Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Red Rock Resorts reported exceptional financial performance in the second quarter of 2025, achieving the highest quarterly net revenue and adjusted EBITDA in its nearly five-decade history.</li>
<li>Las Vegas operations were particularly robust, with net revenue reaching $513.3 million, a 6.2% increase from the previous year, and adjusted EBITDA up by 7.3% to $239.4 million.</li>
<li>The company maintained strong EBITDA margins of 46.7%, benefiting from the solid performance of various operational segments, including gaming, hospitality, and food and beverage.</li>
</ul>


Red Rock Resorts reported exceptional financial performance in the second quarter of 2025, achieving the highest quarterly net revenue and adjusted EBITDA in its nearly five-decade history.
Las Vegas operations were particularly robust, with net revenue reaching $513.3 million, a 6.2% increase from the previous year, and adjusted EBITDA up by 7.3% to $239.4 million.
The company maintained strong EBITDA margins of 46.7%, benefiting from the solid performance of various operational segments, including gaming, hospitality, and food and beverage.


Red Rock Resorts’ Aggressive Market Play: How 450 Acres of Land Fuel Its Next Chapter!

<ul>
<li>Red Rock Resorts reported a robust first quarter of 2025, with notable financial achievements across its Las Vegas operations, especially in the gaming sector.</li>
<li>Key highlights included the highest first-quarter net revenue and adjusted EBITDA in the company's history, with an adjusted EBITDA margin maintaining near-record levels.</li>
<li>The Las Vegas operations alone generated net revenue of $495 million, a 1.9% increase from the previous year, and an adjusted EBITDA of $235.9 million, reflecting a 2.7% growth.</li>
</ul>


Red Rock Resorts reported a robust first quarter of 2025, with notable financial achievements across its Las Vegas operations, especially in the gaming sector.
Key highlights included the highest first-quarter net revenue and adjusted EBITDA in the company's history, with an adjusted EBITDA margin maintaining near-record levels.
The Las Vegas operations alone generated net revenue of $495 million, a 1.9% increase from the previous year, and an adjusted EBITDA of $235.9 million, reflecting a 2.7% growth.


<ul>
<li>Red Rock Resorts delivered a strong performance in the fourth quarter and full year of 2024, as indicated by their record-breaking financial results in their Las Vegas operations, despite some operational challenges and market pressures.</li>
<li>The company reported the highest net revenue and adjusted EBITDA for its Las Vegas operations in any fourth quarter, alongside maintaining near-record adjusted EBITDA margins.</li>
<li>For the full year, Las Vegas operations showed remarkable growth with a 12.6% increase in net revenue and a 7.4% rise in adjusted EBITDA, although margins slightly decreased by 222 basis points from the prior year.</li>
</ul>


Red Rock Resorts delivered a strong performance in the fourth quarter and full year of 2024, as indicated by their record-breaking financial results in their Las Vegas operations, despite some operational challenges and market pressures.
The company reported the highest net revenue and adjusted EBITDA for its Las Vegas operations in any fourth quarter, alongside maintaining near-record adjusted EBITDA margins.
For the full year, Las Vegas operations showed remarkable growth with a 12.6% increase in net revenue and a 7.4% rise in adjusted EBITDA, although margins slightly decreased by 222 basis points from the prior year.


Red Rock Resorts Is Quietly Snapping Up Vegas Real Estate—Here’s How It Could Win The Locals Market!

<ul>
<li>Red Rock Resorts, Inc. delivered solid financial performance in the third quarter of 2024, marked by historic results within its Las Vegas operations.</li>
<li>The company reported a net revenue increase of 13.9% and an adjusted EBITDA increase of 5.8% over the previous year’s third quarter.</li>
<li>However, there was a notable decrease in adjusted EBITDA margin by 333 basis points, settling at 43.6%.</li>
</ul>


Red Rock Resorts, Inc. delivered solid financial performance in the third quarter of 2024, marked by historic results within its Las Vegas operations.
The company reported a net revenue increase of 13.9% and an adjusted EBITDA increase of 5.8% over the previous year’s third quarter.
However, there was a notable decrease in adjusted EBITDA margin by 333 basis points, settling at 43.6%.


Red Rock Resorts: Can Its Expansion of the Durango Property Help Alter The Playing Field?

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

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Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

United States

Red Rock Resorts, Inc. operates as a gaming, development, and management company. The Company owns and manages casino and entertainment properties. Red Rock Resorts offers restaurants, entertainment venues, movie theaters, bowling, and banquet space, as well as casino gaming such as video poker, slot machines, table games, bingo, and race and sports wagering.

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Red Rock Resorts (RRR US)

Red Rock Resorts’ Aggressive Market Play: How 450 Acres of Land Fuel Its Next Chapter!

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Red Rock Resorts Is Quietly Snapping Up Vegas Real Estate—Here’s How It Could Win The Locals Market!

Red Rock Resorts delivered a strong performance in the fourth quarter and full year of 2024, as indicated by their record-breaking financial...

Baptista Research

Red Rock Resorts: Can Its Expansion of the Durango Property Help Alter The Playing Field?

Red Rock Resorts, Inc. delivered solid financial performance in the third quarter of 2024, marked by historic results within its Las Vegas operations.

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

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