Red Rock Resorts Q3 2026 operating income falls 79.7%
One-time anniversary-award compensation of $79.1 million affected quarterly operating income; North Fork Mono Casino opened on October 27, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
10-Q
Red Rock Resorts, Inc. (RRR) reported third-quarter 2026 net revenues of $488.7 million, compared with $475.6 million a year earlier. Operating income was $26.7 million, down from $131.5 million, and net loss attributable to Red Rock was $9.9 million versus income of $42.3 million. The company said operating income was affected by $79.1 million of one-time, nonrecurring share-based compensation expense for its 50th-anniversary employee awards.
For the first nine months of 2026, net revenues were $1,506.3 million, operating income was $306.3 million, and net income attributable to Red Rock was $72.1 million, compared with $1,499.7 million, $453.9 million, and $143.4 million, respectively, in 2025. Net cash provided by operating activities was $429.2 million, and capital expenditures, net of related payables, were $456.1 million. North Fork Mono Casino opened October 27, 2026; total project costs are expected to be approximately $750 million. Red Rock also paid a quarterly cash dividend of $0.26 per Class A share.
0 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointThird-quarter operating income fell 79.7% to $26.7 million year over year.
- Moderate pointNine-month net income attributable to Red Rock fell 49.7% to $72.1 million.
Filing Explained
The court denied the North Fork challenger’s injunction request and granted dismissal motions on October 29, 2026.
With North Fork Mono Casino open, the 10-Q specifies that Red Rock’s completion guaranty requires reimbursable, interest-bearing advances only if project costs exceed the tribe’s facility financing, capped at
On
Key Figures
Net revenues: $488.7 million
Operating income: $26.7 million
Net loss attributable to Red Rock: $9.9 million net loss
+5 more
8 metrics
Net revenues
$488.7 million
Three months ended September 30, 2026; $475.6 million in 2025
Operating income
$26.7 million
Three months ended September 30, 2026; $131.5 million in 2025
Net loss attributable to Red Rock
$9.9 million net loss
Three months ended September 30, 2026; $42.3 million net income in 2025
Net income attributable to Red Rock
$72.1 million
Nine months ended September 30, 2026; $143.4 million in 2025
Net cash provided by operating activities
$429.2 million
Nine months ended September 30, 2026
Capital expenditures, net of related payables
$456.1 million
Nine months ended September 30, 2026
Expected total North Fork Project costs
Approximately $750 million
Project opened October 27, 2026
Quarterly cash dividend
$0.26 per Class A share
Declared and paid during the three months ended September 30, 2026
Key Terms
Adjusted EBITDA, noncontrolling interest, interest rate collars, cost recovery method
4 terms
Adjusted EBITDA financial
"utilizes adjusted earnings before interest, taxes, depreciation and amortization"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
noncontrolling interest financial
"interests in Station Holdco not owned by Red Rock"
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
interest rate collars financial
"changes in fair value of our interest rate collars"
An interest rate collar is a hedging strategy that limits how much a floating interest rate can move by combining two option contracts: a cap (which pays when rates rise above a set maximum) and a floor (which pays, or creates an obligation, when rates fall below a set minimum). A borrower or investor typically buys the cap to protect against rising rates and sells the floor to offset the cost of the cap, producing a banded range for net payments; the tradeoff is protection against large rate increases in exchange for giving up some benefit if rates fall below the floor, plus exposure to counterparty credit risk and any upfront or ongoing option costs.
cost recovery method financial
"accounts for the advances using the cost recovery method"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were RRR's third-quarter 2026 revenue and earnings?
Red Rock reported net revenues of $488.7 million, operating income of $26.7 million, and a $9.9 million net loss attributable to Red Rock for the three months ended September 30, 2026. A year earlier, those figures were $475.6 million, $131.5 million, and net income of $42.3 million.
When is RRR's next dividend payable?
On November 3, 2026, Red Rock announced a cash dividend of $0.26 per Class A share for shareholders of record on December 15, 2026, payable December 31, 2026. Before the payment, Station Holdco will make a $0.26-per-LLC-Unit cash distribution to all LLC Unit holders, including Red Rock.
What does the North Fork Mono Casino include?
The North Fork Project opened on October 27, 2026, with approximately 2,000 Class III slot machines, additional Class II slot machines, approximately 40 table games, and several restaurants. Total project costs are expected to be approximately $750 million, including design, construction, preopening, financing, and development costs.
AI-generated analysis. How Rhea-AI works. Not financial advice.
See more from StockTitan in Google Search and AI answers.
Adds StockTitan as a preferred source · opens Google
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
For the quarterly period ended September 30, 2026
OR
For the transition period from to
Commission file number 001-37754
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices)
(Zip Code)
(702 ) 495-3000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☑ | Accelerated filer | ☐ | |||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
| Class | Outstanding at October 30, 2026 | |||||||
| Class A Common Stock, $0.01 par value | ||||||||
| Class B Common Stock, $0.00001 par value | ||||||||
Table of Contents
RED ROCK RESORTS, INC.
INDEX
Part I. | Financial Information | |||||||
Item 1. | Financial Statements | 3 | ||||||
Condensed Consolidated Balance Sheets — September 30, 2026 (unaudited) and December 31, 2025 | 3 | |||||||
Condensed Consolidated Statements of Operations — Three and nine months ended September 30, 2026 and 2025 (unaudited) | 4 | |||||||
Condensed Consolidated Statements of Stockholders’ Equity — Three and nine months ended September 30, 2026 and 2025 (unaudited) | 5 | |||||||
Condensed Consolidated Statements of Cash Flows — Nine months ended September 30, 2026 and 2025 (unaudited) | 9 | |||||||
Notes to Condensed Consolidated Financial Statements (unaudited) | 11 | |||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29 | ||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 41 | ||||||
Item 4. | Controls and Procedures | 41 | ||||||
Part II. | Other Information | |||||||
Item 1. | Legal Proceedings | 41 | ||||||
Item 1A. | Risk Factors | 41 | ||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 41 | ||||||
Item 3. | Defaults Upon Senior Securities | 42 | ||||||
Item 4. | Mine Safety Disclosures | 42 | ||||||
Item 5. | Other Information | 42 | ||||||
Item 6. | Exhibits | 42 | ||||||
Signature | 43 | |||||||
Table of Contents
Part I. Financial Information
Item 1. Financial Statements
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
| September 30, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Receivables, net | |||||||||||
| Income tax receivable | |||||||||||
| Inventories | |||||||||||
| Prepaid gaming tax | |||||||||||
| Prepaid expenses and other current assets | |||||||||||
| Total current assets | |||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||
| Goodwill | |||||||||||
Intangible assets, net of accumulated amortization of $ | |||||||||||
| Land held for development | |||||||||||
| Deferred tax asset, net | |||||||||||
| Finance lease right-of-use assets, net | |||||||||||
| Other assets, net | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued interest payable | |||||||||||
| Construction payable | |||||||||||
| Other accrued liabilities | |||||||||||
| Current portion of payable pursuant to tax receivable agreement | |||||||||||
| Current portion of finance lease liabilities | |||||||||||
| Current portion of long-term debt | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt, less current portion | |||||||||||
| Other long-term liabilities | |||||||||||
| Long-term finance lease liabilities, less current portion | |||||||||||
| Payable pursuant to tax receivable agreement, less current portion | |||||||||||
| Total liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
| Stockholders’ equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Class A common stock, par value $ | |||||||||||
Class B common stock, par value $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Retained earnings | |||||||||||
| Total Red Rock Resorts, Inc. stockholders’ equity | |||||||||||
| Noncontrolling interest | |||||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Table of Contents
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 | $ | $ | $ | $ | |||||||||||||||||||
| Food and beverage | |||||||||||||||||||||||
| Room | |||||||||||||||||||||||
| Native American management and development fees | |||||||||||||||||||||||
| Other | |||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||
| Operating costs and expenses: | |||||||||||||||||||||||
| Casino | |||||||||||||||||||||||
| Food and beverage | |||||||||||||||||||||||
| Room | |||||||||||||||||||||||
| Other | |||||||||||||||||||||||
| Selling, general and administrative | |||||||||||||||||||||||
| Depreciation and amortization | |||||||||||||||||||||||
| Write-downs and other, net | |||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||
| Earnings from joint ventures | |||||||||||||||||||||||
| Operating income and earnings from joint ventures | |||||||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
| Change in fair value of derivative instruments | ( | ||||||||||||||||||||||
| Gain on Native American development | |||||||||||||||||||||||
| ( | ( | ( | ( | ||||||||||||||||||||
| (Loss) income before income tax | ( | ||||||||||||||||||||||
| Benefit (provision) for income tax | ( | ( | ( | ||||||||||||||||||||
| Net (loss) income | ( | ||||||||||||||||||||||
| Less: net (loss) income attributable to noncontrolling interests | ( | ||||||||||||||||||||||
| Net (loss) income attributable to Red Rock Resorts, Inc. | $ | ( | $ | $ | $ | ||||||||||||||||||
(Loss) earnings per common share (Note 11): | |||||||||||||||||||||||
| (Loss) earnings per share of Class A common stock, basic | $ | ( | $ | $ | $ | ||||||||||||||||||
| (Loss) earnings per share of Class A common stock, diluted | $ | ( | $ | $ | $ | ||||||||||||||||||
| Weighted-average common shares outstanding: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Table of Contents
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(amounts in thousands)
(unaudited)
| Red Rock Resorts, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Additional paid-in capital | Retained earnings | Noncontrolling interest | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Dividends | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Class A common stock to employees, net | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock option exercises and issuance of restricted stock, net | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Class A common stock | ( | ( | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Withholding tax on share-based compensation | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
| Deferred tax assets resulting from LLC Unit repurchases and stock grants, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Balances, September 30, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
5
Table of Contents
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(amounts in thousands)
(unaudited)
| Red Rock Resorts, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Additional paid-in capital | Retained earnings | Noncontrolling interest | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Dividends | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Stock option exercises and issuance of restricted stock, net | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Exchanges of noncontrolling interests for cash | — | — | ( | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Recognition of Tax Receivable Agreement liability resulting from exchanges of noncontrolling interests for Class A common stock | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Net deferred tax assets resulting from exchanges of noncontrolling interests for Class A common stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Withholding tax on share-based compensation | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
| Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
| Balances, September 30, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
Table of Contents
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(amounts in thousands)
(unaudited)
| Red Rock Resorts, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Additional paid-in capital | Retained earnings | Noncontrolling interest | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances, December 31, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Dividends | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Class A common stock to employees, net | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stock option exercises and issuance of restricted stock, net | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Class A common stock | ( | ( | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Withholding tax on share-based compensation | ( | ( | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Deferred tax assets resulting from LLC Unit repurchases and stock grants, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Balances, September 30, 2026 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
7
Table of Contents
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(amounts in thousands)
