Is it a Good Move to Acquire Red Rock Resorts (RRR) Shares?

Diamond Hill Capital, an investment management firm, published its “Diamond Hill All Cap Select Fund” first-quarter 2022 investor letter – a copy of which can be downloaded here. During a volatile quarter, the Diamond Hill All Cap Select Fund held up meaningfully better than the Russell 3000 Index. After a strong rebound in 2021, global GDP growth is expected to moderate in 2022. Try to take some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Diamond Hill All Cap Select Fund mentioned Red Rock Resorts, Inc. (NASDAQ:RRR) and explained its insights for the company. Founded in 2015, Red Rock Resorts, Inc. (NASDAQ:RRR) is a Las Vegas, Nevada-based gaming, development, and management company with a $2.0 billion market capitalization. Red Rock Resorts, Inc. (NASDAQ:RRR) delivered a -40.30% return since the beginning of the year, while its 12-month returns are down by -14.88%. The stock closed at $32.84 per share on July 14, 2022.

Here is what Diamond Hill All Cap Select Fund Concentrated Fund has to say about Red Rock Resorts, Inc. (NASDAQ:RRR) in its Q1 2022 investor letter:

“Red Rock Resorts’ stock took a breather in Q1—following an extremely strong 2021 return—as Omicron concerns and inflationary risks related to the company’s Durango development weighed on investors’ minds.”

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Our calculations show that Red Rock Resorts, Inc. (NASDAQ:RRR) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Red Rock Resorts, Inc. (NASDAQ:RRR) was in 28 hedge fund portfolios at the end of the first quarter of 2022, compared to 23 funds in the previous quarter. Red Rock Resorts, Inc. (NASDAQ:RRR) delivered a -29.53% return in the past 3 months.

In March 2021, we also shared another hedge fund’s views on Red Rock Resorts, Inc. (NASDAQ:RRR) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.