Red Rock Resorts Announces First Quarter 2026 Results
Rhea-AI Summary
Red Rock Resorts (NASDAQ: RRR) reported first quarter 2026 results for the period ended March 31, 2026. Net revenues were $507.3 million, up 1.9% year-over-year. Net income was $82.7 million and Adjusted EBITDA was $212.6 million. Cash was $134.0 million and total debt was $3.6 billion.
The Board declared a $0.26 per share cash dividend payable June 30, 2026; Station Holdco will pay a related $0.26 per unit distribution totaling approximately $28.8 million.
Positive
- Dividend declared of $0.26 per Class A common share
- Station Holdco distribution of approx. $28.8 million (about $16.9M to company)
Negative
- Total principal debt outstanding of $3.6 billion
- Cash and cash equivalents of $134.0 million at March 31, 2026 (relative to $3.6B debt)
News Market Reaction – RRR
In the Apr 30 session, RRR declined 3.75%, reflecting a moderate negative market reaction. Argus tracked a trough of -2.7% from its starting point during tracking. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 10 | Full-year 2025 earnings | Positive | -2.9% | Reported FY 2025 revenue, net income and Adjusted EBITDA growth with dividends. |
| Oct 28 | Q3 2025 earnings | Positive | -11.7% | Q3 revenue, income and Adjusted EBITDA growth plus dividend and buyback increase. |
| Jul 30 | Peer earnings (VICI) | Positive | +2.2% | VICI reported higher revenues, income, AFFO and raised 2025 AFFO guidance. |
| Jul 29 | Q2 2025 earnings | Positive | +9.1% | Strong Q2 revenue, income and Adjusted EBITDA growth with higher Las Vegas results. |
| May 01 | Q1 2025 earnings | Positive | +3.6% | Q1 2025 revenue, income and Adjusted EBITDA growth plus regular and special dividends. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have usually been received positively, but there are notable sell-offs on otherwise strong reports, indicating occasional divergence between fundamentals and immediate price reaction.
Over the past year, Red Rock Resorts has consistently reported growing revenues, net income, and Adjusted EBITDA, highlighted by strong Q2 and Q3 2025 results and solid full-year 2025 performance. Earnings events on Jul 29, 2025 and May 1, 2025 saw positive price reactions, while releases on Oct 28, 2025 and Feb 10, 2026 prompted sell-offs despite favorable metrics. Today’s Q1 2026 update continues the company’s pattern of detailed financial disclosure and ongoing dividends.
Key Terms
adjusted ebitda financial
non-gaap financial
derivative instruments financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
First Quarter Results
Consolidated Operations
- Net revenues were
$507.3 million 1.9% , or$9.4 million $497.9 million - Net income was
$82.7 million 3.8% , or$3.3 million $86.0 million - Adjusted EBITDA(1) was
$212.6 million 1.2% , or$2.5 million $215.1 million
Las Vegas Operations
- Net revenues from
Las Vegas operations were$499.5 million 0.9% , or$4.5 million $495.0 million - Adjusted EBITDA from
Las Vegas operations was$232.4 million 1.5% , or$3.5 million $235.9 million
Native American
- Net revenues from Native American activities were
$4.7 million $2.9 million
Balance Sheet Highlights
The Company's cash and cash equivalents at March 31, 2026 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
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: 1891420. A replay of the call will be available from today through May 6, 2026 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, 2026 and 2025 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 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, 2025, 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. | |||
Three Months Ended | |||
2026 | 2025 | ||
Operating revenues: | |||
Casino | $ 340,522 | $ 333,245 | |
Food and beverage | 90,323 | 89,272 | |
Room | 45,514 | 50,170 | |
Native American management and development fees | 4,737 | — | |
Other | 26,223 | 25,174 | |
Net revenues | 507,319 | 497,861 | |
Operating costs and expenses: | |||
Casino | 91,230 | 89,413 | |
Food and beverage | 74,187 | 73,761 | |
Room | 15,604 | 15,989 | |
Other | 7,700 | 7,243 | |
Selling, general and administrative | 114,357 | 104,711 | |
Depreciation and amortization | 55,855 | 48,331 | |
Write-downs and other, net | 4,710 | 4,060 | |
363,643 | 343,508 | ||
Operating income | 143,676 | 154,353 | |
Earnings from joint ventures | 707 | 712 | |
Operating income and earnings from joint ventures | 144,383 | 155,065 | |
Other (expense) income: | |||
Interest expense, net | (49,504) | (51,110) | |
Change in fair value of derivative instruments | 966 | (5,194) | |
Income before income tax | 95,845 | 98,761 | |
Provision for income tax | (13,125) | (12,811) | |
Net income | 82,720 | 85,950 | |
Less: net income attributable to noncontrolling interests | 39,831 | 41,201 | |
Net income attributable to Red Rock Resorts, Inc. | $ 42,889 | $ 44,749 | |
Earnings per common share: | |||
Earnings per share of Class A common stock, basic | $ 0.74 | $ 0.76 | |
Earnings per share of Class A common stock, diluted | $ 0.73 | $ 0.75 | |
Weighted-average common shares outstanding: | |||
Basic | 58,204 | 59,203 | |
Diluted | 59,369 | 103,393 | |
Dividends declared per common share | |||
Red Rock Resorts, Inc. | |||
Three Months Ended | |||
2026 | 2025 | ||
Net revenues | |||
$ 499,522 | $ 494,953 | ||
Native American | 4,737 | — | |
Corporate and other | 3,060 | 2,908 | |
Net revenues | $ 507,319 | $ 497,861 | |
Net income | $ 82,720 | $ 85,950 | |
Adjustments | |||
Depreciation and amortization | 55,855 | 48,331 | |
Share-based compensation | 7,680 | 7,624 | |
Write-downs and other, net | 4,710 | 4,060 | |
Interest expense, net | 49,504 | 51,110 | |
Change in fair value of derivative instruments | (966) | 5,194 | |
Provision for income tax | 13,125 | 12,811 | |
Adjusted EBITDA | $ 212,628 | $ 215,080 | |
Adjusted EBITDA | |||
$ 232,417 | $ 235,900 | ||
Native American | 2,923 | — | |
Corporate and other | (22,712) | (20,820) | |
Adjusted EBITDA | $ 212,628 | $ 215,080 | |
View original content:https://www.prnewswire.com/news-releases/red-rock-resorts-announces-first-quarter-2026-results-302756364.html
SOURCE Red Rock Resorts, Inc.