(unaudited)
| Red Rock Resorts, Inc. Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Additional paid-in capital | Retained earnings | Noncontrolling interest | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||
| Class A | Class B | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
| Balances, December 31, 2024 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Dividends | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Stock option exercises and issuance of restricted stock, net | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Repurchases of Class A common stock | ( | ( | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Exchanges of noncontrolling interests for cash | — | — | ( | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Recognition of Tax Receivable Agreement liability resulting from exchanges of noncontrolling interests for Class A common stock | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
| Net deferred tax assets resulting from exchanges of noncontrolling interests for Class A common stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Withholding tax on share-based compensation | ( | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
| Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
| Balances, September 30, 2025 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
Table of Contents
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | |||||||||||
| Write-downs and other, net | |||||||||||
| Amortization of debt discount and debt issuance costs | |||||||||||
| Share-based compensation | |||||||||||
| Change in fair value of derivative instruments | ( | ||||||||||
| Gain on Native American development | ( | ||||||||||
| Deferred income tax | |||||||||||
| Changes in assets and liabilities: | |||||||||||
| Receivables, net | |||||||||||
| Inventories and prepaid expenses | ( | ( | |||||||||
| Accounts payable | |||||||||||
| Accrued interest payable | ( | ( | |||||||||
| Income tax receivable/payable | ( | ( | |||||||||
| Other accrued liabilities | ( | ||||||||||
| Other, net | ( | ||||||||||
| Net cash provided by operating activities | |||||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures, net of related payables | ( | ( | |||||||||
| Acquisition of land held for development | ( | ||||||||||
| Proceeds from repayment of Native American development costs | |||||||||||
| Native American development costs | ( | ||||||||||
| Other, net | ( | ( | |||||||||
| Net cash used in investing activities | ( | ( | |||||||||
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RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(amounts in thousands)
(unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings under credit agreements with original maturity dates greater than three months | |||||||||||
| Payments under credit agreements with original maturity dates greater than three months | ( | ( | |||||||||
| Distributions to noncontrolling interests | ( | ( | |||||||||
| Repurchases of Class A common stock | ( | ( | |||||||||
| Exchanges of noncontrolling interests for cash | ( | ||||||||||
| Withholding tax on share-based compensation | ( | ( | |||||||||
| Dividends paid | ( | ( | |||||||||
| Payments on finance leases | ( | ||||||||||
| Payments on tax receivable agreement liability | ( | ( | |||||||||
| Other, net | ( | ( | |||||||||
| Net cash provided by (used in) financing activities | ( | ||||||||||
Decrease in cash and cash equivalents | ( | ( | |||||||||
| Balance, beginning of period | |||||||||||
| Balance, end of period | $ | $ | |||||||||
| Supplemental cash flow disclosures: | |||||||||||
Cash paid for interest, net of $ | $ | $ | |||||||||
| Cash paid for income taxes | $ | $ | |||||||||
| Non-cash investing and financing activities: | |||||||||||
| Capital expenditures incurred but not yet paid | $ | $ | |||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Organization, Basis of Presentation and Significant Accounting Policies
Organization
Red Rock Resorts, Inc. (“Red Rock,” or the “Company”) was formed as a Delaware corporation in 2015 to own an indirect equity interest in and manage Station Casinos LLC (“Station LLC”), a Nevada limited liability company. Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming facilities and 17 smaller gaming properties (three of which are 50 % owned) in the Las Vegas regional market. Station LLC also manages North Fork Mono Casino in Madera County, California, which opened on October 27, 2026, on behalf of a Native American tribe.
The Company owns all of the outstanding voting interests in Station LLC and has an indirect equity interest in Station LLC through its ownership of limited liability interests in Station Holdco LLC (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At September 30, 2026, the Company held 59 % of the economic interests and 100 % of the voting power in Station Holdco, subject to certain limited exceptions, and is designated as the sole managing member of both Station Holdco and Station LLC. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC, and conducts all of its operations through these entities.
Basis of Presentation
Principles of Consolidation
Station Holdco and Station LLC are variable interest entities, of which the Company is the primary beneficiary. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the condensed consolidated financial statements. All significant intercompany accounts and transactions have been eliminated. Investments in all 50 % or less owned affiliated companies are accounted for using the equity method.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported and disclosed. Actual results could differ from those estimates.
Significant Accounting Policies
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE). The ASU is intended to improve disclosure of expenses and requires disclosure of specific expenses included in the expense captions presented on the face of the income statement, as well as selling expenses. The guidance is effective for public entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The guidance can be applied prospectively or retrospectively and early adoption is permitted. The Company is currently evaluating the guidance and its impact on the Company’s disclosures. The guidance only impacts disclosures and is not expected to have an impact on the Company’s financial condition and results of operations.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU is intended to modernize accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold entities apply to begin capitalizing costs. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and may be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the guidance and its impact on the financial statements.
2. Noncontrolling Interest in Station Holdco
As discussed in Note 1, Red Rock holds a controlling interest in and consolidates the financial position and results of operations of Station LLC and its subsidiaries and Station Holdco. The interests in Station Holdco not owned by Red Rock are presented within noncontrolling interest in the condensed consolidated financial statements.
Noncontrolling interest in Station Holdco represents the LLC Units held by certain owners who held such units prior to the Company’s 2016 initial public offering (the “IPO” and such owners, the “Continuing Owners”). Continuing Owners are entitled at any time to exchange LLC Units, together with an equal number of shares of Class B common stock, for shares of Class A common stock having an equivalent value, or for cash, at the Company’s election. Noncontrolling interest is reduced when such exchanges occur. The noncontrolling interest holders’ ownership percentage of LLC Units is increased when LLC Units held by Red Rock are repurchased by Station Holdco, typically in connection with the Company’s repurchases of its issued and outstanding shares of its Class A common stock.
Entities controlled by Frank J. Fertitta III, the Company’s Chairman of the Board and Chief Executive Officer, and Lorenzo J. Fertitta, the Company’s Vice Chairman of the Board and a vice president of the Company (the “Fertitta Family Entities”), hold 99 % of the noncontrolling interest. The Fertitta Family Entities have the power to control the Company’s management and affairs through their ownership of Class B common stock. See Note 8 for additional information.
The ownership of the LLC Units is summarized as follows:
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Units | Ownership % | Units | Ownership % | ||||||||||||||||||||
| Red Rock | % | % | |||||||||||||||||||||
| Noncontrolling interest holders | % | % | |||||||||||||||||||||
| Total | % | % | |||||||||||||||||||||
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
3. Native American Development
The Company, the North Fork Rancheria of Mono Indians (the “Mono”), a federally recognized Native American tribe located near Fresno, California and the North Fork Rancheria Economic Development Authority (the “Authority”) have entered into a Third Amended and Restated Management Agreement (the “Management Agreement”) and a Third Amended and Restated Development Agreement (the “Development Agreement”), each dated as of November 7, 2023. Pursuant to the Development Agreement, the Company has assisted the Mono and the Authority in developing a gaming and entertainment facility (the “North Fork Project”) located in Madera County, California. Pursuant to the Management Agreement, the Company is assisting the Mono and the Authority in operating the North Fork Project. The Company purchased a 305 -acre parcel of land adjacent to Highway 99 north of the city of Madera (the “North Fork Site”), which was taken into trust for the benefit of the Mono by the Department of the Interior (“DOI”) in February 2013. In July 2016, the DOI issued Secretarial procedures (the “Secretarial Procedures”) pursuant to which the Mono may conduct Class III gaming on the North Fork Site. As of January 5, 2024, Mono received the approval of the Management Agreement from the Chair of the National Indian Gaming Commission (“NIGC”).
The North Fork Project opened for business on October 27, 2026 and includes approximately 2,000 Class III slot machines and additional Class II slot machines, approximately 40 table games and several restaurants. While the project is substantially complete and open for operations, the final project costs remain subject to customary closeout items. Total costs of the project are expected to be approximately $750 million which includes all design costs, construction costs, preopening expenses and financing and development fees.
In March 2016, Picayune Rancheria of Chukchansi Indians (“Picayune”) filed a complaint for declaratory relief and petition for writ of mandate in California Superior Court for the County of Madera against Governor Edmund G. Brown, Jr., alleging that the referendum that invalidated the Compact also invalidated Governor Brown’s concurrence with the Secretary of the Interior’s determination that gaming on the North Fork Site would be in the best interest of the Mono and not detrimental to the surrounding community. The complaint sought to vacate and set aside the Governor’s concurrence and was stayed from December 2016 to September 2021, when the Supreme Court of California denied the Mono’s and the State of California’s petition for review in Stand Up for California! v. Brown. As a result of the denial, litigation of this matter resumed and a first amended complaint was filed by Picayune in December 2022. Each of the State of California and the Mono filed demurrers challenging the first amended complaint; in July 2023, the State of California’s demurrer was granted and the Mono’s demurrer was denied. The Mono answered the first amended complaint and each of the Mono and Picayune filed motions for summary judgment. In May 2024, the Superior Court of California granted Picayune’s motion for summary judgment and denied the Mono’s motion for summary judgment. Picayune appealed the grant of the State of California’s demurrer and the Mono appealed the grant of Picayune’s motion for summary judgment. In December 2025, in separate decisions, the appellate court affirmed the judgment of the lower court against the Mono and affirmed the dismissal by the lower court of Picayune’s case against the Governor. The Mono filed a petition for review with the Supreme Court of California, which was denied in April 2026.
In June 2026, Picayune filed a complaint for declaratory and injunctive relief in the United States District Court for the Eastern District of California against the Chair of the NIGC (the “Chair”), the NIGC, the Mono, Station Casinos LLC and Red Rock Resorts, Inc. Picayune later filed an amended complaint naming SC Madera Management LLC, a Company affiliate and the manager of the North Fork Project, as an additional defendant. The amended complaint seeks a declaration that the Chair’s approval of the Management Agreement violated the Administrative Procedures Act because in the absence of a valid gubernatorial concurrence the North Fork Site does not qualify under any IGRA exception necessary to conduct gaming on the North Fork Site. The complaint also seeks a declaration that in the absence of a valid gubernatorial concurrence the North Fork Site “does not qualify for IGRA’s two-part determination exception” allowing gaming on the North Fork Site. The complaint also seeks an order enjoining “all unlawful gaming” on the North Fork Site. Picayune filed its motion for preliminary injunction on August 28, 2026. The Mono and the Company (together with its affiliate defendants) each filed motions to dismiss the action. After all motions were fully briefed, the Court conducted a hearing on October 9, 2026 at the conclusion of which it took all matters under advisement. On October 29, 2026, the Court issued an order denying Picayune’s motion for preliminary injunction and granting the Mono’s and the Company’s motions to dismiss.
