RRR - Earnings call transcript Q3 2021

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Operator

Good afternoon and welcome to Red Rock Resorts Third Quarter 2021 Conference Call. [Operator Instructions] Please note this conference call is being recorded. I would now like to turn the conference over to Stephen Cootey, Executive Vice President, Chief Financial Officer and Treasurer of Red Rock Resorts. Please go ahead.

Stephen Cootey

Thank you, operator and good afternoon everyone. on conference Red call. joining quarter Resorts for earnings XXXX you today's Rock for third Thank

management to Joining Developments securities Frank today Harbor as from executive provisions and differ on will and Lorenzo I’d me the under projected. United those Fertitta results well call include forward-looking of as may the our the everyone laws. that remind today statements are team. call like Safe our federal States

will also discuss During this measures. financial call, we non-GAAP

of figures X-K the earnings filed to reconciliation deck refer complete call the financial our prior please call. were and in to note this press is definitions For to these please this afternoon which and being GAAP, Also, tables recorded. Form release investor

On of our quarter the Now, let's take million a $XXX.X prior look $XXX.X results. consolidated net year's third a at million revenue XX.X% quarter our from up quarter. in third basis third

XX.X% year's million adjusted million $XXX.X in EBITDA from prior up the quarter. $XXX.X was Our third

margin $XXX operations, the quarter of XX.X% EBITDA our prior up revenue third respect our to was quarter Our for With third third the the from the $XXX.X decrease Vegas impact our Las quarter of basis XX.X% foreclosed from from XXXX. million adjusted net was in excluding XXX points properties, year's million a quarter.

was from Our $XXX.X third million $XXX.X XX.X% EBITDA million, up year's adjusted in the quarter. prior

basis, a revenue, store increase of adjusted basis net company. from points and margin same quarter achieved third XXX XXXX. XX.X%, of the Our EBITDA adjusted margin On an history EBITDA was EBITDA the third the our adjusted of in quarter we highest

million free the on third $X.XX saw free of COVID-XX quarter well visitation, stakeholders. the the per share. to flow quarter our mask XX% across third growth the first versus as cash free $XXX.X behind or as This of in did the brings the million with of prioritize deliver a latter every device impact dollar experience by across adjusted or visit The to converting of per continue device July those Nevada $XXX we return in the generating record and returned quarter, EBITDA prior a generated Taking impressive the database, time numbers, our third restrictions approximately three allowed share per for operating company quarter our to flow, being on increased state customary virtually which time lifted. and $X.XX have look to the of eventually XXXX cash company to visitation quarters cash operating quarter. gaming the modest During with seasonality are expect reverse But reimplementation revenue mandate metrics as of the the trends spend half we quarter. our XX, on and flow,

and of built and half considerable segments third seeing results back to company. [indiscernible] non-gaming Turning beverage and to lines pipeline catering we But saw are food upon in to segments in and slower the XXXX. business second as of group strong strength been history both segments have their into lead quarter best quarter into XXXX the the grow business performance their we while recover our hotel the these sales post-pandemic, the deliver

for associated costs are prior the $X.X on for approximately financials million mentioned as our COVID-XX our of quarter with still closed costs carry carrying calls, million $X.X Finally, earnings quarter. approximately mitigation and the properties

the benefit per expect to savings $XXX cash agreements. company cost focus, to higher flow. and initiatives maintaining and more These the our a drive sustain pandemic and achieve of optimize we streamline renegotiate profitability of On number our operational actions with pre million to marketing to annum disciplined achieve compared from approximately company structure. a vendor continues the initiatives business, took enabled we free continue expense to side, The cost our party have and to along third

are On introducing the the entered customers Valley trial cashless have kiosk a a focus to exciting Vegas each our the Nevada. eventual initiatives. amenities and as several Online platform, gaming, project. technology with for wallet we initial throughout in this field regard Also next field slot at the to generation on front, build and STN payments making we the the stations Green allow mobile progress into cashless proceed we Rock deploy come Sports into based Ranch in Las and With substantial and IGT mobile pay are our trial with we infrastructure at to across partnership Limited of Sports to There floor of properties. goal in with play one more betting our GAN with sports from October, all to over with properties entered digital counter Red applications and retail

launch the excited our we upon and building and While lien franchise. product the is partnership regulatory to approval, subject are about sports race

cash third at cover and at for capital third $XX.X quarters paid $XX.X of of total first quarter the end outstanding and and the let's cash few was debt, sheet the principal In million equivalents million, the company's total we three billion. of to XXXX in Now a end $X.XX $XXX bringing quarter quarter million. items. the The were amount balance approximately down reduction debt debt

