Is Red Rock Resorts (RRR) a Resilient Stock?

Diamond Hill Capital, an investment management company, released its “Small Cap Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the Russell 2000 Index and returned 6.31%, compared to the Index’s return of 2.74%. Strength in industrials, energy, and healthcare holdings contributed to the fund’s relative performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Small Cap Fund highlighted stocks like Red Rock Resorts, Inc. (NASDAQ:RRR) in the Q1 2023 investor letter. Headquartered in Las Vegas, Nevada, Red Rock Resorts, Inc. (NASDAQ:RRR) operates casino and entertainment properties. On May 12, 2023, Red Rock Resorts, Inc. (NASDAQ:RRR) stock closed at $45.92 per share. One-month return of Red Rock Resorts, Inc. (NASDAQ:RRR) was 5.20%, and its shares gained 20.37% of their value over the last 52 weeks. Red Rock Resorts, Inc. (NASDAQ:RRR) has a market capitalization of $2.673 billion.

Diamond Hill Small Cap Fund made the following comment about Red Rock Resorts, Inc. (NASDAQ:RRR) in its Q1 2023 investor letter:

“Other top contributors included Red Rock Resorts, Inc. (NASDAQ:RRR), Civitas Resources and Green Brick Partners. Locals’ casino operator Red Rock Resorts has proven resilient, maintaining solid fundamentals even in the face of wage inflation.”

Red Rock Resorts, Inc. (NASDAQ:RRR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Red Rock Resorts, Inc. (NASDAQ:RRR) at the end of the fourth quarter, which was 18 in the previous quarter.

We discussed Red Rock Resorts, Inc. (NASDAQ:RRR) in another article and shared the list of best gambling stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 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.