Red Rock Resorts, Inc. (RRR, Financial), due to zoning changes,owns the 400 acres in Las Vegas’ residential communities that include the only remaining eight gaming-entitled sites not on the Las Vegas Strip. Red Rock’s casinos primarily serve locals who work at the mammoth strip hotel casinos that intensely compete with each other. The high returns earned by the properties of this family-owned business with little competition serve primarily the individuals who work on the Strip.
From Ron Baron (Trades, Portfolio)'s Baron Funds first-quarter 2023 letter.