Under the terms of the Development Agreement, the Company agreed to arrange and, effective as of April 4, 2025, has arranged the financing for the ongoing development costs and construction of the facility. The Company received a repayment of $110.5 million from the initial drawdown of the term loans, representing a portion of the amounts due on its advances to the Mono. In connection with the financing, the Company entered into a completion guaranty and a subordination agreement in favor of the financing parties and released its existing security interests in the assets of the North Fork Project. Under the
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
completion guaranty, the Company has agreed to make reimbursable interest-bearing advances to the Mono for completion of the project in the event that total project costs exceed the financing available under the Mono’s facility loan. The Company’s commitment to make such advances is capped at $425.0 million. It is not probable that any such funding will be necessary to complete the closeout of the project.
Through April 4, 2025, the Company had paid approximately $117.1 million of reimbursable advances to the Mono, primarily to complete the environmental impact study, purchase the North Fork Site and pay costs of litigation and certain construction costs. The Company accounts for the advances using the cost recovery method, and the Company recognizes no interest on the advances until the carrying amount of the advances has been recovered and the interest is received. Immediately prior to the receipt of the $110.5 million payment, the carrying amount of the advances was $102.0 million, which was net of a $15.1 million fair value adjustment recognized upon the Company’s adoption of fresh-start reporting in 2011. The $110.5 million repayment reduced the carrying amount of the advances to zero and the Company recognized a gain on Native American development of $8.5 million, representing the excess of the repayment amount over the net carrying amount of the advances, which the Company recognized during the nine months ended September 30, 2025 and is presented in Gain on Native American development in the Condensed Consolidated Statements of Operations.
At September 30, 2026, there was $86.1 million in unrecognized amounts due from the Mono. As the Company will continue to use the cost recovery method, the unrecognized amount and future accrued interest will remain on nonaccrual status. The Company will recognize future payments related to unrecognized amounts due from the Mono as Gain on Native American development as they are received. Future repayments of amounts due from the Mono are expected to come from cash flows from the North Fork Project’s operations, from the North Fork Project’s financing, or from a combination of both.
Under the terms of the Development Agreement, the Company is entitled to receive a development fee of 4 % of the costs of construction for its development services. The Company recognizes development fee revenue over time as it satisfies its performance obligations under the Development Agreement. After the Mono’s receipt of the construction loan, the Company concluded that collection of this development fee was reasonably certain as this fee is stipulated as a permissible use of funds under the loan agreement. During the three and nine months ended September 30, 2026, the Company recorded $5.1 million and $10.8 million, respectively, in development fee revenue and the corresponding receivable. During the three months ended September 30, 2025, the Company recorded $3.9 million in development fee revenue and the corresponding receivable. During the nine months ended September 30, 2025, the Company recorded $13.9 million in development fee revenue and the corresponding receivable, which included a $6.1 million cumulative revenue catch-up related to prior years. At September 30, 2026, the development fee receivable from the Mono was $28.5 million and is presented in Receivables, net on the Condensed Consolidated Balance Sheets, of which on October 30, 2026, the Company collected approximately $26.0 million.
The Management Agreement provides for the Company to receive a management fee of 30 % of the North Fork Project’s net income. The Management Agreement has a term of seven years from the opening of the North Fork Project. The Management Agreement includes termination provisions whereby either party may terminate the agreement for cause, and may also be terminated at any time upon agreement of the parties. There is no provision in the Management Agreement allowing the tribe to buy out the agreement prior to its expiration. The Management Agreement provides that the Company will train the Mono tribal members such that they may assume responsibility for managing the North Fork Project upon the expiration of the agreement. For the three and nine months ended September 30, 2026, the Company recorded $1.1 million and $3.9 million, respectively, in management fee revenue related to reimbursable costs for the North Fork Project. The reimbursable costs are primarily payroll related.
While the North Fork Project has been successfully opened, there can be no assurance that the cash flows from the North Fork Project will be sufficient to repay the remaining amounts due on the advances, including accrued interest thereon, or that the Company will recover all of its investment in the North Fork Project.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
4. Other Accrued Liabilities
Other accrued liabilities consisted of the following (amounts in thousands):
| September 30, 2026 | December 31, 2025 | ||||||||||
| Contract and customer-related liabilities: | |||||||||||
| Unpaid wagers, outstanding chips and other customer-related liabilities | $ | $ | |||||||||
| Advance deposits and future wagers | |||||||||||
| Rewards program liability | |||||||||||
| Other accrued liabilities: | |||||||||||
| Accrued payroll and related | |||||||||||
| Accrued gaming and related | |||||||||||
| Operating lease liabilities, current portion | |||||||||||
| Other | |||||||||||
| $ | $ | ||||||||||
5. Long-term Debt
Long-term debt consisted of the following indebtedness of Station LLC (amounts in thousands):
| September 30, 2026 | December 31, 2025 | ||||||||||
Term Loan B Facility due March 14, 2031, interest at margin above SOFR or base rate ( | $ | $ | |||||||||
Revolving Credit Facility due March 14, 2029, interest at a margin above SOFR or base rate ( | |||||||||||
Other long-term debt, weighted-average interest of | |||||||||||
| Total long-term debt | |||||||||||
| Current portion of long-term debt | ( | ( | |||||||||
| Total long-term debt, net | $ | $ | |||||||||
Credit Facility
Station LLC’s credit facility consists of the Term Loan B Facility and the Revolving Credit Facility (collectively, the “Credit Facility”). The Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either the forward-looking Secured Overnight Financing Rate term (“Term SOFR”) plus 2.00 % or base rate plus 1.00 %. The Revolving Credit Facility bears interest at a rate per annum, at Station LLC’s option, equal to either Term SOFR plus an amount ranging from 1.50 % to 1.75 % or base rate plus an amount ranging from 0.50 % to 0.75 %, depending on Station LLC’s consolidated senior secured net leverage ratio. The Credit Facility contains a number of customary covenants, including requirements that Station LLC maintain throughout the term of such facility and measured as of the end of each quarter, a maximum total secured leverage ratio of 5.00 to 1.00. A breach of the financial ratio covenants shall only become an event of default if not cured and a Covenant Facility Acceleration has occurred. Management believes the Company was in compliance with all applicable covenants at September 30, 2026.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
On October 21, 2026, Station LLC entered into an incremental joinder agreement to its senior secured credit agreement providing for $500.0 million in aggregate principal amount of incremental term B loans (the "Incremental Term B Loans"). The Incremental Term B Loans are fungible with, and have the same terms as, the Company's existing Term B Loans outstanding under its credit agreement, including as to maturity. The Incremental Term B Loans bear interest at SOFR plus 2.00 % per annum. The Company used the proceeds from the Incremental Term B Loans to repay borrowings outstanding under its revolving credit facility, pay related fees and expenses and for general corporate purposes.
Revolving Credit Facility
At September 30, 2026, Station LLC’s borrowing availability under the Revolving Credit Facility, subject to continued compliance with the terms of the facility, was $561.6 million, which was net of $490.0 million in outstanding borrowings and $48.4 million in outstanding letters of credit and similar obligations.
6. Derivative Instruments
The Company’s objective in using derivative instruments is to manage its exposure to interest rate movements associated with its variable interest rate debt. To accomplish this objective, the Company uses interest rate contracts as a primary part of its cash flow hedging strategy. The Company does not use derivative financial instruments for trading or speculative purposes.
In April 2024, Station LLC entered into two zero cost interest rate collar agreements with an aggregate notional amount of $750.0 million. Both interest rate collars include a Term SOFR cap of 5.25 % and a weighted average Term SOFR floor of 2.89 % and will mature in April 2029. Monthly cash settlements are received from or paid to the counterparties when interest rates rise above or fall below the contractual cap or floor rates. The interest rate collars are not designated in hedging relationships for accounting purposes.
The Company records all derivative instruments on the balance sheet at fair value, which it determines using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The Company does not offset derivative asset and liability positions when interest rate contracts are held with the same counterparty.
Station LLC has not posted any collateral related to its interest rate collars; however, its obligations under the interest rate collars are subject to the security and guarantee arrangements applicable to the Credit Facility. The interest rate collar agreements contain cross-default provisions under which Station LLC could be declared in default on its obligations under such agreements if certain conditions of default exist on the Credit Facility.
7. Fair Value Measurements
Information about the Company’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall, is presented below (amounts in thousands):
| Balance Sheet Classification | September 30, 2026 | December 31, 2025 | Level of Fair Value Hierarchy | |||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Interest rate collars | Other current assets | $ | $ | Level 2 – Other observable inputs | ||||||||||||||||||||||
| Interest rate collars | Other assets | $ | $ | Level 2 – Other observable inputs | ||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Interest rate collars | Other accrued liabilities | $ | $ | Level 2 – Other observable inputs | ||||||||||||||||||||||
| Interest rate collars | Other long-term liabilities | $ | $ | Level 2 – Other observable inputs | ||||||||||||||||||||||
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Fair Value of Long-term Debt
The estimated fair value of Station LLC’s long-term debt compared with its carrying amount is presented below (amounts in millions):
| September 30, 2026 | December 31, 2025 | ||||||||||
| Aggregate fair value | $ | $ | |||||||||
| Aggregate carrying amount | $ | $ | |||||||||
The estimated fair value of Station LLC’s long-term debt is based on quoted market prices from various banks for similar instruments, which is considered a Level 2 input under the fair value measurement hierarchy.
8. Stockholders’ Equity
Net (Loss) Income Attributable to Red Rock Resorts, Inc. and transfers (to) from Noncontrolling Interests
The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net (loss) income and transfers (to) from noncontrolling interests (amounts in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income attributable to Red Rock Resorts, Inc. | $ | ( | $ | $ | $ | ||||||||||||||||||
| Transfers (to) from noncontrolling interests: | |||||||||||||||||||||||
| Exchanges of noncontrolling interests | |||||||||||||||||||||||
| Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | ( | ( | |||||||||||||||||||||
| Net transfers (to) from noncontrolling interest | ( | ( | |||||||||||||||||||||
| Change from net (loss) income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests | $ | ( | $ | $ | $ | ||||||||||||||||||
Voting Rights
The holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. Holders of shares of the Company’s Class A common stock and Class B common stock vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval, except as otherwise required by applicable law or the Certificate of Incorporation.
The Continuing Owners of Station Holdco hold shares of Class B common stock in an amount equal to the number of LLC Units owned. Although Class B shares have no economic rights, they allow those owners of Station Holdco to exercise voting power at Red Rock, which is the sole managing member of Station Holdco.
Each outstanding share of Class B common stock that is held by a holder that, together with its affiliates, owned LLC Units representing at least 30 % of the outstanding LLC Units following the IPO and, at the applicable record date, maintains direct or indirect beneficial ownership of at least 10 % of the outstanding shares of Class A common stock (determined on an as-exchanged basis assuming that all of the LLC Units were exchanged for Class A common stock) is entitled to ten votes and each other outstanding share of Class B common stock is entitled to one vote.
