presidential contenders<\/a> Julian Castro and Sen. Bernie Sanders of Vermont. Still, Baron is a fan of Red Rock stock.<\/span><\/p>\n<\/div>\nThe shares \u201cdeclined in the quarter as investors grew concerned over earnings at the newly renovated Palms casino,\u201d said the fund manager in the investor letter. \u201cHowever, numbers continue to be in line with the ramping of a new property, and the company still expects the Palms to produce a strong high-single-digit return next year. This should generate more cash flow, which we expect Red Rock to use to pay down debt and reduce leverage<\/strong>.\u201d<\/p>\nBig Bet By Baron<\/h2>\n
At the end of the second quarter, Baron Growth Fund allocated just under one percent to Red Rock, but other Baron funds own the name, and the fund company is listed as the largest institutional owner of the gaming company’s stock, controlling over 9.1 million shares<\/strong>.<\/p>\nThe $7 billion Baron Growth Fund’s largest gaming-related position is a three percent allocation to Gaming and Leisure Properties, Inc. (NASDAQ:GLPI), a real estate investment trust (REIT) that owns casinos in 17 states.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shares of Red Rock Resorts, Inc. (NASDAQ: RRR) are lower by nearly 37 percent over the past 12 months, one of the worst showings among domestic gaming stocks. But at least one mutual fund manager remains enthusiastic about the company. In a recent note to investors, Baron Funds CEO and Chief Investment Officer (CIO) Ron […]<\/p>\n","protected":false},"author":46,"featured_media":112183,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\n
Red Rock Stock Sags, But This Fund Manager Remains Bullish<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n