Red Rock Resorts Announces Third Quarter 2026 Results

Anniversary stock awards generated $79.1 million in compensation expense as quarterly revenue increased and profitability declined.

Rhea-AI Summary

Red Rock Resorts (NASDAQ: RRR) reported third-quarter 2026 revenue of $488.7 million, up year over year, but swung to a net loss. Revenue rose 2.8% from $475.6 million, while net loss was $17.7 million versus net income of $76.9 million. Diluted loss per share was $0.17 versus earnings of $0.68.

The quarter included $79.1 million in anniversary stock-award expense and $6.9 million in other anniversary expenses. Adjusted EBITDA, a supplemental non-GAAP earnings measure, fell 4.3% to $182.6 million. Las Vegas revenue rose 2.2% to $479.1 million, while its adjusted EBITDA declined 2.3%; Native American revenue and adjusted EBITDA increased. Nine-month net income fell to $141.574 million from $271.083 million. Cash totaled $128.3 million and debt principal was $3.7 billion at September 30. A $0.26 fourth-quarter Class A dividend is payable December 31 to holders of record December 15, 2026.

6 points · 0 major

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0 major · 14 points

How the balance works

Positive

• Moderate pointThird-quarter revenue rose 2.8% year over year to $488.7 million from $475.6 million.
• Minor pointLas Vegas third-quarter revenue increased 2.2% to $479.1 million from $468.6 million.
• Minor pointNative American third-quarter revenue increased 59.0% to $6.2 million from $3.9 million.
• Minor pointNative American third-quarter adjusted EBITDA increased 30.8% to $5.1 million from $3.9 million.
• Minor pointNine-month revenue increased to $1,506.282 million from $1,499.706 million in 2025.
• Minor pointThird-quarter dividends declared increased to $0.26 per common share from $0.25 a year earlier.

Negative

• Moderate pointThird-quarter net loss of $17.7 million compares with net income of $76.9 million a year earlier.
• Moderate pointThird-quarter adjusted EBITDA fell 4.3% to $182.6 million from $190.9 million.
• Moderate pointAnniversary stock awards generated $79.1 million in third-quarter share-based compensation expense. 1.5% of market cap
• Minor pointThird-quarter diluted loss per share of $0.17 compares with earnings of $0.68 a year earlier.
• Minor pointLas Vegas third-quarter adjusted EBITDA declined 2.3% to $204.6 million from $209.4 million.

9 minor points

• Minor pointOther one-time anniversary expenses totaled $6.9 million, including $5.8 million affecting adjusted EBITDA.
• Minor pointThird-quarter depreciation and amortization increased to $62.673 million from $48.976 million a year earlier.
• Minor pointCorporate and other third-quarter adjusted EBITDA worsened to negative $27.045 million from negative $22.433 million.
• Minor pointNine-month net income declined to $141.574 million from $271.083 million in 2025.
• Minor pointNine-month diluted earnings per share fell to $1.23 from $2.37 in 2025.
• Minor pointNine-month adjusted EBITDA declined to $603.294 million from $635.307 million in 2025.
• Minor pointLas Vegas nine-month adjusted EBITDA fell to $664.549 million from $684.751 million in 2025.
• Minor pointNative American nine-month adjusted EBITDA fell to $10.803 million from $13.902 million in 2025.
• Minor pointCorporate and other nine-month adjusted EBITDA worsened to negative $72.058 million from negative $63.346 million.

News Explained

Before the declared fourth-quarter Class A dividend is paid, Station Holdco will make a separate distribution to its unit holders of about $29.2 million: about $17.3 million to Red Rock and about $11.9 million to other holders.

Key Figures

Net revenue: $488.7 million; +2.8% Net loss: $17.7 million Adjusted EBITDA: $182.6 million; -4.3% +5 more

Net revenue

$488.7 million; +2.8%

Third quarter 2026 year over year

Net loss

$17.7 million

Third quarter 2026, versus net income of $76.9 million in Q3 2025

Adjusted EBITDA

$182.6 million; -4.3%

Third quarter 2026 year over year

Share-based compensation expense

$79.1 million

Q3 2026 employee stock awards

Anniversary-related expenses

$6.9 million

One-time expenses recognized in Q3 2026

Cash and cash equivalents

$128.3 million

At September 30, 2026

Debt principal

$3.7 billion

Outstanding at the end of Q3 2026

Quarterly dividend

$0.26 per Class A common share

Fourth quarter 2026

Previous Earnings Reports

2 past events · Latest: Aug 04

Same Type 2 events

1. Aug 04

   earnings report

   24h Move

   -5.1%

   Q2 revenue, net income and Adjusted EBITDA declined year over year.