The Fertitta Family Entities hold all of the Company’s issued and outstanding shares of Class B common stock that have ten votes per share. As a result, Frank J. Fertitta III and Lorenzo J. Fertitta, together with their affiliates, control any action requiring the general approval of the Company’s stockholders, including the election of the board of directors, the adoption of amendments to the Certificate of Incorporation and bylaws and the approval of any merger or sale of substantially all of the Company’s assets.
Dividends and Distributions
During the three and nine months ended September 30, 2026, the Company declared and paid quarterly cash dividends of $0.26 and $0.78 per share of Class A common stock, respectively, which included $2.4 million and $7.2 million, respectively, paid to Fertitta Family Entities. During the three and nine months ended September 30, 2025, the Company
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
declared and paid quarterly cash dividends of $0.25 and $0.75 per share of Class A common stock, respectively, which included $2.3 million and $6.8 million, respectively, paid to Fertitta Family Entities.
Prior to the quarterly cash dividend payments, during the three and nine months ended September 30, 2026, Station Holdco paid distributions to noncontrolling interest holders of $11.9 million and $35.7 million, respectively, which included $11.8 million and $35.4 million, respectively, paid to Fertitta Family Entities. During the three and nine months ended September 30, 2025, Station Holdco paid distributions to noncontrolling interest holders of $11.5 million and $34.5 million respectively, which included $11.3 million and $34.0 million respectively, paid to Fertitta Family Entities. Station Holdco paid no tax distributions to noncontrolling interest holders during the three months ended September 30, 2026 and 2025. During the nine months ended September 30, 2026 and 2025, Station Holdco paid tax distributions to noncontrolling interest holders of $12.5 million and $26.0 million, respectively, including $12.4 million and $25.6 million, respectively, paid to Fertitta Family Entities.
On November 3, 2026, the Company announced that it would pay a dividend of $0.26 per share to Class A shareholders of record as of December 15, 2026 to be paid on December 31, 2026, of which $2.4 million is expected to be paid to Fertitta Family Entities. Prior to the payment of the dividend, Station Holdco will make a cash distribution to all LLC Unit holders, including the Company, of $0.26 per LLC Unit, of which $11.8 million is expected to be paid to Fertitta Family Entities.
Special Dividends
In February 2026, the Company declared a special cash dividend of $1.00 per share of Class A common stock which was paid on February 27, 2026, and included $9.1 million paid to Fertitta Family Entities. Prior to the payment of the special dividend, Station Holdco made a cash distribution to all LLC Unit holders, including the Company, of $1.00 per unit, of which $45.4 million was paid to Fertitta Family Entities.
In May 2025, the Company declared a special cash dividend of $1.00 per share of Class A common stock which was paid on May 21, 2025, and included $9.1 million paid to Fertitta Family Entities. Prior to the payment of the special dividend, Station Holdco made a cash distribution to all LLC Unit holders, including the Company, of $1.00 per unit, of which $45.4 million was paid to Fertitta Family Entities.
Equity Repurchase Program
9. Share-based Compensation
The Company maintains an equity incentive plan designed to attract, retain and motivate employees and align the interests of those individuals with the interests of the Company. A total of 24.0 million shares of Class A common stock are reserved for issuance under the plan, of which approximately 10.2 million shares were available for issuance at September 30, 2026.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The following table presents information about the Company’s share-based compensation awards:
| Restricted Class A Common Stock | Stock Options | ||||||||||||||||||||||
| Shares | Weighted-average grant date fair value | Shares | Weighted-average exercise price | ||||||||||||||||||||
| Outstanding at January 1, 2026 | $ | $ | |||||||||||||||||||||
| Activity during the period: | |||||||||||||||||||||||
| Granted | |||||||||||||||||||||||
| Vested/exercised (a) | ( | ( | |||||||||||||||||||||
| Forfeited/expired | ( | ( | |||||||||||||||||||||
| Antidilution adjustment (b) | — | n/m | |||||||||||||||||||||
| Outstanding at September 30, 2026 | $ | $ | |||||||||||||||||||||
_______________________________________________________________
n/m = Not meaningful
(a)Stock options exercised included 569,301 options that were not converted into shares due to net share settlements to cover the aggregate exercise price and employee withholding taxes.
(b)As a result of the special dividend paid in February 2026, all outstanding stock option awards were adjusted to decrease the exercise price of the options and increase the number of shares issuable under the awards pursuant to an antidilution provision in the Equity Incentive Plan.
On September 9, 2026, the Company awarded shares of Class A common stock with an aggregate grant date fair value of $72.4 million to substantially all of its full-time and part-time employees in commemoration of the Company’s 50th anniversary. The awards were fully vested upon issuance, and the Company immediately recognized $79.1 million in expense comprising the fair value of the awards and the related payroll tax expense.
The Company recognized share-based compensation expense of $89.8 million and $107.4 million for the three and nine months ended September 30, 2026, respectively and $7.3 million and $23.7 million for the three and nine months ended September 30, 2025, respectively. At September 30, 2026, unrecognized share-based compensation cost was $113.0 million, which is expected to be recognized over a weighted-average period of 3.2 years.
10. Income Taxes
Red Rock is a corporation and pays corporate federal, state and local taxes on its income, primarily pass-through income from Station Holdco based upon Red Rock’s economic interest held in Station Holdco. Station Holdco is a partnership for income tax reporting purposes. Station Holdco’s members, including the Company, are liable for federal, state and local income taxes based on their respective share of Station Holdco’s pass-through taxable income.
The Company’s effective tax rate for the three and nine months ended September 30, 2026 was 6.6 % and 15.2 %, respectively, as compared to 7.9 % and 11.5 % for the three and nine months ended September 30, 2025. The Company’s effective tax rate for the three and nine months ended September 30, 2026 differs from the 21 % statutory rate primarily because its effective tax rate includes a rate benefit attributable to the fact that Station Holdco operates as a limited liability company, which is not subject to federal income tax. Accordingly, the Company is not taxed on the portion of Station Holdco’s income attributable to noncontrolling interests. Additionally, the effective tax rate is impacted by the permanent tax adjustments.
As a result of the Company’s 2016 initial public offering (“IPO”) and certain reorganization transactions, the Company recorded a net deferred tax asset resulting from the outside basis difference of its interest in Station Holdco. The Company also recorded a deferred tax asset for its liability related to payments to be made pursuant to the tax receivable agreement (“TRA”) representing 85 % of the tax savings the Company expects to realize from the amortization deductions associated with the step-up in the basis of depreciable assets under Section 754 of the Internal Revenue Code. This deferred tax asset will be recovered
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
as cash payments are made to the TRA participants. In addition, the Company has recorded deferred tax assets related to net operating losses and other tax attributes, as applicable.
Under the 2017 U.S. federal tax year examination, the Internal Revenue Service (“IRS”) previously issued a Notice of Proposed Adjustment in relation to the 2017 land lease deduction. During 2024, the Company came to a final agreement with the IRS on the 2017 federal tax year examination and made a deposit equal to what the Company expected to owe. During 2025, final determinations with respect to the deposits were received from the IRS, and immaterial differences were recorded through the provision for income taxes. No net liability remains on the balance sheet.
Tax Receivable Agreement
In connection with the IPO, the Company entered into the TRA with certain owners who held LLC Units prior to the IPO. In the event that such parties exchange any or all of their LLC Units for Class A common stock or cash, at the election of the Company, the TRA requires the Company to make payments to such holders for 85 % of the tax benefits realized by the Company as a result of such exchange. The Company expects to realize these tax benefits based on current projections of taxable income. The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits.
At September 30, 2026 and December 31, 2025, the Company’s liability under the TRA was $19.4 million and $20.6 million, respectively, of which $4.9 million and $5.2 million, respectively, was payable to Fertitta Family Entities. For the nine months ended September 30, 2025, an exchange of LLC Units resulted in an increase in the amount payable under the TRA liability of $1.3 million, which was recorded through stockholders’ equity. No LLC Units were exchanged during the nine months ended September 30, 2026. During the nine months ended September 30, 2026, the Company made payments on the TRA liability of $1.2 million and expects to pay $1.2 million of the TRA liability within the next twelve months.
The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates each year and the tax rate then applicable. The payment obligations under the TRA are Red Rock’s obligations and are not obligations of Station Holdco or Station LLC. Payments are generally due within a specified period of time following the filing of the Company’s annual tax return and interest on such payments will accrue from the original due date (without extensions) of the income tax return until the date paid. Payments not made within the required period after the filing of the income tax return generally accrue interest.
The TRA will remain in effect until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the TRA. The TRA will also terminate if the Company breaches its obligations under the TRA or upon certain mergers, asset sales or other forms of business combinations, or other changes of control. If the Company exercises its right to terminate the TRA, or if the TRA is terminated early in accordance with its terms, the Company’s payment obligations would be accelerated based upon certain assumptions, including the assumption that the Company would have sufficient future taxable income to utilize such tax benefits, and may substantially exceed the actual benefits, if any, the Company realizes in respect of the tax attributes subject to the TRA.
11. (Loss) Earnings Per Share
Basic (loss) earnings per share is calculated by dividing net (loss) income attributable to Red Rock by the weighted-average number of shares of Class A common stock outstanding during the period. The calculation of diluted earnings per share gives effect to all potentially dilutive shares, including shares issuable pursuant to outstanding stock options and nonvested restricted shares of Class A common stock, based on the application of the treasury stock method, and outstanding Class B common stock that is exchangeable, along with an equal number of LLC Units, for Class A common stock, based on the application of the if-converted method. For the three months ended September 30, 2026, the Company incurred a net loss. As a result, all potentially dilutive securities have been excluded from the calculation of diluted loss per share because their inclusion would have been antidilutive. Dilutive shares included in the calculation of diluted earnings per share for the nine months ended September 30, 2026, represented nonvested restricted shares of Class A common stock and outstanding stock options. Dilutive shares included in the calculation of diluted earnings per share for the three and nine months ended September 30, 2025, represented outstanding shares of Class B common stock, nonvested restricted shares of Class A common stock and outstanding
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
stock options. All other potentially dilutive securities have been excluded from the calculation of diluted earnings per share because their inclusion would have been antidilutive.
A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share is presented below (amounts in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | ( | $ | $ | $ | ||||||||||||||||||
| Less: net loss (income) attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||
| Net (loss) income attributable to Red Rock, basic | ( | ||||||||||||||||||||||
| Effect of dilutive securities | |||||||||||||||||||||||
| Net (loss) income attributable to Red Rock, diluted | $ | ( | $ | $ | $ | ||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Weighted average shares of Class A common stock outstanding, basic | |||||||||||||||||||||||
| Effect of dilutive securities | |||||||||||||||||||||||
| Weighted average shares of Class A common stock outstanding, diluted | |||||||||||||||||||||||
The calculation of diluted earnings per share of Class A common stock excluded the following potentially dilutive securities that were outstanding at September 30, 2026 and 2025, respectively, because their inclusion would have been antidilutive (amounts in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Shares of Class B common stock and LLC Units exchangeable for Class A common stock | |||||||||||||||||||||||
| Stock options | |||||||||||||||||||||||
| Unvested restricted shares of Class A common stock | |||||||||||||||||||||||
Shares of Class B common stock are not entitled to share in the earnings of the Company and are not participating securities. Accordingly, earnings per share of Class B common stock under the two-class method has not been presented.