B three and price Class quarters average the A XXX.X over Class at million reducing quarter repurchase of previously to Class disclosed a average per shares the count used shares $XX.X purchase XXXX first shares million our third X.X bringing shares $XX.XX an approximately price of program combined. million approximately A under share at $XX.XX. total an Additionally, million That's company X.X share XXX to of the A for Class to repurchased million during share

three with XXX returned million first the our the giving of our increase and during us availability quarters authorized repurchase Within XXX combined respectively. of debt share the When repurchases. future and our XXXX program, repayment, million to the million our quarter existing quarter, to board we of XXX an over XXX.X share third million to stakeholders for

located company gaming way most the six growth solid we Since of quarter, the subsidiary and closed and on forward. notes XXXX. borrowings Senior of one to our on accrued pay in company to the ways consider or expenses development X% million balance due are the consolidate on $XXX.X the interest close life having casinos owned returning fees of of its Transaction a as unpaid focus any per credit As including sheets premium, annum ability million used notice the under us which mentioned the facility our save related while balance opportunities, the additional on the quarter senior in $XX.X million. further flexibility. notes our gives revolving prior capital expected the call, for as to the the increasing well industry and approximately Capital cash company's XX, issued the longer our was remaining for hand third we sheet to redemption $XX spend move properties, redemption third the to station The strategically ability financial to of and title on the stakeholders for October a to term deleveraging redemption.

Rock nation include third As $XX to which mentioned tax $XX $XX.X anticipate $XX.X we of million a in spent distribution be during our previous of million million Also capital resorts. earnings and maintenance the distribution approximately unit approximately as we [Hoko] the made quarter, to our the LLC to holders million. Red call, between XXXX

five favorable provides unrestricted Valley, radius within two our which Further, located approximate about a the Vegas development, very Durango the Now short project XXX,XXX the feet XXX,XXX Starting Expressway parcel are pipeline. egress Vegas day The project update competitors Las project, favorable project the one the acre this profile. to extremely people. growing area situated site XX off as on Valley. there expressway development Las handles our throughout ingress vehicles is with Durango of drive which are ideally the of we excited radius The in five XX is located of within XXX on mile demographic a and southwest per a no gaming over mile on site. fastest

project over budgeting and a meeting at quarter state are and convention the feet XX,XXX months. square in working complete a over Once slots XX games, will four the XXXX will table of and and and of refining planning is style include a shovel and square still be space, with of expectation take in rooms to hotel first book suite to we approximately feet pool. the service goal phases casino XXX over space outlets, project feet catering the anticipate to art final food of project construction we a XX XX of sports ground XXXX. this approximately resort But a with square XX,XXX XXX,XXX are beverage full started, the budget. We When over have product, and the

and construction costs any includes which the million $XXX soft approximately spend with to costs, expenses all hard costs, and expect pre-opening associate project. design We financing

of project to contract company enter maximum consistent this XX% to guaranteed into portfolio. expects The expect the costs. total price We approximately projects profile the project greenfield return for in past our with be

While funding of a of $XX projects the development portion a of come cite from expected cash to of combination current project for to the sale this the million. multifamily from is operations and flow approximately Durango

federal Turning ultimately any now State of District courts, state Fork received North respect affect of other the to affecting tribe’s from trust project. court believe to were gaming federal while will State the district we of which California by courts not With spoke disappointed Eastern conduct to North certain Fork. a we on California results decisions of California litigation that the court all Since property. positive do their those the ends ability court opinion we we the last

project design and our progress attractive with to continued lending have with We development prospective respect this initial including to very talks efforts partners. our

earnings to our quarterly continue updates provide will on We calls.

top sell disclosed while Band approvals, some conditions completed headwinds, our an assets quarter disciplined we Lastly, the barriers conversion. Place before closing six enjoy we'd In extend members believe definitive very San our Mission entered on locations, characterize scale of it's pipeline and of including best week, all the an favorable call high margin The casino thanks like in price and demographic regulatory to support our closing ready for subject and X end is their and locals prior title to this on free team participants our distribution to With EBITDA to of of Palms Last third affiliate the this special voting accurate the positioned and work pandemic, Operator recognize prepared our and in market. the a $XXX company gaming to allowed unparalleled and now into in Palms to May for term high for and our are that our take throughout to cash trends EBITDA, today strategically at Las employer year. our hard to that note this and conclusion, members the questions long of own business to to guests Casino thanks remarks of Vegas concludes the expected Manuel and previously team uniquely respect we class we and million from call. properties are our entry for flow record agreements capitalize this the us running Las Resort Indians. approach of presented transaction be on Valley. earnings customary cash to to as on the to Vegas our located of we and their

