Is Red Rock Resorts (RRR) a Growing Company?

Diamond Hill Capital, an investment management company, released its “Small Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 6.98% net of fees, outperforming the benchmark Russell 2000 Index, which returned 6.23%. Strength in health care, consumer discretionary, and materials holdings contributed to the fund’s outperformance in the quarter while holdings in energy and information technology detracted from the performance.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital highlighted stocks like Red Rock Resorts, Inc. (NASDAQ:RRR) in the fourth quarter 2022 investor letter. Headquartered in Las Vegas, Nevada, Red Rock Resorts, Inc. (NASDAQ:RRR) operates casino and entertainment properties. On January 24, 2023, Red Rock Resorts, Inc. (NASDAQ:RRR) stock closed at $44.71 per share. One-month return of Red Rock Resorts, Inc. (NASDAQ:RRR) was 14.73%, and its shares lost 1.93% of their value over the last 52 weeks. Red Rock Resorts, Inc. (NASDAQ:RRR) has a market capitalization of $2.593 billion.

Diamond Hill Capital made the following comment about Red Rock Resorts, Inc. (NASDAQ:RRR) in its Q4 2022 investor letter:

“On an individual holdings’ basis, top contributors to return in Q4 included Red Rock Resorts, Inc. (NASDAQ:RRR) and UFP Technologies. Shares of locals’ casino operator Red Rock Resorts rose in Q4 as the business proved more resilient than broadly expected amid the current inflation environment. The company’s Durango Station project — the initial construction phase of which is expected to be completed in 2023 — remains on schedule. We maintain our conviction in the company’s positioning relative to the ongoing growth and recovery of the Las Vegas economy.”

Red Rock Resorts, Inc. (NASDAQ:RRR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Red Rock Resorts, Inc. (NASDAQ:RRR)  at the end of the third quarter, which was 21 in the previous quarter.

We discussed Red Rock Resorts, Inc. (NASDAQ:RRR) in another article and shared the best sin stocks to buy in 2023. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.