Red Rock Resorts Announces First Quarter 2025 Results
Red Rock Resorts (NASDAQ: RRR) reported strong financial results for Q1 2025, with net revenues increasing 1.8% to $497.9 million compared to Q1 2024. Net income rose 9.7% to $86.0 million, while Adjusted EBITDA grew 2.8% to $215.1 million. Las Vegas operations, which represent the core business, saw revenue growth of 1.9% to $495.0 million.
The company's Board declared a regular quarterly dividend of $0.25 per Class A share payable on June 30, 2025, and a special dividend of $1.00 per share payable on May 21, 2025. The company maintained a solid balance sheet with $150.6 million in cash and cash equivalents, though carrying a total debt of $3.4 billion.
Red Rock Resorts (NASDAQ: RRR) ha riportato risultati finanziari solidi per il primo trimestre del 2025, con ricavi netti in aumento dell'1,8% a 497,9 milioni di dollari rispetto al primo trimestre del 2024. L'utile netto è cresciuto del 9,7%, raggiungendo 86,0 milioni di dollari, mentre l'EBITDA rettificato è salito del 2,8% a 215,1 milioni di dollari. Le operazioni di Las Vegas, che rappresentano il core business, hanno registrato una crescita dei ricavi dell'1,9% a 495,0 milioni di dollari.
Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale ordinario di 0,25 dollari per azione di Classe A con pagamento previsto per il 30 giugno 2025, e un dividendo straordinario di 1,00 dollaro per azione da corrispondere il 21 maggio 2025. L'azienda ha mantenuto un bilancio solido con 150,6 milioni di dollari in liquidità e mezzi equivalenti, pur sostenendo un debito totale di 3,4 miliardi di dollari.
Red Rock Resorts (NASDAQ: RRR) reportó resultados financieros sólidos para el primer trimestre de 2025, con ingresos netos que aumentaron un 1,8% hasta 497,9 millones de dólares en comparación con el primer trimestre de 2024. La utilidad neta creció un 9,7% hasta 86,0 millones de dólares, mientras que el EBITDA ajustado aumentó un 2,8% hasta 215,1 millones de dólares. Las operaciones en Las Vegas, que constituyen el negocio principal, registraron un crecimiento de ingresos del 1,9% hasta 495,0 millones de dólares.
La Junta Directiva declaró un dividendo trimestral ordinario de 0,25 dólares por acción Clase A pagadero el 30 de junio de 2025, y un dividendo especial de 1,00 dólar por acción pagadero el 21 de mayo de 2025. La empresa mantuvo un balance sólido con 150,6 millones de dólares en efectivo y equivalentes, aunque con una deuda total de 3,4 mil millones de dólares.
Red Rock Resorts (NASDAQ: RRR)는 2025년 1분기에 강력한 재무 실적을 보고했으며, 순매출은 2024년 1분기 대비 1.8% 증가한 4억 9,790만 달러를 기록했습니다. 순이익은 9.7% 상승한 8,600만 달러였으며, 조정 EBITDA는 2.8% 증가한 2억 1,510만 달러를 기록했습니다. 핵심 사업인 라스베이거스 운영 부문은 매출이 1.9% 증가하여 4억 9,500만 달러에 달했습니다.
회사는 정기 분기 배당금으로 클래스 A 주당 0.25달러를 2025년 6월 30일 지급할 예정이며, 특별 배당금으로 주당 1.00달러를 2025년 5월 21일 지급하기로 이사회를 통해 선언했습니다. 회사는 1억 5,060만 달러의 현금 및 현금성 자산을 보유하며 견고한 재무구조를 유지했으나, 총 부채는 34억 달러에 달합니다.
Red Rock Resorts (NASDAQ : RRR) a annoncé des résultats financiers solides pour le premier trimestre 2025, avec un chiffre d'affaires net en hausse de 1,8 % à 497,9 millions de dollars par rapport au premier trimestre 2024. Le bénéfice net a augmenté de 9,7 % pour atteindre 86,0 millions de dollars, tandis que l'EBITDA ajusté a progressé de 2,8 % à 215,1 millions de dollars. Les opérations de Las Vegas, qui constituent le cœur de métier, ont vu leur chiffre d'affaires croître de 1,9 % pour atteindre 495,0 millions de dollars.
Le conseil d'administration a déclaré un dividende trimestriel régulier de 0,25 dollar par action de classe A, payable le 30 juin 2025, ainsi qu'un dividende exceptionnel de 1,00 dollar par action, payable le 21 mai 2025. L'entreprise a maintenu un bilan solide avec 150,6 millions de dollars en liquidités et équivalents, tout en portant une dette totale de 3,4 milliards de dollars.