Operator

you. Thank

will the first Greff Joe [Operator go answer And from and JPMorgan. with begin We comes now Please question Instructions] ahead. the session. question

Joe Greff

how on Lorenzo everybody. more particularly multiples streams. are real where views your of for a casino probably valuation think Frank in have I have afternoon, question terms and thoughts on real I for estate EBITDA estate evolved, given monetizing strategic issues Good

EBITDA, your have does and You $XXX like mid either that did on of of run of a on float teens of you. do mid multiple million interesting things? you about half those that for things rate How of kind of think XX% that half lot

Lorenzo Fertitta

that the the the we look We that of for should all own owning I controlling value real Well, implied pay into That's our are pipeline. it. shouldn't how that perfect the the we people also our we estate, stream. mean, be to the as it. real looking there's I estate, no all liked by I willing of prop-co liked an of But Red we into kind times whether applied fact or said coverage position real think at be all growth owning at that estate, But have what stock well. in reason op-co. on we two the price a think an kind

Frank Fertitta

Yes, transaction, I valuation. applied we looking think we at I times multiple-ish. look, about that at was mean, the Certainly, XX like cosmopolitan that's that

by undeveloped size to of pieces attractive on in the of as mode, able and historical we're we've the platform like be an got been our we've kind got returns, the I essentially that maximize we doubling op-co, road and here property properties, focused to consider very think think right think our to of we operating once current that of is, in option generate. We always makes idea we're we've down developing on can pre-co of the size best it now out are Las way the to see, build sense if at our shareholder you the really structure, going value. Vegas based the what's those time six development that doubling we

going at the we're look So to always options.

Joe Greff

how that EBITDA one then that here? of then expenses trend Okay. quarter-over-quarter time SG&A you XX% Great. Was there SG&A if could corporate trend Steve And explain drove sequential versus and an in and do and or? and And up anything there from think was sort variance consensus. you

Stephen Cootey

SG&A and Yes, cashless SG&A really the recruit majority also expense. taking lot pay mean, bonus there's is that well. I nothing unusual the with or mainly We so were IT of corporate related in mainly, to place. one of bonuses But we payroll could ways. a We've There's corporate time we expense, that corporate can our and higher start initiatives performed corporate.

Joe Greff

Thank much. Great. you very

Operator

next The from Deutsche Santarelli Bank. Please Carlo go comes with ahead. question

Carlo Santarelli

up get net and implied just the afternoon. specifically, on like comment and follow we EBITDA terms that if expense a rate coming you, OpEx just Was guys, in of your do should you quarter? the expect rates? Steve, looks up kind there less as all about forward? Could talking of of do out in Hey, we just Las Joe's pretty it of Thank like of move more kind perhaps bit consistent run X%. about tick question little about good at the you maybe looks exit or the Or more it Vegas simple to it quarter staffing that's kind we revenue a up throughout

Stephen Cootey

from quarter up expense fully we think year. talked consistent the in operational an about I were we throughout pretty we as June last staffed

So we of completely a really quarter-over-quarter it have are we staffed. you're halves. our of amenities is seeing two is all tale What open,

half to mitigation COVID the reversed. And get we first quarter of mask was The with once of the see in those quarter. volume. the we half consistent expect mandate, degradation second upon then did very that reverse And get the a some restrictions

Frank Fertitta

But this QX Las Vegas higher were a said ago. they were that operations the being year than margins

Lorenzo Fertitta

was We of margin were able XXX about to like increase But by said a ‘XX. to basis QX it points relative revenue Steve of margins. more really issue for the

Carlo Santarelli

Right.

of my me question. next that So kind to takes

keep in of guys XXXX XX is, that control ability year out to currently looking kind these XQ as you North much XQ perhaps, margins that out the that in high As of forward? rate kind run how XXs line versus impact start of costs much the revenue and that been and growing and we band of to at boils maybe of how the or the look expense XXXX think we're to as remaining to of being since have perhaps north the obviously some you've able things of about are that the and the this there continue could to even kind down move you where that, it