2. Oct 28

   earnings report

   24h Move

   -11.7%

   Q3 2025 revenue, net income and Adjusted EBITDA increased year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

share-based compensation, non-gaap measure

2 terms

share-based compensation financial

"share-based compensation expense related to the Company's 50th anniversary stock awards"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

non-gaap measure financial

"Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure."

A non-GAAP measure is a company-crafted financial metric that adjusts or excludes items from standard accounting numbers to highlight what management sees as the business’s core performance. Investors use these figures like a filtered photo to reveal trends or cash flow drivers that raw accounting totals might hide, but because companies decide which items to remove, these measures should be compared with standard statements to avoid being misled.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LAS VEGAS, Nov. 3, 2026 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the third quarter ended September 30, 2026.

Third Quarter Results

Consolidated Operations

• Net revenues were $488.7 million for the third quarter of 2026, an increase of 2.8%, or $13.1 million, from $475.6 million in the same period of 2025.
• Net loss was $17.7 million for the third quarter of 2026, a decrease of 123.0%, or $94.6 million, from net income of $76.9 million in the same period of 2025, primarily as a result of $79.1 million in share-based compensation expense related to the Company's 50^th anniversary stock awards issued in Q3 2026 and $6.9 million of one-time expenses related to the 50^th anniversary.
• Adjusted EBITDA⁽¹⁾ was $182.6 million for the third quarter of 2026, a decrease of 4.3%, or $8.3 million, including $5.8 million of one-time expenses related to the 50^th anniversary, from $190.9 million in the same period of 2025.

Las Vegas Operations

• Net revenues from Las Vegas operations were $479.1 million for the third quarter of 2026, an increase of 2.2%, or $10.5 million, from $468.6 million in the same period of 2025.
• Adjusted EBITDA from Las Vegas operations was $204.6 million for the third quarter of 2026, a decrease of 2.3%, or $4.8 million, from $209.4 million in the same period of 2025.

Native American

• Net revenues from Native American activities were $6.2 million for the third quarter of 2026, an increase of 59.0%, or $2.3 million, from $3.9 million in the same period of 2025.
• Adjusted EBITDA from Native American activities was $5.1 million for the third quarter of 2026, an increase of 30.8%, or $1.2 million, from $3.9 million in the same period of 2025.

50^th Anniversary Expenses⁽²⁾

To commemorate the Company's 50^th anniversary, stock awards were granted to substantially all full-time and part-time employees. As a result, the Company recognized $79.1 million of share-based compensation expense related to this grant during the quarter.  In addition, the Company recognized $6.9 million of one-time expenses related to the 50^th anniversary.

Balance Sheet Highlights

The Company's cash and cash equivalents at September 30, 2026 were $128.3 million and total principal amount of debt outstanding at the end of the third quarter was $3.7 billion.

Quarterly Dividend

The Company's Board of Directors has declared a cash dividend of $0.26 per Class A common share for the fourth quarter of 2026. The dividend will be payable on December 31, 2026 to all stockholders of record as of the close of business on December 15, 2026.

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 $0.26 per unit for a total distribution of approximately $29.2 million, approximately $17.3 million of which is expected to be distributed to the Company and approximately $11.9 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: 6050941. A replay of the call will be available from today through November 10, 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 and nine months ended September 30, 2026 and 2025 includes net (loss) 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, gain on Native American development and (benefit) provision for income tax.
	(2)	Selected Operating Costs and Expenses Excluding 50th Anniversary is presented solely as a supplemental disclosure to provide comparability to prior periods by excluding one-time expenses associated with the 50th anniversary.

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 (North Lamb, Aliante, Union Village, Tropicana, Fort Apache, Park Highlands, and Silverado Ranch). 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, 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.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share data)
(unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating revenues:
Casino	$         323,854		$         319,490		$      1,002,681		$         997,531
Food and beverage	88,248		85,523		271,604		269,169
Room	42,816		41,568		134,988		142,925
Native American management and development fees	6,191		3,894		14,734		13,902
Other	27,592		25,097		82,275		76,179
Net revenues	488,701		475,572		1,506,282		1,499,706
Operating costs and expenses:
Casino	115,550		83,263		297,019		266,538
Food and beverage	102,753		72,989		255,639		222,644
Room	21,777		15,557		53,226		47,487
Other	10,354		8,014		28,037		23,776
Selling, general and administrative	146,228		112,853		378,521		329,595
Depreciation and amortization	62,673		48,976		177,513		145,295
Write-downs and other, net	2,698		2,436		9,987		10,506
	462,033		344,088		1,199,942		1,045,841
Operating income	26,668		131,484		306,340		453,865
Earnings from joint ventures	737		655		2,081		1,977
Operating income and earnings from joint ventures	27,405		132,139		308,421		455,842
Other (expense) income:
Interest expense, net	(50,894)		(50,486)		(150,043)		(152,228)
Change in fair value of derivative instruments	4,505		1,846		8,558		(5,653)
Gain on Native American development	—		—		—		8,476
(Loss) income before income tax	(18,984)		83,499		166,936		306,437
Benefit (provision) for income tax	1,246		(6,619)		(25,362)		(35,354)
Net (loss) income	(17,738)		76,880		141,574		271,083
Less: net (loss) income attributable to noncontrolling interests	(7,820)		34,626		69,485		127,676
Net (loss) income attributable to Red Rock Resorts, Inc.	$           (9,918)		$           42,254		$           72,089		$         143,407
(Loss) earnings per common share:
(Loss) earnings per share of Class A common stock, basic	$             (0.17)		$              0.72		$              1.24		$              2.43
(Loss) earnings per share of Class A common stock, diluted	$             (0.17)		$              0.68		$              1.23		$              2.37
Weighted-average common shares outstanding:
Basic	58,065		59,019		58,052		59,060
Diluted	58,065		102,663		59,081		102,925
Dividends declared per common share	$0.26		$0.25		$1.78		$1.75

