Growth & Market Opportunity - Nevada's population grew by 40% between 2004 and 2024[17] - Residents aged 65+ are projected to grow 4.1x faster than the total population in Clark County between 2025 and 2030[22] - The median household income for older consumers is expected to grow by 6.9% between 2025 and 2030[25] - The Las Vegas Locals gaming market is the second largest in the nation, generating $3.2 billion in gross gaming revenue in 2024[64] Red Rock Resorts Strengths - The company has 19 strategically distributed properties[85] - 75% of local carded slot revenue is generated by guests who visit 4+ times per month[88, 90] - Red Rock Resorts owns land holdings ready for development valued at over $950 million[102] - The company's Durango project is expected to generate over 3x return on investment[99] Financial Performance & Capital Allocation - 60% of EBITDA has been converted to operating free cash flow since reopening in 2Q 2020[159] - The company's net debt stands at $3.288723 billion with a net leverage of 3.96x as of Q2 2025[163] - Las Vegas operations achieved record-high EBITDA of $239.444 million in Q2 2025, with an adjusted EBITDA margin of 46.7%[171]