Stephen Cootey

every sustainable. asked of quarter that gets I Carl, I mean, mean question our margins

history let's this QX, lesson, forward, was ‘XX let's QX, be XX.X%, And same going store margins go quarter So XX.X%, back XX.X%. XX.X%, right take moving to just and of XX.X%. a back then

terms expect business. come And put see revenue permanent. do and catering in from a have is line to business in ‘XX crystal and put that margin seeing several place, while operational a we ‘XX, running change we're in cost no way ball the lines And of savings high help to the the theater I'm lot the in we in what we've of these in a grow named standpoint, business we top place processes all we are seismic an So sales back of focus. a

have these to we margins. we So do maintain expect

Carlo Santarelli

Great. Thanks, everybody.

Operator

go Shaun comes of The Bank question Please next with America. ahead. Kelley from

Shaun Kelley

to everyone. entities afternoon, board. Steve, of maybe just last back coming on non-gaming some good up on the point about that Hey, want follow

almost up think second. of quarter same to little between were non-gaming we just bit revenues were I today in look sort We virtually a third things. expecting that your the at the the ramp as

heard about banquet non-gaming talked Some at lifted. piece that of were I can amenity I over out quarters? some in to think looking XXXX, restrictions were prepared next expect couple in talk up think the place. you the restrictions the And of catering that there And obviously, just the put for remarks were in about something the you and about a back But I you ramp the how later but side, of non-gaming little openings?

Stephen Cootey

mean, right I hotel, have deliver Sure, their sales also and to continue food quite a return, as you quarter quarter returned, record had we to from hotel now, successful I a growth up growth group we expect coming seen mean, we've all performance perspective, QX back. all in second get built and and that beverage the non-gaming

With July of I the the mentioned restrictions and see going to of perspective, and we're lead in back But into generation starting we a ‘XX. late XXXX the corporate business bookings on in in our half in throughout of half as a first see from remarks, return ‘XX slowdown XXXX. XX did that

continues there. month. to each last side, continues to on than it also from sequentially tends things the is which theater slate the good the better. get expect So month And And non-gaming, better be

ADR much yielding And way. good occupancy expect from is the there. had only not team hotel the again, record from doing, the better we a hotel in what things and So record we

they're change is of much that guests when the to more place in more profitable in we're the at wholesale holistically. we business, this year, are the casino hotel a less fruits that put which And of see labor. starting so there So beginning

Shaun Kelley

you're recovery a occupancy Las I as now. a how the some is maybe think characterize probably when customer properties higher? is of more Or would to it of bit as into seeing yet. spillover But push years little we crossover sure from a destination did trip hot was see as guess you're this oriented your like many Do not strip and the down did the Great, ago yet? strips I'm of kind Vegas GVR, that property continue own again, kind We where in exactly locals you of see Rock. Red locals you pulling and pricing can into

Frank Fertitta

Yes, that we higher see of kind of end properties. regional are out guests over starting town particularly into to push their

Shaun Kelley

Thank you very much.

Operator

Grambling The Goldman Steven with Please next go ahead. comes from Sachs. question

Steven Grambling

Realizing thanks. some start for early able out Hi, to the costs on initial stages any in concerns Durango. Have to between your you're construction of about to ground? control in been pressures ways still procurement break when you development the color have think But now given we've supply and seen for heard chain you there? conversations, you

Frank Fertitta

Yes.

for think has extensive. been the planning process quite this I

probably heard you've in until we've the delayed just now. calls giving budget some As the of

pricing all We from costs And procured long its perspective. lead feel in at that put the have pretty million we've $XXX breaking under frankly captured number. those items but in QX if ground feel done that a And we've we've from construction we least the us risen prior we've contracts. good so procurement through them and identified to or to bought that need be and

Steven Grambling

you But that That's won't maybe the think about utilized? land the value undeveloped maybe you do capturing that some how I be of helpful. have this of too. And still missed still then separately,

Lorenzo Fertitta

XX site. the the monetizing Well, Durango back we're planning acres on of

Vegas. the acres resulting each as will the to which we front at sites going probably we're good behind development forward in of try back, And residential, to in for Las continue look to the doubled property. property, in the we're multifamily the the will to one be taking out develop So build XX footprint here roll here the monetize Vegas, portfolio,

those of sell and basically properties development We remaining surrounding sites. of heart the will the real each estate off take the

Steven Grambling

this any point? sits sense land value of kind that your And standpoint, where at some from for of

Lorenzo Fertitta

you What on the the value for do XX have back acres?

