Red Rock Resorts (RRR) Shares were Pressured in Q3
Diamond Hill Capital, an investment management company, released its “Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3 2023, US stocks fell by 3%, bringing YTD gains to around 12% as measured by the Russell 3000 Index. The portfolio trailed the Russell 2000 Index in Q3 and returned -5.62% bringing the YTD returns to 6.70%. Relative weakness in consumer discretionary holdings, industrials, and technology impacted the 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 Q3 2023 investor letter. Headquartered in Las Vegas, Nevada, Red Rock Resorts, Inc. (NASDAQ:RRR) operates casino and entertainment properties. On November 8, 2023, Red Rock Resorts, Inc. (NASDAQ:RRR) stock closed at $42.65 per share. One-month return of Red Rock Resorts, Inc. (NASDAQ:RRR) was 1.91%, and its shares gained 4.95% of their value over the last 52 weeks. Red Rock Resorts, Inc. (NASDAQ:RRR) has a market capitalization of $2.5 billion.
Diamond Hill Small Cap Fund made the following comment about Red Rock Resorts, Inc. (NASDAQ:RRR) in its Q3 2023 investor letter:
"Our bottom contributors in Q3 included Red Rock Resorts, Inc. (NASDAQ:RRR) and Enovis Corporation. Red Rock Resorts, a casino operator controlling over half the Las Vegas locals market, traded off during the quarter as property margins slipped and Las Vegas revenues overall declined. Shares have also been pressured as investors weigh the likelihood of a near-term recession and as labor union strikes in Las Vegas have broadly pressured the industry. However, we maintain our conviction in Red Rock Resorts and consider its valuation even more compelling at its current level."
A luxurious casino entrance surrounded by lush landscaping and vibrant lights.
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 second quarter which was 19 in the previous quarter.
We discussed Red Rock Resorts, Inc. (NASDAQ:RRR) in another article and shared the list of most valuable gambling companies in the world. In addition, please check out our hedge fund investor letters Q3 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.