12. Finance Leases
In March 2026, the Company entered into a new finance lease agreement for certain equipment used in its operations. The lease commenced on March 1, 2026 and has a term of five years . The fixed monthly payment for the finance lease is $0.3 million. The lease does not contain purchase options or residual value guarantees and does not contain significant restrictions or covenants.
Upon commencement of the lease, the Company recognized a finance lease ROU asset and corresponding finance lease liability of $14.9 million, representing the present value of future lease payments discounted at the Company’s incremental borrowing rate of 5.74 %. At September 30, 2026, the carrying amount of the new finance lease ROU asset was $13.2 million and the carrying amount of the finance lease liability was $13.7 million, of which $2.7 million is classified as current. At September 30, 2026, the new finance lease has a weighted-average remaining lease term of 4.4 years.
In August 2026, the Company entered into a new finance lease agreement for certain equipment used in its operations. The lease commenced on August 1, 2026 and has a term of four years . The fixed monthly payment for the finance lease is $0.2 million. The lease does not contain purchase options or residual value guarantees and does not contain significant restrictions or covenants.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Upon commencement of the lease, the Company recognized a finance lease ROU asset and corresponding finance lease liability of $10.5 million, representing the present value of future lease payments discounted at the Company’s incremental borrowing rate of 6.215 %. At September 30, 2026, the carrying amount of the new finance lease ROU asset was $10.0 million and the carrying amount of the finance lease liability was $10.3 million, of which $2.4 million is classified as current. At September 30, 2026, the new finance lease has a weighted-average remaining lease term of 3.8 years.
The components of finance lease expense and supplemental cash flow information related to finance leases under which the Company is the lessee was as follows (amounts in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Finance lease expense: | |||||||||||||||||||||||
| Amortization of finance lease right-of use assets | $ | $ | $ | $ | |||||||||||||||||||
| Finance lease interest costs | |||||||||||||||||||||||
| Total finance lease expense | $ | $ | $ | $ | |||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash paid for amounts included in the measurement of finance lease liabilities: | |||||||||||
| Operating cash flows from finance leases | $ | $ | |||||||||
| Financing cash flows from finance leases | $ | $ | |||||||||
| Right-of-use assets obtained in exchange for new finance lease liabilities | $ | $ | |||||||||
Supplemental other information related to finance leases under which the Company is the lessee was as follows:
| September 30, 2026 | December 31, 2025 | ||||||||||
| Weighted-average remaining lease term (years) | |||||||||||
| Weighted-average discount rate | % | % | |||||||||
Future minimum lease payments required under finance leases as of September 30, 2026 are as follows (amounts in thousands):
| Year Ending December 31, | |||||
| 2026 | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| Thereafter | |||||
| Total future finance lease payments | |||||
| Less imputed interest | ( | ||||
| Total finance lease liabilities | $ | ||||
13. Commitments and Contingencies
The Company and its subsidiaries are defendants in various lawsuits relating to routine matters incidental to their business. No assurance can be provided as to the outcome of any legal matters and litigation inherently involves significant risks. The Company does not believe there are any legal matters outstanding that would have a material impact on its financial condition or results of operations.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
14. Segments
The Company views each of its Las Vegas casino properties and each of its Native American arrangements as an individual operating segment. The Company aggregates all of its Las Vegas properties into one reportable segment because all of the properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing techniques, are directed by a centralized management structure and have similar economic characteristics. The Company also aggregates its Native American arrangements into one reportable segment.
The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company utilizes adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as its primary performance measure. The CODM uses Adjusted EBITDA to evaluate segment performance and make decisions about allocating resources.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The Company’s segment information and a reconciliation of Adjusted EBITDA to net (loss) income are presented below (amounts in thousands):
| Three Months Ended September 30, 2026 | |||||||||||||||||
| Las Vegas operations | Native American | Total | |||||||||||||||
| Net revenues | |||||||||||||||||
| Casino | $ | $ | $ | ||||||||||||||
| Food and beverage | |||||||||||||||||
| Room | |||||||||||||||||
| Native American management and development fees | |||||||||||||||||
| Other (a) | |||||||||||||||||
| Segment net revenues | |||||||||||||||||
| Corporate and other revenues (b) | |||||||||||||||||
| Net revenues | $ | ||||||||||||||||
| Less: | |||||||||||||||||
| Payroll and related | |||||||||||||||||
| Cost of sales (c) | |||||||||||||||||
| Gaming taxes | |||||||||||||||||
| Other segment expenses (d) | |||||||||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||
| Corporate and other Adjusted EBITDA (e) | ( | ||||||||||||||||
| Adjusted EBITDA (f) | $ | ||||||||||||||||
| Adjustments and other reconciling items | |||||||||||||||||
| Depreciation and amortization | $ | ||||||||||||||||
| Share-based compensation (g) | |||||||||||||||||
| Write-downs and other, net | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| Change in fair value of derivative instruments | ( | ||||||||||||||||
| Benefit for income tax | ( | ||||||||||||||||
| Net loss | $ | ( | |||||||||||||||
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. For the three months ended September 30, 2026, tenant lease revenue was $8.2 million. Tenant lease revenue is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Operations.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses, including $5.8 million in other 50th anniversary expenses.
(f)Adjusted EBITDA includes net loss 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 benefit for income tax.
(g)Includes $79.1 million in one-time nonrecurring expenses associated with the Company’s 50th anniversary.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
| Three Months Ended September 30, 2025 | |||||||||||||||||
| Las Vegas operations | Native American | Total | |||||||||||||||
| Net revenues | |||||||||||||||||
| Casino | $ | $ | $ | ||||||||||||||
| Food and beverage | |||||||||||||||||
| Room | |||||||||||||||||
| Native American management and development fees | |||||||||||||||||
| Other (a) | |||||||||||||||||
| Segment net revenues | |||||||||||||||||
| Corporate and other revenues (b) | |||||||||||||||||
| Net revenues | $ | ||||||||||||||||
| Less: | |||||||||||||||||
| Payroll and related | |||||||||||||||||
| Cost of sales (c) | |||||||||||||||||
| Gaming taxes | |||||||||||||||||
| Other segment expenses (d) | |||||||||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||
| Corporate and other Adjusted EBITDA (e) | ( | ||||||||||||||||
| Adjusted EBITDA (f) | $ | ||||||||||||||||
| Adjustments and other reconciling items | |||||||||||||||||
| Depreciation and amortization | $ | ||||||||||||||||
| Share-based compensation | |||||||||||||||||
| Write-downs and other, net | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| Change in fair value of derivative instruments | ( | ||||||||||||||||
| Provision for income tax | |||||||||||||||||
| Net income | $ | ||||||||||||||||
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. For the three months ended September 30, 2025, tenant lease revenue was $7.3 million. Tenant lease revenue is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Operations.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
(f)Adjusted EBITDA 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.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
| Nine Months Ended September 30, 2026 | |||||||||||||||||
| Las Vegas operations | Native American | Total | |||||||||||||||
| Net revenues | |||||||||||||||||
| Casino | $ | $ | $ | ||||||||||||||
| Food and beverage | |||||||||||||||||
| Room | |||||||||||||||||
| Native American management and development fees | |||||||||||||||||
| Other (a) | |||||||||||||||||
| Segment net revenues | |||||||||||||||||
| Corporate and other revenues (b) | |||||||||||||||||
| Net revenues | $ | ||||||||||||||||
| Less: | |||||||||||||||||
| Payroll and related | |||||||||||||||||
| Cost of sales (c) | |||||||||||||||||
| Gaming taxes | |||||||||||||||||
| Other segment expenses (d) | |||||||||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||
| Corporate and other Adjusted EBITDA (e) | ( | ||||||||||||||||
| Adjusted EBITDA (f) | $ | ||||||||||||||||
| Adjustments and other reconciling items | |||||||||||||||||
| Depreciation and amortization | $ | ||||||||||||||||
| Share-based compensation (g) | |||||||||||||||||
| Write-downs and other, net | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| Change in fair value of derivative instruments | ( | ||||||||||||||||
| Provision for income tax | |||||||||||||||||
| Net income | $ | ||||||||||||||||
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. For the nine months ended September 30, 2026, tenant lease revenue was $23.8 million. Tenant lease revenue is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Operations.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses, including $5.8 million in other 50th anniversary expenses.
(f)Adjusted EBITDA 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, contract termination and non-routine items), interest expense, net, change in fair value of derivative instruments and provision for income tax.
(g)Includes $79.1 million in one-time nonrecurring expenses associated with the Company’s 50th anniversary.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
| Nine Months Ended September 30, 2025 | |||||||||||||||||
| Las Vegas operations | Native American | Total | |||||||||||||||
| Net revenues | |||||||||||||||||
| Casino | $ | $ | $ | ||||||||||||||
| Food and beverage | |||||||||||||||||
| Room | |||||||||||||||||
| Native American management and development fees | |||||||||||||||||
| Other (a) | |||||||||||||||||
| Segment net revenues | |||||||||||||||||
| Corporate and other revenues (b) | |||||||||||||||||
| Net revenues | $ | ||||||||||||||||
| Less: | |||||||||||||||||
| Payroll and related | |||||||||||||||||
| Cost of sales (c) | |||||||||||||||||
| Gaming taxes | |||||||||||||||||
| Other segment expenses (d) | |||||||||||||||||
| Segment Adjusted EBITDA | |||||||||||||||||
| Corporate and other Adjusted EBITDA (e) | ( | ||||||||||||||||
| Adjusted EBITDA (f) | $ | ||||||||||||||||
| Adjustments and other reconciling items | |||||||||||||||||
| Depreciation and amortization | $ | ||||||||||||||||
| Share-based compensation | |||||||||||||||||
| Write-downs and other, net | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| Change in fair value of derivative instruments | |||||||||||||||||
| Gain on Native American development | ( | ||||||||||||||||
| Provision for income tax | |||||||||||||||||
| Net income | $ | ||||||||||||||||
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. For the nine months ended September 30, 2025, tenant lease revenue was $22.1 million. Tenant lease revenue is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Operations.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
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RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The Company’s total assets for its two reportable segments and Corporate and other are presented in the table below (amounts in thousands):
| September 30, 2026 | December 31, 2025 | ||||||||||
| Total assets | |||||||||||
| Las Vegas operations | $ | $ | |||||||||
| Native American | |||||||||||
| Corporate and other | |||||||||||
| $ | $ | ||||||||||
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Item 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following Management’s Discussion and Analysis of the Financial Condition and Results of Operations (the “MD&A”) of Red Rock Resorts, Inc. (“we,” “our,” “us,” “Red Rock” or the “Company”) is intended to help the reader understand the Company’s financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and related notes (the “Condensed Consolidated Financial Statements”) included in Part I, Item 1 of this Quarterly Report on Form 10-Q, and with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Overview
Red Rock was formed as a Delaware corporation in 2015 to own an indirect equity interest in and manage Station Casinos LLC (“Station LLC”), a Nevada limited liability company. Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming and entertainment facilities and 17 smaller gaming properties (three of which are 50% owned) in the Las Vegas regional market. Station LLC also manages North Fork Mono Casino in Madera County, California, which opened on October 27, 2026, on behalf of a Native American tribe.
