Scott Kreeger
Red Rock ResortsAbout Scott Kreeger
Scott Kreeger, age 59, is President of Red Rock Resorts (RRR) since February 2022, following a senior development role upon rejoining the company in September 2021 . His background spans operations, property management, marketing, technology, and Native American gaming at Station Casinos, plus President/COO roles at Revel and SLS Las Vegas, and operations development leadership at Galaxy Entertainment Group in Macao . Under his tenure, RRR has emphasized database growth and younger demographics, citing 108,000 new-to-brand sign-ups from Durango, mid-20% increases in group bookings, and higher F&B spend—tailwinds for revenue and EBITDA expansion . Company pay-versus-performance disclosures show strong TSR relative to peers and rising Adjusted EBITDA in 2024, indicating value creation over the recent period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Station Casinos | Senior roles in operations, property mgmt., marketing, technology, Native American gaming | 2000–2013 (prior tenure) | Built broad operating and development expertise across the locals portfolio . |
| Revel Resort & Casino (Atlantic City) | President & COO | Jul 2013–sale of property | Led operations during a challenging period for Atlantic City properties . |
| SLS Las Vegas Resort & Casino | President & COO | Oct 2014–Dec 2017 | Managed a Strip-adjacent repositioning with lifestyle programming . |
| Galaxy Entertainment Group (Macao) | Director, Operations Development – New Resorts | Jan 2018–Sep 2021 | Drove development planning and operations for new resort projects in Asia . |
| Red Rock Resorts | SVP Development → President | Sep 2021–present (SVP); President from Feb 2022 | Led Durango opening and database growth initiatives in Las Vegas locals market . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Galaxy Entertainment Group (Macao) | Director, Operations Development – New Resorts | 2018–2021 | Global resort development and operations exposure . |
| Revel Resort & Casino | President & COO | 2013–property sale | Turnaround/exit execution in Atlantic City . |
| SLS Las Vegas | President & COO | 2014–2017 | Lifestyle-oriented repositioning expertise . |
Fixed Compensation
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 989,231 | 1,250,000 | 1,400,000 |
| Target Bonus (%) | 125% of base (per employment agreement) | 125% of base | 125% of base |
| Actual Bonus Paid ($) | 1,375,000 | 1,562,500 | 1,406,250 |
| Perquisites ($) and Breakdown | 8,675 total | 54,762 total | 60,353 total; Life Insurance 36,306; Exec Medical 6,907; Dividends on RSUs 10,240; Other (incl. 401k match) 6,900 |
Performance Compensation
- RRR does not use formulaic annual metrics or preset targets; the Compensation Committee determines annual incentive payouts holistically considering company performance, stock price, macro/micro factors, and individual performance. Key measures reviewed include Adjusted EBITDA, revenue, and operating income; however, no specific weights or targets are set .
- 2024 equity awards to Kreeger emphasize long-term alignment and retention through options and restricted stock with multi-year vesting and standard seven-year option exercise periods .
