v3.26.1
Noncontrolling Interest in Station Holdco
 6 Months Ended
Jun. 30, 2026
Noncontrolling Interest [Abstract]  
Noncontrolling Interest in Station Holdco Noncontrolling Interest in Station Holdco
As discussed in Note 1, Red Rock holds a controlling interest in and consolidates the financial position and results of operations of Station LLC and its subsidiaries and Station Holdco. The interests in Station Holdco not owned by Red Rock are presented within noncontrolling interest in the condensed consolidated financial statements.
Noncontrolling interest in Station Holdco represents the LLC Units held by certain owners who held such units prior to the Company’s 2016 initial public offering (the “IPO” and such owners, the “Continuing Owners”). Noncontrolling interest is reduced when Continuing Owners exchange their LLC Units, along with an equal number of shares of Class B common stock, for shares of Class A common stock. The noncontrolling interest holders’ ownership percentage of LLC Units is increased when LLC Units held by Red Rock are repurchased by Station Holdco, typically in connection with the Company’s repurchases of its issued and outstanding shares of its Class A common stock.
Entities controlled by Frank J. Fertitta III, the Company’s Chairman of the Board and Chief Executive Officer, and Lorenzo J. Fertitta, the Company’s Vice Chairman of the Board and a vice president of the Company (the “Fertitta Family Entities”), hold 99% of the noncontrolling interest. The Fertitta Family Entities have the power to control the Company’s management and affairs through their ownership of Class B common stock. See Note 8 for additional information.
The ownership of the LLC Units is summarized as follows:
June 30, 2026December 31, 2025
UnitsOwnership %UnitsOwnership %
Red Rock65,751,788 58.9 %65,084,820 58.7 %
Noncontrolling interest holders45,885,804 41.1 %45,885,804 41.3 %
Total111,637,592 100.0 %110,970,624 100.0 %
The Company uses monthly weighted-average LLC Unit ownership to calculate the pretax income or loss of Station Holdco attributable to Red Rock and the noncontrolling interest holders. Station Holdco equity attributable to Red Rock and the noncontrolling interest holders is rebalanced, as needed, to reflect LLC Unit ownership at period end.