Red Rock Resorts Announces Fourth Quarter and Full Year 2024 Results

, /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter Results Consolidated Operations Net revenues were $495.7 million for the fourth quarter of 2024, an increase of 7.1%, or $33.0 million, from $462.7 million in the same period of 2023. Net income was $87.7 million for the fourth quarter of 2024, a decrease of 19.5%, or $21.2 million, from $108.9 million in the same period of 2023. Adjusted EBITDA(1) was $202.4 million for the fourth quarter of 2024, an increase of 0.5%, or $1.1 million, from $201.3 million in the same period of 2023. Las Vegas Operations Net revenues from Las Vegas operations were $492.6 million for the fourth quarter of 2024, an increase of 7.2%, or $33.3 million, from $459.4 million in the same period of 2023. Adjusted EBITDA from Las Vegas operations was $223.9 million for the fourth quarter of 2024, an increase of 1.6%, or $3.6 million, from $220.3 million in the same period of 2023. Full Year Results Consolidated Operations Net revenues were $1.94 billion in 2024, an increase of 12.5%, or $215.0 million, from $1.72 billion in 2023. Net income was $291.3 million in 2024, a decrease of 13.8%, or $46.5 million, from $337.8 million in 2023. Adjusted EBITDA(1) was $795.9 million in 2024, an increase of 6.7%, or $49.9 million from $746.0 million in 2023. Las Vegas Operations Net revenues from Las Vegas operations were $1.93 billion in 2024, an increase of 12.6%, or $216.2 million, from $1.71 billion in 2023. Adjusted EBITDA from Las Vegas operations was $879.4 million in 2024, an increase of 7.4%, or $60.5 million, from $818.8 million in 2023. Balance Sheet Highlights The Company's cash and cash equivalents at December 31, 2024 were $164.4 million and total principal amount of debt outstanding at the end of the fourth 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 first quarter of 2025. The dividend will be payable on March 31, 2025 to all stockholders of record as of the close of business on March 17, 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 $27.5 million, approximately $16.0 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. 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: 5313857. A replay of the call will be available from today through February 18, 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 years ended December 31, 2024 and 2023 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, demolition costs and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments 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, 2023, 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.Consolidated Statements of Income(amounts in thousands, except per share data)(unaudited) Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023 Operating revenues: Casino $ 326,541 $ 301,660 $ 1,277,249 $ 1,132,154 Food and beverage 92,065 85,071 360,388 313,619 Room 52,322 52,236 200,517 183,103 Other 24,767 23,747 100,857 95,210 Net revenues 495,695 462,714 1,939,011 1,724,086 Operating costs and expenses: Casino 93,634 81,946 354,597 293,993 Food and beverage 75,590 66,050 295,193 244,786 Room 16,320 14,636 63,768 55,064 Other 7,629 8,084 30,669 32,549 Selling, general and administrative 107,112 96,659 432,276 374,494 Depreciation and amortization 48,164 36,168 187,112 132,536 Write-downs and other, net 4,956 (12,792) 6,705 31,976 353,405 290,751 1,370,320 1,165,398 Operating income 142,290 171,963 568,691 558,688 Earnings from joint ventures 454 802 2,447 3,095 Operating income and earnings from joint ventures 142,744 172,765 571,138 561,783 Other expense: Interest expense, net (56,171) (48,725) (228,804) (181,023) Loss on extinguishment/modification of debt — — (14,402) — Change in fair value of derivative instruments 11,945 — 274 — Income before income tax 98,518 124,040 328,206 380,760 Provision for income tax (10,796) (15,124) (36,914) (42,984) Net income 87,722 108,916 291,292 337,776 Less: net income attributable to noncontrolling interests 41,134 52,617 137,241 161,772 Net income attributable to Red Rock Resorts, Inc. $ 46,588 $ 56,299 $ 154,051 $ 176,004 Earnings per common share: Earnings per share of Class A common stock, basic $ 0.79 $ 0.97 $ 2.61 $ 3.04 Earnings per share of Class A common stock, diluted $ 0.76 $ 0.95 $ 2.53 $ 2.94 Weighted-average common shares outstanding: Basic 59,136 58,053 59,025 57,875 Diluted 103,536 103,139 103,666 103,217 Dividends declared per common share $0.25 $0.25 $2.00 $1.00 Red Rock Resorts, Inc.Segment Information and Reconciliation of Net Income to Adjusted EBITDA(amounts in thousands)(unaudited) Three Months EndedDecember 31, Year EndedDecember 31, 2024 2023 2024 2023 Net revenues Las Vegas operations $ 492,638 $ 459,365 $ 1,926,128 $ 1,709,951 Corporate and other 3,057 3,349 12,883 14,135 Net revenues $ 495,695 $ 462,714 $ 1,939,011 $ 1,724,086 Net income $ 87,722 $ 108,916 $ 291,292 $ 337,776 Adjustments Depreciation and amortization 48,164 36,168 187,112 132,536 Share-based compensation 6,534 5,158 30,945 19,673 Write-downs and other, net 4,956 (12,792) 6,705 31,976 Interest expense, net 56,171 48,725 228,804 181,023 Loss on extinguishment/modification of debt — — 14,402 — Change in fair value of derivative instruments (11,945) — (274) — Provision for income tax 10,796 15,124 36,914 42,984 Adjusted EBITDA $ 202,398 $ 201,299 $ 795,900 $ 745,968 Adjusted EBITDA Las Vegas operations $ 223,897 $ 220,268 $ 879,360 $ 818,820 Corporate and other (21,499) (18,969) (83,460) (72,852) Adjusted EBITDA $ 202,398 $ 201,299 $ 795,900 $ 745,968 SOURCE Red Rock Resorts, Inc. 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Red Rock Resorts Announces Fourth Quarter and Full Year 2024 Results

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