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Red Rock Resorts Announces First Quarter 2025 Results

1. RRR reported $497.9 million in Q1 2025 revenues, up 1.8% from Q1 2024. 2. Net income increased to $86 million, a 9.7% rise from last year. 3. Adjusted EBITDA rose 2.8% to $215.1 million, indicating steady operational performance. 4. A $0.25 dividend per share was declared for Q2 2025, boosting shareholder returns. 5. Special dividend of $1.00 per share declared, signaling strong financial health.

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FAQ

Why Bullish?

The increase in revenue and income along with dividends suggests financial stability.

How important is it?

Solid revenue growth and dividends are likely to attract investor interest, improving share price.

Why Short Term?

Immediate positive impact anticipated before the dividend payments in Q2 2025.

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STNMGMCZR
, /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the first quarter ended March 31, 2025. First Quarter Results Consolidated Operations Net revenues were $497.9 million for the first quarter of 2025, an increase of 1.8%, or $9.0 million, from $488.9 million in the same period of 2024. Net income was $86.0 million for the first quarter of 2025, an increase of 9.7%, or $7.6 million, from $78.4 million in the same period of 2024. Adjusted EBITDA(1) was $215.1 million for the first quarter of 2025, an increase of 2.8%, or $5.9 million, from $209.1 million in the same period of 2024. Las Vegas Operations Net revenues from Las Vegas operations were $495.0 million for the first quarter of 2025, an increase of 1.9%, or $9.4 million, from $485.6 million in the same period of 2024. Adjusted EBITDA from Las Vegas operations was $235.9 million for the first quarter of 2025, an increase of 2.7%, or $6.1 million, from $229.8 million in the same period of 2024. Balance Sheet Highlights The Company's cash and cash equivalents at March 31, 2025 were $150.6 million and total principal amount of debt outstanding at the end of the first quarter was $3.4 billion. Quarterly Dividend The Company's Board of Directors has declared a cash dividend of $0.25 per Class A common share for the second quarter of 2025. The dividend will be payable on June 30, 2025 to all stockholders of record as of the close of business on June 16, 2025.  Prior to the payment of such dividend, Station Holdco LLC ("Station Holdco") will make a cash distribution to all unit holders of record, including the Company, of $0.25 per unit for a total distribution of approximately $27.6 million, approximately $16.1 million of which is expected to be distributed to the Company and approximately $11.5 million of which is expected to be distributed to the other unit holders of record of Station Holdco.  Special Dividend The Company's Board of Directors has declared a special dividend of $1.00 per Class A common share. The dividend will be payable on May 21, 2025 to all stockholders of record as of the close of business on May 14, 2025. Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the Company, of $1.00 per unit for a total distribution of approximately $110.4 million, approximately $64.4 million of which is expected to be distributed to the Company and approximately $46.0 million of which is expected to be distributed to the other unit holders of record of Station Holdco.  Conference Call Information The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 1027971. A replay of the call will be available from today through May 8, 2025 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com. Presentation of Financial Information (1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the three months ended March 31, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, loss on extinguishment/modification of debt and provision for income tax. Company Information and Forward Looking Statements Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of Las Vegas, Nevada. Station Casinos' properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include hotels as well as various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Durango Resort & Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem, Wildfire Lake Mead, Wildfire on Fremont and Seventy Six by Station Casinos (Centennial & Aliante). Station Casinos also owns a 50% interest in Barley's Casino & Brewing Company, Wildfire Casino & Lanes and The Greens. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as "will", "might", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "would", "target", "project", "intend", "plan", "seek", "estimate", "pursue", "should", "may" and "assume", or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company's business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement. View source version on http://redrockresorts.investorroom.com/: INVESTORS:Stephen L. Cootey[email protected](702) 495-4214 MEDIA:Michael J. Britt[email protected](702) 495-3693 Red Rock Resorts, Inc Condensed Consolidated Statements of Income (amounts in thousands, except per share data) (unaudited) Three Months EndedMarch 31, 2025 2024 Operating revenues: Casino $          333,245 $          316,854 Food and beverage 89,272 93,278 Room 50,170 52,888 Other 25,174 25,877 Net revenues 497,861 488,897 Operating costs and expenses: Casino 89,413 84,969 Food and beverage 73,761 73,447 Room 15,989 15,871 Other 7,243 7,267 Selling, general and administrative 104,711 104,805 Depreciation and amortization 48,331 44,873 Write-downs and other, net 4,060 2,141 343,508 333,373 Operating income 154,353 155,524 Earnings from joint ventures 712 723 Operating income and earnings from joint ventures 155,065 156,247 Other expense: Interest expense, net (51,110) (57,201) Loss on extinguishment/modification of debt — (14,402) Change in fair value of derivative instruments (5,194) — Income before income tax 98,761 84,644 Provision for income tax (12,811) (6,273) Net income 85,950 78,371 Less: net income attributable to noncontrolling interests 41,201 35,536 Net income attributable to Red Rock Resorts, Inc $           44,749 $           42,835 Earnings per common share: Earnings per share of Class A common stock, basic $               0.76 $               0.73 Earnings per share of Class A common stock, diluted $               0.75 $               0.68 Weighted-average common shares outstanding: Basic 59,203 58,783 Diluted 103,393 103,728 Dividends declared per common share $0.25 $1.25 Red Rock Resorts, Inc Segment Information and Reconciliation of Net Income to Adjusted EBITDA (amounts in thousands) (unaudited) Three Months EndedMarch 31, 2025 2024 Net revenues Las Vegas operations $          494,953 $          485,567 Corporate and other 2,908 3,330 Net revenues $          497,861 $          488,897 Net income $           85,950 $           78,371 Adjustments Depreciation and amortization 48,331 44,873 Share-based compensation 7,624 5,875 Write-downs and other, net 4,060 2,141 Interest expense, net 51,110 57,201 Loss on extinguishment/modification of debt — 14,402 Change in fair value of derivative instruments 5,194 — Provision for income tax 12,811 6,273 Adjusted EBITDA $          215,080 $          209,136 Adjusted EBITDA Las Vegas operations $          235,900 $          229,759 Corporate and other (20,820) (20,623) Adjusted EBITDA $          215,080 $          209,136 SOURCE Red Rock Resorts, Inc. 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