| Metric/Instrument | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive (2024) | Discretionary (no preset %) | N/A | Holistic review incl. Durango opening/operations | $1,406,250 | N/A |
| RSU Grant (2/16/2024) | N/A | N/A | 48,077 shares; grant-date FV $2,812,505 | Grant awarded | 50% on 3rd anniversary; 50% on 4th anniversary of grant |
| Stock Options (2/16/2024) | N/A | N/A | 99,558 options @ $58.50; grant-date FV $2,812,514 | Grant awarded | 33⅓% on each of 2nd, 3rd, 4th anniversaries |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 509,814 Class A shares (includes 337,351 shares underlying options exercisable within 60 days) . |
| Ownership as % of Outstanding | Less than 1% of Class A . |
| Vested vs. Unvested (as of 12/31/2024) | Unvested RSUs total 125,848 shares (2,560; 45,335; 29,876; 48,077) . |
| Options Status (12/31/2024) | Exercisable: 33,541 (@$44.15); 158,985 (@$45.85). Unexercisable: 11,181 (@$44.15); 158,985 (@$45.85); 192,157 (@$46.26); 101,305 (@$57.49). Expiry per award schedule . |
| Stock Ownership Guidelines | Other NEOs required to hold 3x base salary; 5-year compliance window from becoming subject . |
| Hedging/Pledging | Policy prohibits short sales and derivative hedging; preclearance required for any monetization/hedging transactions . |
| Insider Transactions (pressure) | 2024: No option exercises; RSUs vested 2,560 shares, value realized $132,237 . |
Employment Terms
| Term | Provision |
|---|---|
| Agreement Length | Fixed five-year term; Kreeger’s agreement entered March 2022 . |
| Severance – No Cause | Cash equal to 1x base salary paid over 12 months; prorated annual bonus; 12 months of health/disability benefits; subject to release . |
| Change-in-Control (CIC) | Same cash/benefit terms upon involuntary termination following CIC; equity accelerates if involuntary termination post-CIC per estimated table . |
| Estimated Benefits (as of 12/31/2024) | Death/Disability equity acceleration: $5,904,584; CIC involuntary termination total: $8,737,594 (Salary 1,250,000; Bonus 1,562,500; Health 20,510; Equity 5,904,584) . |
| Good Reason | Applies only following a CIC (except for CEO); same severance terms as no-cause . |
| Non-Compete/Non-Solicit | For NEOs (other than CEO): applies to City of Las Vegas and 30-mile radius and any jurisdiction where the company operates or is actively pursuing operations . |
| Clawback | NASDAQ-compliant clawback effective Oct 2, 2023; recoup excess incentive comp on “big R/little r” restatements over 3-year lookback . |
| Equity Acceleration Policy | Automatic acceleration of unvested equity upon death or disability (approved in Feb 2021) . |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 1,573,627,000* | 1,628,876,000* | 1,838,154,000* |
| EBITDA ($) | 722,028,000* | 723,200,000* | 762,508,000* |
| Operating Income ($) | 593,660,000* | 590,664,000* | 575,396,000* |
| Net Income ($) | 205,457,000* | 176,004,000* | 154,051,000* |
| EBITDA Margin (%) | 43.40%* | 41.95%* | 39.32%* |
Values retrieved from S&P Global.*
Additional performance signals:
- Company TSR vs. peers: $100 initial investment valued at $230.69 (RRR) vs $97.42 (peer index) in 2024; prior years shown in proxy .
- Adjusted EBITDA (non-GAAP) trend: 2024 $795.9M; 2023 $746.0M; 2022 $743.9M .
- Operating commentary under Kreeger: Durango added 108,000 new customers; group bookings up mid-20%; under-35 customer count up 15%; higher F&B spend per person at Durango .
Investment Implications
- Compensation alignment: Kreeger’s package skews to long-dated equity (options and RSUs) with multi-year vesting, reinforcing retention and long-term value creation; cash severance is conservative at ~1x salary with prorated bonus and no CIC “bonuses” beyond equity acceleration .
- Insider selling pressure: Minimal—no 2024 option exercises; modest RSU vesting value realized ($132k), reducing near-term selling overhang .
- Ownership alignment: Beneficial stake is <1% of Class A; significant outstanding unvested RSUs and options enhance alignment; hedging prohibited and preclearance required, mitigating misalignment risks .
- Performance linkage: While annual incentives are discretionary, the Committee references revenue, operating income, and Adjusted EBITDA—metrics that strengthened in 2024 alongside standout TSR vs peers, aided by Durango-driven database growth and younger demographics .
- Retention risk: Five-year contract (2022–2027) with standard non-compete/non-solicit and reasonable severance economics—not indicative of elevated turnover risk; equity acceleration only upon death/disability or involuntary termination post-CIC .
- Governance: Strong say-on-pay support (97.82% in 2024); independent compensation committee with external consultant; clawback implemented under NASDAQ rules .