In a recent 13D filing with the US Securities and Exchange Commission, Fertitta Holdco Llc and its affiliates reported acquiring and holding 46.36 million Class A Common shares of Red Rock Resorts Inc. (NASDAQ:RRR), which account for 54.38% of the company’s outstanding stock. Before the company’s public offering, Fertitta Holdco held 47.88 million Class A Common shares, which amassed 51.7% of the total amount of Class A Common shares. Fertitta Holdco solely owns 23.11 million, which represent 37.30% of the company’s outstanding stock. It was also revealed in the filing that Fertitta Holdco Llc holds Class B Common stock and LLC Units, as well, which has obtained for investment purposes, and that it has a few representatives in the management of the company – Lorenzo J. Fertitta serves as a member of the board of directors and as Vice President, while Frank J. Fertitta III serves as the company’s Chief Executive Officer and Chairman of the Board. Each of Fertitta Business Management LLC, FI Station Investor LLC, Frank J. Fertitta III and Lorenzo J. Fertitta have signed Lock-Up Agreements upon which they have agreed that, prior to October 24, 2016, they will not, without the prior written consent of Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, dispose of or hedge any shares of Red Rock Resorts’ Class A Common Stock or any securities convertible into or exchangeable for the company’s Class A Common Stock (including the LLC Units) subject to certain customary exceptions. Fertitta Holdco Llc holds its rights to further acquire more securities of Red Rock Resorts both in a privately discussed transactions and the open market or to dispose of all or a portion of their holdings of securities.
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Red Rock Resorts is a management and gaming company that runs and owns a plethora of entertainment facilities and more than 10 small casinos in the Las Vegas regional market. Since the company started trading on April 28th, its stock is up by 4.28%. For the first quarter of 2016, the company reported net income of $59.5 million and revenue of $359.25 million, beating net income of $45,6 million and revenue of $342,77 million for the same quarter in the previous year. Recently, Red Rock Resorts has acquired the Palms Casino Resort in Las Vegas, Nevada for the sum of $312.5 million.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Fertitta Business Management | 0 | 28,789,800 | 0 | 28,789,800 | 28,789,800 | 42.50% |
| FI Station Investor | 0 | 23,111,950 | 0 | 23,111,950 | 23,111,950 | 37.30% |
| Fertitta Holdco | 0 | 23,111,950 | 0 | 23,111,950 | 23,111,950 | 37.3% |
| Fertitta Investment | 0 | 21,327,185 | 0 | 21,327,185 | 21,327,185 | 35.43% |
| KVF Investments | 0 | 8,782,826 | 0 | 8,782,826 | 8,782,826 | 18.43% |
| LNA Investments | 0 | 8,782,826 | 0 | 8,782,826 | 8,782,826 | 18.43% |
| F J Fertitta Family Business Trust | 0 | 14,394,900 | 0 | 14,394,900 | 14,394,900 | 26.98% |
| L T Fertitta Family Business Trust | 0 | 14,394,900 | 0 | 14,394,900 | 14,394,900 | 26.98% |
| Frank J. Fertitta III | 0 | 46,355,452 | 0 | 46,355,452 | 46,355,452 | 54.38% |
| Lorenzo J. Fertitta | 0 | 46,355,452 | 0 | 46,355,452 | 46,355,452 | 54.38% |
Page 1 of 17 – SEC Filing
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| SECURITIES AND EXCHANGE COMMISSION |
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| Washington, D.C. 20549 |
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| SCHEDULE 13D |
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Under the Securities Exchange Act of 1934*
Red Rock Resorts, Inc.
(Name of Issuer)
Common A Common Stock, par value $0.01
(Title of Class of Securities)
75700L108
(CUSIP Number)
Frank J. Fertitta III
1505 South Pavilion Center Drive
Las Vegas, Nevada 89135
(702) 495-3000
with a copy to:
Kenneth J. Baronsky, Esq.
Deborah J. Conrad, Esq.
Milbank, Tweed, Hadley & McCloy LLP
601 S. Figueroa Street, 30th Floor
Los Angeles, California 90017
(213) 892-4000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 2, 2016
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box: o
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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Page 2 of 17 – SEC Filing
SCHEDULE 13D
| CUSIP No. 75700L108 | |||||
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| (5) | Check box if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e) o | |||
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| (11) | Aggregate Amount Beneficially Owned by Each Reporting Person | |||
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| (12) | Check box if the Aggregate Amount in Row (11) Excludes Certain Shares o | |||
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| (13) | Percent of Class Represented by Amount in Row (11) | |||
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| (14) | Type of Reporting Person (See Instructions) | |||
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Page 3 of 17 – SEC Filing
SCHEDULE 13D
| CUSIP No. 75700L108 | |||||
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| (13) | Percent of Class Represented by Amount in Row (11) | |||
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| (14) | Type of Reporting Person (See Instructions) | |||
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Page 4 of 17 – SEC Filing
SCHEDULE 13D
| CUSIP No. 75700L108 | |||||
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| (1) | Name of Reporting Person | |||
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| (14) | Type of Reporting Person (See Instructions) | |||
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Page 5 of 17 – SEC Filing
SCHEDULE 13D
| CUSIP No. 75700L108 | |||||
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| (13) | Percent of Class Represented by Amount in Row (11) | |||
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| (14) | Type of Reporting Person (See Instructions) | |||
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Page 6 of 17 – SEC Filing
SCHEDULE 13D
| CUSIP No. 75700L108 | |||||
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| (1) | Name of Reporting Person | |||
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| (5) | Check box if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e) o | |||
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| (11) | Aggregate Amount Beneficially Owned by Each Reporting Person | |||