Stephen Cootey

the release back in about have under contract for $XX about we talked just half we That million.

X.X So over a acre. little an though bit million

Steven Grambling

And when or characterize that's of the land undeveloped you some less as you you more anything, that would have valuable? do equal, other that

Lorenzo Fertitta

Vegas. We land been really up. have prices Las in They trending

supply demand of mean, real there. a of seeing uses. a lot demand I you're builders, think for I lot a dynamic different There's multifamily industrial

our to valley. a trends this So seem landowner favor the big be as in in

Steven Grambling

Great, much. thanks so

Operator

The ahead. next Wieczynski question comes Steven with Stifel. Please from go

Steven Wieczynski

guys, Yes good afternoon.

in remarks local promotional So your his into the the pretty environment read it sounds rational comments. like from still remarks, if in markets I Steve's seems prepared

Palms does close So comes new new there's and and and initially think situation? you question risk competitor share in in react you a that how the the would the steal some you Palms. tries I market see that guess a any Do the come deal is, if and so operate guys into to competitor

Lorenzo Fertitta

a can I A player promotional approach stick A the Class And day, to the to at see if personal think the a strategy market. market get someone business mean, in to pivot the relying I in a market plus locations, A to marketing. is of the We on off of intent our our Class promotional basically right out the money. couple And on you're our be much end mask is you are employees, here. market to have complete spend of the gotten or relationship want leader we of and one them the But pretty relationships. even come you now. basically, maybe going buildings, and we're that relying on

and the really and locations, were. We return just things where eight need to don't locations to the have see we the suburban

Steven Wieczynski

you. got Okay,

in back the guess customer aren't that that couple is your something would removal then have removed? of the coming is question your they're mandate? it have of Or on timing think with mentioned on of terms the mask anything and to you for that And going sidelines in heard second sitting be around mandate be where the had base, again? in now, remarks. of the Is waiting question conversations there I terms is what around question you the potential else a you I just times part folks something

Lorenzo Fertitta

the think the on people I demographic and more adverse of to segmentation news varies not mandates, [cycle] the older think are how deal Delta mask to they cycle, we variant, mandates it Look, mask if actually the react and population, you by I I as age group I have mask is but want. younger don't by with impacted so new the you think anything guys know the

Frank Fertitta

of groups it's seeing I think where the area meetings, are in conventions, other that a dialogue is little we're social bit looking whether to book events.

I think of definitely that line mandate impacts mask impact that business. the

As kind that come to Steven mentioned, into see back we're ‘XX. starting pipeline of ‘XX, late

updates I the mask think We thinking the of know they're presuming be numbers, as the people on are to state the thing have any mandate. mask the the We will they relative of past. don't going right seem tracking to be really exactly governor that direction. a from what in

that the in be future So can lifted. that we're near hopeful sometime

mask six of a that still place. mandate one I they in we're think have states

should and relatively certainly just So we when our mandate, an hopefully, for the positive think and overall business. mask it be psychological a from

Steven Wieczynski

the great. Thanks, Thanks for guys. Okay, color.

Operator

comes Beynon question Macquarie. with Chad next from The

Chad Beynon

taking for thanks Hi, question. my

that need Thanks. properties all Regarding existing to us to market see to business the about these can open what forward? or the going you four properties think or in one you up allow the you help closed, remain

Frank Fertitta

Well, the to is sold. Palms be going

they represented one than I of the the less to have successful three even we XX% close it's moving been a to properties. though at the the flow, those lot of So properties third cash very in properties at think down at we've to And the what were open higher resulted is those margins. six which properties three And has look that casinos. of business

don't up have open Las we end and for confident know properties go to add the making allocation. incremental at XX%, not we're money. to until seeing Vegas anything profitability, cannibalize operations something the deliver we're going our you less we're I that and So other if before end, can absolute and

Lorenzo Fertitta

in I really here add it property. administratively XXX] makes to Yes to just open brand new because all with a think nailed [SB Frank's hard to it up them he place, points,

Chad Beynon

a generating Thank you your ballpark you projects we you. there returns and between now point in And what consistent your of cost regarding prior Durango, you're prior think IRR this can lower ‘XX down provide? capital get around When obviously similar are depending certainly to goalposts of to Thanks. that then the comment at about return. on or with a willing goal projects, at more a the positive kind XX% finite number between and the talk somewhere with XX% of happens is that

