![]() ![]() The chart highlights the rally that took the leading local’s resort company over 2000% higher to a $58.74 peak in late October 2021. Closures and uncertainty sent Red Rock Resorts (RRR) shares to an all-time $2.76 low.Īs Las Vegas, the U.S., and the world emerged from the lockdowns, stimulus checks and the pent-up demand for socializing and entertainment caused RRR and many other casino stocks to explode higher. The 2020 global pandemic hit the Las Vegas casino industry like a ton of bricks. RRR shares exploded from the March 2020 low to the October 2021 high The correction could be a buying opportunity as the company rolls out its newest property this month, the Durango Casino and Resort, serving a growing neighborhood in the ever-expanding Las Vegas community. After reaching $51.35 in July 2023, RRR corrected and is now at the $41.50 level in early November. ( NASDAQ: RRR) was at the $46.43 per share level on May 4, and the stock was trading in a bullish trend, making higher lows and higher highs. ![]() ![]() So long as RRR loves locals, the community will return the favor. In a May 2023 Seeking Alpha article, I wrote, “ Management has proven that they are on top of the changing demographics in Las Vegas, which continues to grow. ![]()
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