We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability company interests in Station Holdco LLC (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At September 30, 2026, we held 59% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC, and conduct all of our operations through these entities. Other than assets and liabilities related to income taxes and the tax receivable agreement, our only material assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC.
Our Condensed Consolidated Financial Statements reflect the consolidation of Station LLC and its consolidated subsidiaries, and Station Holdco. The financial position and results of operations attributable to LLC Units we do not own are reported separately as noncontrolling interest.
Our principal source of revenue and operating income is gaming. Our non-gaming offerings include restaurants, hotels and other entertainment amenities. Approximately 80% of our casino revenue is generated from slot play. The majority of our revenue is cash-based and as a result, fluctuations in our revenues have a direct impact on our cash flows from operations. Because our business is capital intensive, we rely heavily on the ability of our properties to generate operating cash flow to repay debt financing and fund capital expenditures.
A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. In September 2026, the unemployment rate in the Las Vegas metropolitan area was 4.8% as compared to 5.7% in September 2025. Statewide, the unemployment rate for September 2026 was 4.7% as compared to 5.3% in September 2025. In September 2026, the median price of an existing single-family home in Las Vegas according to the Las Vegas Realtors® was $470,000, the same median price as September 2025. Given the ongoing economic uncertainty driven by inflation, heightened interest rates, increased geo-political and regional uncertainty and conflicts, and the current administration’s approach to regulation and oversight, it is difficult to predict whether the trends in unemployment or housing prices in the Las Vegas area will continue.
We have continued to experience favorable customer trends in carded slot play, spend per visit and net theoretical win across the majority of our properties. These trends, in combination with our operational discipline and our focus on our core local guests, as well as regional and out of town guests, continued to drive strong operating results in 2026. However, we cannot predict whether these trends will continue, nor can we predict the extent to which impacts of inflation, interest rate fluctuations and other economic uncertainties may affect our business in the future.
Information about our results of operations is included herein and in the notes to our Condensed Consolidated Financial Statements.
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Key Performance Indicators
We use certain key indicators to measure our performance.
Gaming revenue measures:
•Slot handle, table game drop and race and sports write are measures of volume. Slot handle represents the dollar amount wagered in slot machines, and table game drop represents the total amount of cash and net markers issued that are deposited in table game drop boxes.
•Win represents the amount of wagers retained by us.
•Hold represents win as a percentage of slot handle, table game drop or race and sports write.
As our customers are primarily Las Vegas residents, our hold percentages are generally consistent from period to period. Fluctuations in our casino revenue are primarily due to the volume and spending levels of customers at our properties.
Food and beverage revenue measures:
•Average guest check is a measure of food sales volume and product offerings at our restaurants, and represents the average amount spent per customer visit.
•Number of guests served is an indicator of volume.
Room revenue measures:
•Occupancy is calculated by dividing occupied rooms, including complimentary rooms, by rooms available.
•Average daily rate (“ADR”) is calculated by dividing room revenue, which includes the retail value of complimentary rooms, by rooms occupied, including complimentary rooms.
•Revenue per available room is calculated by dividing room revenue by rooms available.
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Results of Operations
Information about our results of operations is presented below (amounts in thousands):
| Three Months Ended September 30, | Percent change | Nine Months Ended September 30, | Percent change | ||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Net revenues | $ | 488,701 | $ | 475,572 | 2.8 | % | $ | 1,506,282 | $ | 1,499,706 | 0.4 | % | |||||||||||||||||||||||
| Operating income | 26,668 | 131,484 | (79.7) | % | 306,340 | 453,865 | (32.5) | % | |||||||||||||||||||||||||||
| Casino revenues | 323,854 | 319,490 | 1.4 | % | 1,002,681 | 997,531 | 0.5 | % | |||||||||||||||||||||||||||
| Casino expenses | 115,550 | 83,263 | 38.8 | % | 297,019 | 266,538 | 11.4 | % | |||||||||||||||||||||||||||
| Margin | 64.3 | % | 73.9 | % | 70.4 | % | 73.3 | % | |||||||||||||||||||||||||||
| Food and beverage revenues | 88,248 | 85,523 | 3.2 | % | 271,604 | 269,169 | 0.9 | % | |||||||||||||||||||||||||||
| Food and beverage expenses | 102,753 | 72,989 | 40.8 | % | 255,639 | 222,644 | 14.8 | % | |||||||||||||||||||||||||||
| Margin | (16.4) | % | 14.7 | % | 5.9 | % | 17.3 | % | |||||||||||||||||||||||||||
| Room revenues | 42,816 | 41,568 | 3.0 | % | 134,988 | 142,925 | (5.6) | % | |||||||||||||||||||||||||||
| Room expenses | 21,777 | 15,557 | 40.0 | % | 53,226 | 47,487 | 12.1 | % | |||||||||||||||||||||||||||
| Margin | 49.1 | % | 62.6 | % | 60.6 | % | 66.8 | % | |||||||||||||||||||||||||||
| Other revenues | 27,592 | 25,097 | 9.9 | % | 82,275 | 76,179 | 8.0 | % | |||||||||||||||||||||||||||
| Other expenses | 10,354 | 8,014 | 29.2 | % | 28,037 | 23,776 | 17.9 | % | |||||||||||||||||||||||||||
| Native American management and development fees | 6,191 | 3,894 | 59.0 | % | 14,734 | 13,902 | 6.0 | % | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | 146,228 | 112,853 | 29.6 | % | 378,521 | 329,595 | 14.8 | % | |||||||||||||||||||||||||||
| Percent of net revenues | 29.9 | % | 23.7 | % | 25.1 | % | 22.0 | % | |||||||||||||||||||||||||||
| Depreciation and amortization | 62,673 | 48,976 | 28.0 | % | 177,513 | 145,295 | 22.2 | % | |||||||||||||||||||||||||||
| Write-downs and other, net | 2,698 | 2,436 | n/m | 9,987 | 10,506 | n/m | |||||||||||||||||||||||||||||
| Interest expense, net | 50,894 | 50,486 | 0.8 | % | 150,043 | 152,228 | (1.4) | % | |||||||||||||||||||||||||||
| Change in fair value of derivative instruments | 4,505 | 1,846 | n/m | 8,558 | (5,653) | n/m | |||||||||||||||||||||||||||||
| Gain on Native American development | — | — | n/m | — | 8,476 | n/m | |||||||||||||||||||||||||||||
| Net (loss) income attributable to noncontrolling interests | (7,820) | 34,626 | (122.6) | % | 69,485 | 127,676 | (45.6) | % | |||||||||||||||||||||||||||
| (Benefit) provision for income tax | (1,246) | 6,619 | (118.8) | % | 25,362 | 35,354 | (28.3) | % | |||||||||||||||||||||||||||
| Net (loss) income attributable to Red Rock | (9,918) | 42,254 | (123.5) | % | 72,089 | 143,407 | (49.7) | % | |||||||||||||||||||||||||||
_______________________________________________________________
n/m = Not meaningful
We view each of our Las Vegas casino properties as an individual operating segment. We aggregate all of our Las Vegas operating segments into one reportable segment because all of our Las Vegas properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing programs, are directed by a centralized management structure and have similar economic characteristics. We also aggregate our Native American
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arrangements into one reportable segment. The results of operations for our Native American segment are discussed in the section entitled “Native American Management and Development Fees” and “Gain on Native American Development” below. The results for our Las Vegas operations are discussed in the remaining sections below.
Net Revenues. Net revenues for the three months ended September 30, 2026 were $488.7 million, an increase of 2.8% as compared to $475.6 million for the prior year period. For the nine months ended September 30, 2026, net revenues were $1.5 billion, remaining consistent as compared to the prior year period. For the three months ended September 30, 2026, our casino, food and beverage, room and other revenues increased by 1.4%, 3.2%, 3.0% and 9.9%, respectively, as compared to the same quarter in 2025. For the nine months ended September 30, 2026, our other revenues increased by 8.0%, while our casino and food and beverage revenues remained consistent and our room revenues decreased by 5.6%, all as compared to the prior year period. Certain of our properties experienced construction disruption associated with renovations and build out of new amenities. In addition, our Native American management and development fees revenue for the three months ended September 30, 2026, were $6.2 million, an increase of 59.0% as compared to $3.9 million for the prior year period. For the nine months ended September 30, 2026, we recognized Native American management and development fees revenue of $14.7 million, an increase of 6.0% as compared to $13.9 million for the prior year period which included a $6.1 million cumulative revenue catch-up related to prior years. Our Native American management and development fees revenue represents fees earned from our agreements with a Native American tribe to develop and manage the North Fork Project.
Operating Income. Our operating income for the three and nine months ended September 30, 2026 was impacted by $79.1 million in one-time nonrecurring share-based compensation expense related to our 50th anniversary employee stock awards. For the three and nine months ended September 30, 2026, our operating income was $26.7 million and $306.3 million, respectively. For the three and nine months ended September 30, 2025, our operating income was $131.5 million and $453.9 million, respectively. Additional information about factors impacting our operating income is included below.
Casino. Casino revenues increased by 1.4% for the three months ended September 30, 2026, and were consistent for the nine months ended September 30, 2026, as compared to the same periods in the prior year. For the three months ended September 30, 2026 as compared to the prior year period, our slot handle, table games drop and race and sports write increased by 1.9%, 7.6% and 8.5%, respectively. For the nine months ended September 30, 2026 as compared to the prior year period, our table games drop and race and sports write increased by 1.3% and 2.1%, respectively, while our slot handle remained consistent. For the three months ended September 30, 2026 our slot and race and sports hold remained consistent, while our table games hold decreased 2.0%, all as compared to the prior year period. In addition, for the nine months ended September 30, 2026, our slot hold and race and sports hold were consistent, while our table games hold decreased by 2.2%, all as compared to the prior year period. Casino expenses for the three and nine months ended September 30, 2026 as compared to the prior year periods, increased by 38.8% and 11.4%, respectively, primarily due to $26.0 million in share-based compensation expense related to our 50th anniversary employee stock awards, partially offset by lower participation fees as a result of our finance leases.
