Red Rock Resorts (formerly Station Casinos), which operates 21 casino and entertainment properties in Las Vegas, announced terms for its IPO on Friday.
The Las Vegas, NV-based company and selling shareholders plan to raise $531 million by offering 27.3 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Red Rock Resorts would command a fully diluted market value of $2.3 billion.
Another Las Vegas gaming IPO, MGM Growth Properties LLC (MGP), is scheduled for next week.
Red Rock Resorts was founded in 1976 and booked $1.4 billion in revenue for the 12 months ended December 31, 2015. It plans to list on the Nasdaq under the symbol RRR. Deutsche Bank, J.P. Morgan, BofA Merrill Lynch, Goldman Sachs, Wells Fargo Securities, Citi and Macquarie Capital are the joint bookrunners on the deal. It is expected to price during the week of April 25, 2016.
