Saturday, 18 May 2024
Trending

Investing

Red Rock Resorts VP Lorenzo Fertitta buys $40.3 million in stock By Investing.com

Terra Balcanica Announces Share Consolidation Effective Date By Investing.com


In a recent move within the hospitality industry, Red Rock Resorts, Inc. (NASDAQ:) has seen significant insider activity from its Vice President, Lorenzo J. Fertitta. The executive purchased shares of the company’s Class A Common Stock, valued at a total of approximately $40.3 million, at a price of $50.39 per share. This transaction, dated May 13, 2024, further solidifies Fertitta’s position in the company, increasing his ownership stake to 47,447,301 shares.

The transaction was part of an estate planning strategy involving the transfer of shares from FJF, LLC to The Frank J. Fertitta, III 2006 Irrevocable Trust, benefiting Frank J. Fertitta III’s children. Lorenzo Fertitta, who serves as trustee, has sole investment and voting power over this trust. This strategic move underlines the Fertitta family’s long-term commitment to the company and their confidence in its future prospects.

It’s important to note that while Fertitta’s purchase is substantial, he has disclaimed beneficial ownership of any shares of Class A Common Stock or LLC Units beneficially owned by various trusts and business entities, except to the extent of any pecuniary interest therein. The footnotes in the SEC filing provide a detailed explanation of the complex ownership structure and Fertitta’s relationship with the various trusts and business entities involved.

Red Rock Resorts, Inc., with its headquarters in Las Vegas, Nevada, operates as a premier gaming, development, and management company focused on the casino and resort sector. The company’s business model and strategic acquisitions have positioned it as a notable player in the hospitality and entertainment industry.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.

Investors and market watchers often pay close attention to insider transactions such as these, as they can provide valuable insights into the company’s internal perspectives and expectations. Fertitta’s significant investment in Red Rock Resorts is likely to be interpreted as a strong signal of his belief in the company’s value and potential for growth.

The company’s stock, traded under the ticker symbol NASDAQ:RRR, may see investor interest following this insider activity, as market participants assess the implications of Fertitta’s purchase for the company’s future performance.

InvestingPro Insights

As Red Rock Resorts, Inc. (NASDAQ:RRR) garners attention with insider transactions, investors looking for deeper insights…

Click Here to Read the Full Original Article at All News…