Stephen Cootey

think And I range. right return to XXs into able get the that's basis. stabilized on the we've been type a typically

Frank Fertitta

demographics, where you sit per trailing at EBITDA at we today, kind we be just of the being relative properties look kind property average deck this an to on When an $XXX you to If million comes by of $XXX of above six the demographics, else, everything certainly traffic to property, rest our look million you look that the property. XX million $XXX generated at to on flows, about out our average looking investor And we quarter. actually the posted at the website. some the information expect

Lorenzo Fertitta

per if position Valley, gaming position. and gaming a radius Red Rock times Green adults mile adult two to mean, compare the you population the is Durango of five and per I amount

So we feel good about pretty it.

Chad Beynon

appreciate Thanks for it. the additional color,

Operator

question next The from comes Barry Truist with Securities. go ahead. Jonas Please

Barry Jonas

that you, gas prices from I'd thoughts the any announced wider on the either perspectives? the or historically seeing you guess we're any impacts Thank cost from revenue have extend guys I and higher installation

Stephen Cootey

you're impact. that's year-over-year, seen but the real. on because cover-per-cover the mask goods seeing that place. cost It's more the It's definitely of in But On basis a been see to go XX% been standpoint. in cost food really sold seeing to you're the revenue side, haven't on tough you up mandate have side that

Barry Jonas

or color give others? And it. I'm you're anything's not can seeing you Got any than about on across demographics job what the if segments base better we talked you any any give if color performing sure can

Frank Fertitta

in The higher out demographic, end win COVID versus other younger we post-COVID at I think we in No XX question just the of about growth segments coming now prior And sat were continue then the the looking XX% demo there theoretical seen and areas, to XX to to is kind we've of perform the pre-COVID. outperform. about it. where is

demo So that incremental driving good for we've kind which long and been in properties into term younger business. think our is the of successful super we healthy

Barry Jonas

you sneak If just yours issued of would few more Great. allocation it's have could just your a dividend I'm guys where resumption capital been in since curious, a strategies? dividend. I terms rank the one

Stephen Cootey

the strongest we're I from got return and is considering strategically a and closing. thing the about six the We've Palms is starting we're we can place. verse or in going think the also month is great developing. million got probably good to balance that $XXX the get balance properties thing about good the capital to sheet a The you the located industry start board what in

are table. going the options we consider all to we are have all, So on

Barry Jonas

much, Helpful. Thanks so guys.

Operator

The next question comes with Fargo. ahead. Please Wells from go Dan Politzer

Dan Politzer

guys, afternoon, and good my for thanks Hey, questions. taking

the the margin occurred So player? plus most that XX broader you've as customer that answered, all of has on base in unrated returning but reopening XX customer customer any inning in them we at seen core and are have what declines higher and

Frank Fertitta

that what not don't some I anywhere back all have to in I yet. think room – know definitely not, they're I We necessarily mean, go.

Lorenzo Fertitta

depending anything If on [indiscernible]. changes

Frank Fertitta

move on with in Yes. of forth. the where databases, seeing we will going start our mask we're really affected the that most and future, older back sometime by They're definitely that segment mandate kind kind hopeful room We're The that of have grow. the near come what's off to of portions definitely comes if to COVID.

Lorenzo Fertitta

second [indiscernible] you of question? part Can the

Stephen Cootey

and It is post in no which really change the seen unrated play, I haven't pre unrated, pandemic.

Barry Jonas

I in had decision with any just there of Got in have process the you decision to or there? mean, parties? Have then you is that change open, pivot it. yet interested any three making properties in guys And potentially terms conversations your

Stephen Cootey

mean a entitled. sorts I inbound in safe, of gaming there's pretty all those and coming those property, properties, I gaming never can would think we three property I for three title a but calls sell

or made, we're been decisions whether potentially scrape no really So to herself. open going

Barry Jonas

right, All so understood. much. Thanks

Operator

remarks. our the question Cootey session. to back turn to for would answer Stephen concludes and This any conference closing like Cootey Stephen I over

Stephen Cootey

and look XX Take we seeing call forward everyone you care. you days. thank in to Well, the again joining the for next

Operator

presentation. concluded. now you Thank has for conference today's attending The

now may disconnect. You

Red Rock Resorts (RRR) 3 Nov 212021 Q3 Earnings call transcript