract negotiations continue, union officials said Wednesday.