Food and Beverage. Food and beverage includes revenues and expenses from our restaurants, bars and catering. For the three months ended September 30, 2026, food and beverage revenues increased by 3.2% as compared to the same period in the prior year, primarily due to an increase in food and beverage sales. For the nine months ended September 30, 2026, food and beverage revenues were consistent as compared to the prior year period. For the three months ended September 30, 2026, the number of restaurant guests served increased by 4.0%, while the average guest check increased by 1.7% as compared to the prior year period. For the nine months ended September 30, 2026, the number of restaurant guests served was consistent, while the average guest check increased 2.0% as compared to the prior year period. Food and beverage expenses for three and nine months ended September 30, 2026 increased by 40.8% and 14.8%, respectively, as compared to the prior year periods, primarily due to $26.3 million in share-based compensation expense related to our 50th anniversary employee stock awards.
Room. For the three months ended September 30, 2026, room revenue increased by 3.0% as compared to the prior year period. For the nine months ended September 30, 2026, room revenues decreased by 5.6% as compared to the prior year period, primarily due to hotel renovations at Green Valley Ranch, which are now substantially complete. Room expenses for the three and nine months ended September 30, 2026 increased by 40.0% and 12.1%, respectively, as compared to the prior year periods, primarily due to $5.9 million in share-based compensation expense related to our 50th anniversary employee stock awards.
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Information about our hotel operations is presented below:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Occupancy | 84.0 | % | 88.0 | % | 88.1 | % | 90.0 | % | |||||||||||||||
| Average daily rate | $ | 185.12 | $ | 179.71 | $ | 196.07 | $ | 194.72 | |||||||||||||||
| Revenue per available room | $ | 155.48 | $ | 158.20 | $ | 172.79 | $ | 175.15 | |||||||||||||||
For the three months ended September 30, 2026, our ADR improved by 3.0% while our revenue per available room decreased by 1.7%, all as compared to the prior year period. For the nine months ended September 30, 2026, our ADR remained consistent while our revenue per available room decreased by 1.3%, all as compared to the prior year period. For the three and nine months ended September 30, 2026, our occupancy rate decreased by 4.0 and 1.9 percentage points, respectively, as compared to the prior year periods.
Native American Management and Development Fees. Native American management and development fees revenue represents fees earned from our management and development agreements with the North Fork Rancheria of Mono Indians (the “Mono”). Under the terms of our development agreement, we are entitled to receive a development fee of 4% of the costs of construction for our development services related to the North Fork Project. In April 2025 the Mono completed its construction financing and we concluded that collection of this development fee was reasonably certain as this fee is stipulated as a permissible use of funds under the loan agreement. Development fees revenue for the three and nine months ended September 30, 2026 was $5.1 million and $10.8 million, respectively. For the three months ended September 30, 2025, development fees revenue was $3.9 million. For the nine months ended September 30, 2025, development fees revenue was $13.9 million, which included a $6.1 million cumulative revenue catch-up related to prior years. For the three and nine months ended September 30, 2026, we recorded $1.1 million and $3.9 million, respectively, of management fees revenue related to reimbursable costs incurred under the management agreement with the Mono. Reimbursable costs represent amounts received or due under our management agreement with the Mono for the reimbursement of expenses, primarily payroll costs, that we incur on their behalf. Additional information about our Native American development is included in Note 3 to the Condensed Consolidated Financial Statements.
Other. Other primarily represents revenues from tenant leases, retail outlets, bowling, spas and entertainment, and their corresponding expenses. For the three and nine months ended September 30, 2026, other revenues increased by 9.9% and 8.0%, respectively, as compared to the prior year periods, primarily driven by tenant lease revenue and entertainment revenue. For the three and nine months ended September 30, 2026, other expenses increased by 29.2% and 17.9%, respectively, as compared to the prior year periods, primarily due to $1.3 million in share-based compensation expense related to our 50th anniversary employee stock awards and higher entertainer fees.
Selling, General and Administrative (“SG&A”). For the three and nine months ended September 30, 2026, SG&A expenses increased by 29.6% to $146.2 million and 14.8% to $378.5 million, respectively, as compared to the prior year periods. The increase in SG&A expenses was primarily due to $19.6 million in share-based compensation expense related to our 50th anniversary employee stock awards and $5.8 million in other 50th anniversary expenses. As a percentage of net revenue, SG&A expenses for the three and nine months ended September 30, 2026 increased by 6.2% and 3.1%, respectively, as compared to the prior year periods.
Depreciation and Amortization. For the three and nine months ended September 30, 2026, depreciation and amortization expense increased by 28.0% and 22.2%, respectively, as compared to the prior year periods, primarily due to new assets placed in service.
Write-downs and Other, net. For the three and nine months ended September 30, 2026, write-downs and other, net totaled $2.7 million and $10.0 million, respectively, primarily comprising development and preopening expenses, business innovations development expenses, loss on asset disposals and special event expenses related to our 50th anniversary celebrations. For the three and nine months ended September 30, 2025, write-downs and other, net totaled $2.4 million and $10.5 million, respectively, primarily comprising development and preopening expenses and business innovation development expenses.
Interest Expense, net. Interest expense, net was $50.9 million for the three months ended September 30, 2026, as compared to $50.5 million for the same period in 2025. Interest expense, net decreased to $150.0 million for the nine months ended September 30, 2026, as compared to $152.2 million for the same period in 2025, primarily due to lower interest rates
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during the first half of 2026 compared to the prior year. Additional information about our long-term debt is included in Note 5 to the Condensed Consolidated Financial Statements.
Change in Fair Value of Derivative Instruments. For the three and nine months ended September 30, 2026, we recognized net gains of $4.5 million and $8.6 million, respectively, in change in the fair value of our interest rate collars, primarily due to upward movements in the forward interest rate curve. For the three months ended September 30, 2025, we recognized net gains of $1.8 million in change in fair value of our interest rate collars, primarily due to upward movements in the forward interest rate curve. For the nine months ended September 30, 2025, we recognized net losses of $5.7 million in change in the fair value of our interest rate collars, primarily due to downward movements in the forward interest rate curve.
Gain on Native American Development. In April 2025 we arranged the financing for the ongoing development costs and construction of the facility related to the North Fork Project. In connection with the financing, the carrying amount of our reimbursable advances to the Mono was repaid. For the nine months ended September 30, 2025 we recognized a gain on Native American development of $8.5 million, representing the excess of proceeds received over the carrying amount of the reimbursable advances. Additional information about our Native American development is included in Note 3 to the Condensed Consolidated Financial Statements.
(Benefit) Provision for Income Tax. For the three months ended September 30, 2026, we recognized a benefit for income tax of $1.2 million. For the nine months ended September 30, 2026, we recognized a provision for income tax of $25.4 million. Station Holdco is treated as a partnership for income tax reporting purposes and Station Holdco’s members are liable for federal, state and local income taxes based on their share of Station Holdco’s taxable income. We are not liable for income tax on the noncontrolling interests’ share of Station Holdco’s taxable income or benefit from a taxable loss, and therefore our effective tax rate of 6.6% and 15.2% for the three and nine months ended September 30, 2026, respectively, was less than the statutory rate. Additionally, our effective tax rate is impacted by the permanent tax adjustments. We recognized income tax expense of $6.6 million and $35.4 million for the three and nine months ended September 30, 2025, respectively.
Net (Loss) Income Attributable to Noncontrolling Interests. Net (loss) income attributable to noncontrolling interests for the three and nine months ended September 30, 2026 and 2025 represented the portion of net (loss) income attributable to the ownership interest in Station Holdco not held by us.
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Adjusted EBITDA
Adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025 for our two reportable segments and a reconciliation of net (loss) income to Adjusted EBITDA are presented below (amounts in thousands). The Las Vegas operations segment includes all of our Las Vegas casino properties and the Native American segment includes our Native American arrangements.
| 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 | |||||||||||||||
The year-over-year changes in Adjusted EBITDA were due to the factors described within Results of Operations above.
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 (loss) 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.
To evaluate Adjusted EBITDA and the trends it depicts, the components should be considered. Each of these components can significantly affect our results of operations and should be considered in evaluating our operating performance, and the impact of these components cannot be determined from Adjusted EBITDA. Adjusted EBITDA does not represent net (loss) income or cash flows from operating, investing or financing activities as defined by GAAP and should not be considered as an alternative to net (loss) income as an indicator of our operating performance. Additionally, Adjusted EBITDA does not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. It should be noted that not all gaming companies that report EBITDA or adjustments to this measure may calculate EBITDA or such adjustments in the same manner as we do, and therefore, our measure of Adjusted EBITDA may not be comparable to similarly titled measures used by other gaming companies.
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Holding Company Financial Information
The indentures governing the 4.50% Senior Notes, 4.625% Senior Notes and 6.625% Senior Notes contain certain covenants that require Station LLC to furnish to the holders of the notes certain annual and quarterly financial information relating to Station LLC and its subsidiaries. The obligation to furnish such information may be satisfied by providing consolidated financial information of the Company along with additional disclosure explaining the differences between such information and the financial information of Station LLC and its subsidiaries on a standalone basis. The following financial information about the Company and its consolidated subsidiaries, exclusive of Station LLC and its subsidiaries (the “Holding Company”), is furnished to explain the differences between the financial information of the Holding Company and the financial information of Station LLC and its subsidiaries for the periods presented in this report. The primary differences between the financial information of the Holding Company and that of Station LLC relate to income taxes, the liability associated with the tax receivable agreement (“TRA”) and a note receivable from Station LLC.
At September 30, 2026, the difference between the balance sheet for Station LLC and its consolidated subsidiaries and the balance sheet for the Holding Company is that the Holding Company had cash of $2.1 million, $9.9 million in income tax receivable and $8.9 million of deferred tax assets, net, and liabilities that are solely the Holding Company’s, consisting of a $19.4 million liability under the TRA, of which $1.2 million is expected to be paid in the next twelve months and $5.2 million of other liabilities. At December 31, 2025, the Holding Company had cash of $2.6 million, $34.9 million of deferred tax assets, net, and a $25.6 million note receivable from Station LLC, which are solely assets of the Holding Company, and liabilities that are solely the Holding Company’s, consisting of $2.3 million in income tax payable, a $20.6 million liability under the TRA, of which $1.2 million was current and $5.4 million of other liabilities.
For the three months ended September 30, 2026, the Holding Company recognized net income of $1.3 million, primarily due to the benefit for income taxes. For the nine months ended September 30, 2026, the Holding Company recognized a net loss of $25.0 million, primarily due to the provision for income taxes. For the three and nine months ended September 30, 2025, the Holding Company recognized net losses of $6.0 million and $33.4 million, respectively, primarily due to the provision for income taxes.
Liquidity and Capital Resources
The following financial condition, capital resources and liquidity discussion contains certain forward-looking statements with respect to our business, financial condition, results of operations, dispositions, acquisitions, expansion projects and issuances of debt and equity, which involve risks and uncertainties that cannot be predicted or quantified, and consequently, actual results may differ materially from those expressed or implied herein. Such risks and uncertainties include, but are not limited to, the risks described in Item 1A—Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025.
