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LAS VEGAS–(BUSINESS WIRE)–UNITE HERE invites -to-be investors to assay its analytical assay of the cheap IPO by Red Rock Resorts, Inc. (proposed NASDAQ ticker: RRR) at: www.RRRIPOdissected.org. Investors who buy Red Rock’s cheap shares on action will accretion a boyhood (33%) pale in the once-bankrupt Las Vegas bank and alehouse operator, Station Casinos.



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Station Casinos IPO Raises $531 Million – Casino.org | station casino ipo

“It is alarming that abeyant investors in Red Rock’s cheap IPO are actuality asked to buy out an cabal administration aggregation at a high, $460-million valuation, instead of advantageous bottomward aggregation debt or allotment new advance initiatives,” said Ken Liu, a Las Vegas-based gaming analyst for UNITE HERE.

The acceding of the alms beg questions about aggregation insiders’ aplomb in its abiding prospects.

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Fertitta Brothers – Beneficiaries in the Station Casinos IPO | station casino ipo

“Data on the arena in Las Vegas appearance apathetic advance in Red Rock’s bulk business, accent the adverse amid an IPO that strengthens a gaming company’s affairs and one that drains funds to buy a related-party administration company, like Red Rock,” Liu noted.



-to-be investors should ask administration the afterward questions:

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Station Casinos Inks $312m Deal to Acquire The Palms | Casino … | station casino ipo

Why is Red Rock advantageous $460 actor in banknote to assembly to internalize administration with the Fertitta Entertainment acquisition? Red Rock’s announcement does not present any specific abeyant allowances of this proposed transaction, yet the bulk represents (1) 20% of the $2.3-billion IPO appraisal of Station Casinos’ disinterestedness at the balance of its alms bulk range; (2) 8.7x TTM administration fees instead of the 1x TTM administration fees for a abeyant abortion of the Fertitta Entertainment administration agreements accoutrement at atomic 13 of 19 casinos; and (3) 31x our appraisal of Fertitta Entertainment’s 2015 pro forma EBITDA of about $14.8 million. Alike admitting it did not complete a $300-million allotment recapitalization aftermost spring, Station Casinos has paid out over $477 actor to its absolute owners from 2013 through April 2016, afore consummating this pricy acquisition.

How assured is administration in Red Rock’s advance prospects? The Las Vegas locals market, which fabricated up over 90% of Red Rock’s absolute EBITDA in 2015, has been application in acceding of absolute bulk wagered and cardinal of aperture units, and gaming acquirement at the company’s Las Vegas operations grew at an anniversary circuitous amount of alone 1.4% from 2012 to 2015. The aggregation has alike listed hard-to-come-by abeyant bank sites in Nevada for sale. As for its affiliated business, the aggregation has not active any new affiliated gaming development or administration agreements back 2004. Its two accepted affairs are due to expire in 2018 and 2020, with alone one added activity in development.

Station Casinos’ IPO Faces Union Challenge Over Deutsche Bank Libor … | station casino ipo

If the Fertitta ancestors is cashing out, why should investors buy Red Rock’s cheap shares with ambiguous affairs for dividends? The Fertitta family’s Class B Red Rock shares with 10:1 voting adeptness accomplish the Class A Red Rock shares cheap shares in added means than one. Furthermore, a askew tax receivable acceding afterwards a adamantine cap on approaching payments to pre-IPO owners will advance to ambiguity about Red Rock’s approaching chargeless banknote breeze and its adeptness to pay assets to Red Rock’s cheap shareholders.

Should new shareholders apprehend cogent concoction anon afterwards the IPO acknowledgment to Deutsche Bank’s accepted exit? Deutsche Bank owns 25% of Station Casinos and is affairs actual few shares in the accepted offering. The German lender, which is additionally an advocate of this IPO, has been affairs off its non-core assets at a loss, including a Las Vegas Strip resort and a New Jersey anchorage abettor as it continues to accord with its basic and authoritative challenges. Will it advertise off its ample Station Casinos/Red Rock pale anon afterwards the 180-day lock-up period, which may alike be waived by Deutsche Bank and J.P. Morgan as underwriters?

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Station Casinos Surrenders to Union Over Palace Station Election … | station casino ipo

UNITE HERE represents 275,000 gaming, auberge and aliment account workers in the U.S. and Canada. UNITE HERE Gaming Research provides insights on the gaming industry from the angle of those who assignment in the industry. UNITE HERE’s Culinary Local 226 and Bartenders Local 165 accept a activity altercation with Station Casinos.

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UFC owners must wait to cash in on Station Casinos IPO | station casino ipo

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Report: Station Casinos to postpone IPO – Las Vegas Review-Journal | station casino ipo