 

Red Rock Resorts, Inc.
Segment Information and Reconciliation of Net (Loss) Income to Adjusted EBITDA
(amounts in thousands)
(unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net revenues
Las Vegas operations	$         479,131		$         468,576		$      1,481,811		$      1,476,791
Native American	6,191		3,894		14,734		13,902
Corporate and other	3,379		3,102		9,737		9,013
Net revenues	$         488,701		$         475,572		$      1,506,282		$      1,499,706
Net (loss) income	$          (17,738)		$           76,880		$         141,574		$         271,083
Adjustments
Depreciation and amortization	62,673		48,976		177,513		145,295
Share-based compensation	89,846		7,317		107,373		23,664
Write-downs and other, net	2,698		2,436		9,987		10,506
Interest expense, net	50,894		50,486		150,043		152,228
Change in fair value of derivative instruments	(4,505)		(1,846)		(8,558)		5,653
Gain on Native American development	—		—		—		(8,476)
(Benefit) provision for income tax	(1,246)		6,619		25,362		35,354
Adjusted EBITDA	$         182,622		$         190,868		$         603,294		$         635,307
Adjusted EBITDA
Las Vegas operations	$         204,598		$         209,407		$         664,549		$         684,751
Native American	5,069		3,894		10,803		13,902
Corporate and other	(27,045)		(22,433)		(72,058)		(63,346)
Adjusted EBITDA	$         182,622		$         190,868		$         603,294		$         635,307

 

Red Rock Resorts, Inc.
Selected Operating Costs and Expenses Excluding 50th Anniversary
(amounts in thousands)
(unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Casino	$        115,550		$          83,263		$        297,019		$        266,538
Less one-time share-based compensation	26,018		—		26,018		—
Casino less one-time share-based compensation	$          89,532		$          83,263		$        271,001		$        266,538
Food and beverage	$        102,753		$          72,989		$        255,639		$        222,644
Less one-time share-based compensation	26,250		—		26,250		—
Food and beverage less one-time share-based compensation	$          76,503		$          72,989		$        229,389		$        222,644
Room	$          21,777		$          15,557		$          53,226		$          47,487
Less one-time share-based compensation	5,919		—		5,919		—
Room less one-time share-based compensation	$          15,858		$          15,557		$          47,307		$          47,487
Other	$          10,354		$           8,014		$          28,037		$          23,776
Less one-time share-based compensation	1,313		—		1,313		—
Other less one-time share-based compensation	$           9,041		$           8,014		$          26,724		$          23,776
Selling, general and administrative	$        146,228		$        112,853		$        378,521		$        329,595
Less one-time share-based compensation	19,609		—		19,609		—
Less other 50th anniversary expenses	5,801		—		5,801		—
Selling, general and administrative less one-time share-based compensation and other 50th anniversary expenses	$        120,818		$        112,853		$        353,111		$        329,595

 

View original content:https://www.prnewswire.com/news-releases/red-rock-resorts-announces-third-quarter-2026-results-302927929.html

SOURCE Red Rock Resorts, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Red Rock Resorts report a loss in the third quarter of 2026?

Red Rock Resorts attributed the quarterly loss primarily to $79.1 million in anniversary stock-award expense and $6.9 million in other one-time anniversary expenses. The awards were granted to substantially all full-time and part-time employees. Net loss was $17.7 million, compared with net income of $76.9 million a year earlier.

When will Red Rock Resorts pay its fourth-quarter 2026 dividend?

The $0.26 per Class A common share dividend is payable on December 31, 2026, to stockholders of record at the close of business on December 15, 2026.