Brad Thomas
Founder & Lead Analyst of Wide Moat Research
Red Rock Resorts may be worth a bet off the Las Vegas Strip, with consensus forecasting 69% free cash flow growth in 2027 and 2028. Brothers Frank and Lorenzo Fertitta are its largest beneficial owners, with 90.3% combined voting power, so the founding family remains firmly in control. x.com x.comÂ
Red Rock Resorts gives shareholders casino cash flow plus real estate and development upside because, unlike many casino companies, it kept its land. The Station Casinos operator owns seven major properties and 462 acres of development land, backed by the Fertitta family's substantial ownership. Pairing it with VICI Properties, a landlord collecting casino rent, offers two very different ways to invest in Las Vegas real estate. x.comÂ
Wynn Resorts is undervalued against its luxury assets and cash generation, with a potentially transformational UAE resort ahead. Its $7.6B market cap compares with $2.3B of LTM adjusted property EBITDAR and over $2B of cash and investments. Wynn Al Marjan Island, opening September 2027, targets about $345M of steady-state EBITDAR, roughly 15% of today's base, in a market with little gaming competition. Risks are heavy debt, cyclical gaming, Macau regulation and UAE execution. x.com x.com x.com … Show more
MGM Resorts looks due for a bounce after falling nine weeks in a row, something it has done only once in 38 years, at the financial-crisis lows, and never ten. It has retraced much of the takeover bid from a couple of months ago and now trades about 13% below the $48.30 offer price, with RSI getting oversold. A higher bid is even possible. x.comÂ
