SCHEDULE: Vanguard Maintains Significant Stake in Red Rock Resorts

The Vanguard Group reported a 9.13% beneficial ownership stake in Red Rock Resorts Inc. as of December 31, 2025, reflecting its continued institutional investment.

Summary

• The Vanguard Group, Inc. reported beneficial ownership of 5,476,315 shares of Red Rock Resorts Inc. common stock.
• This ownership represents 9.13% of the class of securities.
• Vanguard holds shared voting power over 384,124 shares and shared dispositive power over all 5,476,315 shares.
• An internal realignment occurred at The Vanguard Group, Inc. on January 12, 2026, where it ceased performing portfolio management services or administering proxy voting.
• Certain subsidiaries or business divisions of Vanguard are expected to report beneficial ownership separately (on a disaggregated basis) in future filings.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive update for Red Rock Resorts, as it confirms continued significant institutional investment from a major fund manager, albeit with an internal reporting change for Vanguard.

Positives

• Continued significant institutional ownership by The Vanguard Group, indicating ongoing investor confidence in Red Rock Resorts Inc.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that large institutional holdings by passive investment managers like Vanguard are common across publicly traded companies. This filing reflects Vanguard's standard practice of reporting its aggregate holdings across its various funds and managed accounts, which is a typical characteristic of broad market index tracking and diversified investment strategies. The internal realignment at Vanguard suggests a shift in reporting structure rather than a change in investment strategy for Red Rock Resorts.

Comparison to Industry Standards

• Vanguard's 9.13% stake in Red Rock Resorts Inc. is a substantial institutional holding, aligning with typical large passive investment firm positions in well-established public companies.
• For instance, similar large-cap companies in the gaming and hospitality sector, such as MGM Resorts International or Caesars Entertainment, often see comparable or larger stakes held by major index fund providers like Vanguard and BlackRock, reflecting their inclusion in broad market indices.
• This level of ownership is standard for a company of Red Rock Resorts' size and market presence, indicating it is a component of various index funds.

Stakeholder Impact

• Shareholders: Confirms a major institutional investor's continued stake, potentially signaling stability. The internal realignment at Vanguard primarily affects Vanguard's internal reporting, not the underlying investment in Red Rock Resorts.
• Investment Professionals: Provides updated information on institutional ownership, which is a key data point for market analysis and understanding the shareholder base.

Next Steps

• The Vanguard Group's subsidiaries or business divisions are expected to report beneficial ownership separately (on a disaggregated basis) in future filings.

Key Dates

Keywords

Red Rock Resorts Inc, Vanguard Group, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, RRR, Gaming, Hospitality