Red Rock Resorts’ initial public offering netted 1.4 million on its first day of public trading on April 27, selling each of its 27.25 million shares for .50.
The first-day’s share price fell about in the middle of the anticipated $18 to $21 share price. The shares are traded under the RRR symbol on the Nasdaq Stock Market.
The initial public offering is the nation’s largest so far this year, and the funds raised mostly will go toward buying the company running Red Rock Resorts’ casinos.
Red Rock recently announced plans to buy Fertitta Entertainment for $460 million to get ownership of the company running its casinos.
SEC filings indicate Red Rock Resorts would pay $113.5 to Fertitta Entertainment CEO Frank Fertitta III and another $113.5 million to Lorenzo Fertitta as part of the proposed $460 million deal. A trust for the Fertitta family’s six children would receive $106.8 million.
The Fertitta’s would retain 87 percent of shareholder voting influence in the company, while new shareholders would have 7.3 percent of the company’s total voting power, according to SEC filings.
Red Rock Resorts owns 19 casinos in Southern Nevada and manages the Graton tribal casino in California and another tribal casino in Gun Lake, Michigan.
Although Red Rock Resorts is the company’s official name, it will continue doing business as Station Casinos, which recently donated hundreds of computers for at-risk students at Las Vegas schools.
Some 300 at-risk elementary school students in Las Vegas each received their own computer from Station Casinos during a special luncheon on April 12.
Each received a refurbished Dell desktop computer with a new LCD monitor, which Station Casino’s donated the computers through its SmartStart partnership program with Clark County School Districts. The SmartStart program obtained through the nonprofit Outlook Foundation.
Station Casinos started its SmartStart program 16 years ago, with the goal of providing local students with the academic tools and resources they need to be successful students and eventually prepare for college and work careers.