Red Rock Resorts (NASDAQ: RRR) meldete starke Finanzergebnisse für das erste Quartal 2025, wobei die Nettoumsätze im Vergleich zum ersten Quartal 2024 um 1,8 % auf 497,9 Millionen US-Dollar stiegen. Der Nettogewinn erhöhte sich um 9,7 % auf 86,0 Millionen US-Dollar, während das bereinigte EBITDA um 2,8 % auf 215,1 Millionen US-Dollar wuchs. Die Las Vegas-Geschäfte, die das Kerngeschäft darstellen, verzeichneten einen Umsatzanstieg von 1,9 % auf 495,0 Millionen US-Dollar.
Der Vorstand des Unternehmens erklärte eine reguläre Quartalsdividende von 0,25 US-Dollar je Class-A-Aktie, zahlbar am 30. Juni 2025, sowie eine Sonderdividende von 1,00 US-Dollar je Aktie, zahlbar am 21. Mai 2025. Das Unternehmen hält eine solide Bilanz mit 150,6 Millionen US-Dollar an liquiden Mitteln und Zahlungsmitteln, trägt jedoch eine Gesamtschuld von 3,4 Milliarden US-Dollar.
- Net income increased 9.7% to $86.0 million
- Net revenues grew 1.8% to $497.9 million
- Adjusted EBITDA improved 2.8% to $215.1 million
- Special dividend of $1.00 per share announced in addition to regular $0.25 quarterly dividend
- Substantial debt load of $3.4 billion
- Food and beverage revenue declined from $93.3M to $89.3M
- Room revenue decreased from $52.9M to $50.2M
Insights
Red Rock Resorts shows healthy growth with casino revenue up 5.2%, driving overall revenue and profit increases despite softness in non-gaming areas.
Red Rock Resorts delivered solid financial results for Q1 2025, with performance metrics pointing to continued strength in its Las Vegas operations. The company's net revenues increased by
The most notable aspect of these results is the composition of revenue growth. Casino revenue increased by
This divergence suggests Red Rock is successfully driving its core gaming business while experiencing some softness in non-gaming amenities. The strength in casino operations is particularly important for the company's Las Vegas-focused strategy, as it operates primarily in the locals market rather than on the Strip.
The company's Adjusted EBITDA, a crucial metric for assessing casino operational efficiency, increased by
The financial data also reveals operating income and earnings from joint ventures of approximately
Red Rock's combined dividends of $1.25 per share represent an exceptional capital return, with the special dividend signaling management's confidence in financial stability.
Red Rock Resorts' dividend announcement stands out as a significant element of their Q1 2025 results. The company declared both a regular quarterly dividend of
The special dividend is particularly noteworthy as it represents a substantial one-time return of capital to shareholders. When combined with the regular quarterly dividend, shareholders will receive
This capital return occurs against the backdrop of
The financial statements reveal interesting changes in Red Rock's capital structure and performance. Interest expense decreased by
From a tax perspective, the provision for income tax increased significantly to
First Quarter Results
Consolidated Operations
- Net revenues were
$497.9 million 1.8% , or$9.0 million $488.9 million - Net income was
$86.0 million 9.7% , or$7.6 million $78.4 million - Adjusted EBITDA(1) was
$215.1 million 2.8% , or$5.9 million $209.1 million
Las Vegas Operations
- Net revenues from
Las Vegas operations were$495.0 million 1.9% , or$9.4 million $485.6 million - Adjusted EBITDA from
Las Vegas operations was$235.9 million 2.7% , or$6.1 million $229.8 million
Balance Sheet Highlights
The Company's cash and cash equivalents at March 31, 2025 were
Quarterly Dividend
The Company's Board of Directors has declared a cash dividend of
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
Special Dividend
The Company's Board of Directors has declared a special dividend of
Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the Company, of
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
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
Stephen.Cootey@redrockresorts.com
(702) 495-4214
MEDIA:
Michael J. Britt
Michael.Britt@redrockresorts.com
(702) 495-3693
Red Rock Resorts, Inc | |||
Condensed Consolidated Statements of Income | |||
(amounts in thousands, except per share data) | |||
(unaudited) | |||
Three Months Ended | |||
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 | |||
Red Rock Resorts, Inc | |||
Segment Information and Reconciliation of Net Income to Adjusted EBITDA | |||
(amounts in thousands) | |||
(unaudited) | |||
Three Months Ended | |||
2025 | 2024 | ||
Net revenues | |||
$ 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 | |||
$ 235,900 | $ 229,759 | ||
Corporate and other | (20,820) | (20,623) | |
Adjusted EBITDA | $ 215,080 | $ 209,136 | |
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SOURCE Red Rock Resorts, Inc.
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