Red Rock Resorts, Inc. recently completed its initial public offering. As a result of that transaction, German American Capital Corporation relinquished the governance rights with respect to Station Casinos that it had acquired when Station Casinos emerged from bankruptcy in 2011. Even when German American Capital Corporation retained certain governance rights, however, its rights were limited by its agreement—imposed by gaming regulators--not to interfere in any way with the operations of Station Casinos.