At September 30, 2026, we had $128.3 million in cash and cash equivalents. Station LLC maintains its borrowing availability under its Revolving Credit Facility, subject to continued compliance with the terms of the credit facility. At September 30, 2026, Station LLC’s borrowing availability under the Revolving Credit Facility was $561.6 million, which was net of $490.0 million in outstanding borrowings and $48.4 million in outstanding letters of credit and similar obligations.
On October 21, 2026, Station LLC entered into an incremental joinder agreement to its senior secured credit agreement providing for $500.0 million in aggregate principal amount of incremental term B loans (the "Incremental Term B Loans"). The Incremental Term B Loans are fungible with, and have the same terms as, the Company's existing Term B Loans outstanding under its credit agreement, including as to maturity. The Incremental Term B Loans bear interest at SOFR plus 2.00% per annum. The Company used the proceeds from the Incremental Term B Loans to repay borrowings outstanding under its revolving credit facility, pay related fees and expenses and for general corporate purposes.
Our primary capital requirements for the near term are expected to be related to the operation and maintenance of our properties, debt service payments, dividends and distributions. Our anticipated uses of cash for the remainder of 2026 include (i) approximately $95 million to $115 million for capital expenditures, (ii) required principal and interest payments on Station LLC’s indebtedness totaling $4.3 million and $51.7 million, respectively, (iii) dividends to our Class A common stockholders, including approximately $15.5 million to be paid in December 2026, and (iv) distributions to noncontrolling interest holders of Station Holdco, including approximately $11.9 million to be paid in December 2026 and including “tax distributions” that may be made quarterly when required and in amounts that may vary from quarter to quarter. Other payment obligations include salaries, wages and employee benefits, service contracts, property taxes, insurance and other obligations.
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In April 2025, we received a partial repayment of $110.5 million on our advances and related accrued interest for the North Fork Project. The repayment was funded from the initial drawdown of term loans under the Mono’s $750 million credit facility for the project, which we assisted the tribe in obtaining pursuant to the Development Agreement. Repayment of the remaining amounts due on the advances is expected to come from the proceeds of the North Fork Project’s financing, from cash flows from the North Fork Project’s operations, or from a combination of both. In connection with the completion of the Mono’s credit facility, we entered into a completion guaranty and a subordination agreement in favor of the financing parties and released our existing security interests in the assets of the North Fork Project. Under the completion guaranty, we have agreed to make reimbursable interest-bearing advances to the Mono for completion of the project in the event that total project costs exceed the financing available under the Mono’s facility loan. Our commitment to make such advances is capped at $425 million. It is not probable that any such funding will be necessary to complete the project. On October 30, 2026 we collected approximately $26.0 million on our development fee receivable.
On October 27, 2025, our board of directors extended the expiration date of the equity repurchase program to December 31, 2027 and authorized the repurchase of an additional $300 million of Class A common stock, increasing the amount authorized for repurchases under the program to $900 million. We are not obligated to repurchase any shares under the program. Subject to applicable laws and the provisions of any agreements restricting our ability to do so, repurchases may be made at our discretion from time to time through open market purchases, negotiated transactions or tender offers, depending on market conditions and other factors. During the three and nine months ended September 30, 2026, we repurchased 468,342 and 1,103,999 shares, respectively, of our Class A common stock at a weighted average price per share of $56.94 and $58.89, respectively. At September 30, 2026, we had $459 million of remaining repurchases authorized under the program. From time to time, we may also seek to repurchase our outstanding indebtedness. Any such purchases may be funded by existing cash balances or the incurrence of debt, including borrowings under our credit facility. The amount and timing of any repurchases will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations.
In March 2026, we entered into a new finance lease agreement for certain equipment used in our operations. The new lease commenced on March 1, 2026 and has a term of five years. The fixed monthly payment for the finance lease is $0.3 million. At September 30, 2026, the carrying amount of the new finance lease ROU asset was $13.2 million and the carrying amount of the finance lease liabilities was $13.7 million, of which $2.7 million is classified as current.
In August 2026, we entered into a new finance lease agreement for certain equipment used in our operations. The new lease commenced on August 1, 2026 and has a term of four years. The fixed monthly payment for the finance lease is $0.2 million. At September 30, 2026, the carrying amount of the new finance lease ROU asset was $10.0 million and the carrying amount of the finance lease liability was $10.3 million, of which $2.4 million is classified as current.
We expect that cash on hand, cash generated from operations and borrowings available under the credit facility will be sufficient to fund our operations and capital requirements and service our outstanding indebtedness for the next twelve months. We regularly assess our projected cash requirements for capital expenditures, repayment of debt obligations, and payment of other general corporate and operational needs. In the long term, we expect that we will fund our capital requirements with a combination of cash generated from operations, borrowings under the credit facility and the issuance of debt or equity as market conditions may permit. However, our cash flow and ability to obtain debt or equity financing on terms that are satisfactory to us, or at all, may be affected by a variety of factors, including competition, general economic and business conditions and financial markets. As a result, we cannot provide any assurance that we will generate sufficient income and liquidity to meet all of our liquidity requirements or other obligations.
Following is a summary of our cash flow information (amounts in thousands):
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash provided by (used in): | |||||||||||
| Operating activities | $ | 429,176 | $ | 452,956 | |||||||
| Investing activities | (458,554) | (166,305) | |||||||||
| Financing activities | 15,252 | (321,274) | |||||||||
Cash Flows from Operations
Our operating cash flows primarily consist of operating income generated by our properties (excluding depreciation and other non-cash charges), interest and income tax payments, and changes in working capital accounts such as inventories,
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prepaid expenses, receivables and payables. The majority of our revenue is generated from our slot machine and table game play, which is conducted primarily on a cash basis. Our food and beverage, room and other revenues are also primarily cash-based. As a result, fluctuations in our revenues have a direct impact on our cash flow from operations.
For the nine months ended September 30, 2026, net cash provided by operating activities was $429.2 million as compared to $453.0 million for the prior year period. Cash flows from operating activities for the nine months ended September 30, 2026 and 2025 included $155.0 million and $160.7 million in interest payments, respectively. In addition, our operating cash flows for the nine months ended September 30, 2026 decreased as compared to the prior year period primarily due to changes in working capital accounts. Information about our operating activities is presented within Results of Operations above.
Cash Flows from Investing Activities
For the nine months ended September 30, 2026 and 2025, cash paid for capital expenditures totaled $456.1 million and $240.1 million, respectively. Capital expenditures for the nine months ended September 30, 2026 and 2025 were primarily related to various renovation and expansion projects, as well as entitlement work related to a development project. For the nine months ended September 30, 2025, we received $110.5 million in proceeds from the repayment of Native American development costs. In addition, for the nine months ended September 30, 2025, we paid $34.5 million for Native American development costs related to the North Fork Project.
Cash Flows from Financing Activities
During the nine months ended September 30, 2026, we increased our outstanding indebtedness by $323.2 million through borrowings under the existing revolving credit facility, paid $105.8 million in dividends to Class A common stockholders and $94.2 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $65.0 million for repurchases of our Class A common stock, $31.0 million related to tax withholding on share-based compensation and $9.6 million on our finance lease agreements.
During the nine months ended September 30, 2025, we paid $105.4 million in dividends to Class A common stockholders and $106.4 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $30.9 million for repurchases of our Class A common stock, $23.9 million related to tax withholding on share-based compensation, $5.6 million to a noncontrolling interest holder unaffiliated with Red Rock who exchanged 100,000 Class B shares and LLC Units for cash and reduced our outstanding indebtedness by $46.8 million.
Restrictive Covenants
The agreements governing our credit facility and the indentures governing our senior notes impose significant operating and financial restrictions on us, including certain limitations on our and our subsidiaries’ ability to, among other things, obtain additional debt or equity financing due to applicable financial and restrictive covenants in our debt agreements. The financial ratio covenants contained in the recent amendments to the Credit Agreement include a maximum Consolidated Senior Secured Net Leverage Ratio of 5.00 to 1.00. We believe that as of September 30, 2026, Station LLC was in compliance with the covenants contained in the credit facility and the indentures governing the senior notes.
As a result of these covenants and restrictions, we are limited in how we conduct our business and we may be unable to raise additional debt or equity financing to provide liquidity if changes in the economy, discretionary spending, consumer confidence or other external factors negatively affect our business. In addition, such covenants and restrictions may limit our ability to compete effectively or to take advantage of new business opportunities. Further, our ability to comply with covenants and restrictions contained in the agreements governing our indebtedness may be adversely affected by general economic conditions and industry conditions.
Failure to satisfy the covenants contained in the credit agreements, indentures or other agreements governing our indebtedness would require us to seek waivers or amendments of such covenants. There can be no assurance that we would be able to obtain required waivers or amendments, as such matters depend, in part, on factors outside of our control. If we fail to satisfy our covenants and are unable to obtain such waivers or amendments, our creditors could exercise remedies under the applicable documents governing such indebtedness, including acceleration of such indebtedness.
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Off-Balance Sheet Arrangements
At September 30, 2026, we had no variable interests in unconsolidated entities that provide off-balance sheet financing, liquidity, market risk or credit risk support, or that engage in leasing, hedging or research and development arrangements with us, nor did we have retained or contingent interests in assets transferred to an unconsolidated entity. At September 30, 2026, we had outstanding letters of credit and similar obligations totaling $48.4 million.
Native American Development
We have development and management agreements with the North Fork Rancheria of Mono Indians, a federally recognized Native American tribe located near Fresno, California, pursuant to which we have assisted, and will continue to assist, the tribe in developing, financing and operating a gaming and entertainment facility located on Highway 99 north of the city of Madera, California. See Note 3 to the Condensed Consolidated Financial Statements for additional information.
Regulation and Taxes
We are subject to extensive regulation by Nevada gaming authorities as well as the National Indian Gaming Commission and the California Gambling Control Commission. In addition, we will be subject to regulation, which may or may not be similar to that in Nevada, by any other jurisdiction in which we may conduct gaming activities in the future.
The gaming industry represents a significant source of tax revenue, particularly to the State of Nevada and its counties and municipalities. From time to time, various state and federal legislators and officials have proposed changes in tax law, or in the administration of such law, affecting the gaming industry. The Nevada legislature meets every two years for 120 days and when special sessions are called by the Governor. The most recent legislative session ended on November 19, 2025. There were no specific legislative proposals to increase taxes on gaming revenue in the most recent session, but there are no assurances that an increase in taxes on gaming or other revenue will not be proposed and passed by the Nevada legislature in the future.
Description of Certain Indebtedness
A description of our indebtedness is included in Note 7 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 and Note 5 to the Condensed Consolidated Financial Statements. There were no material changes to the terms of our indebtedness during the nine months ended September 30, 2026.
Critical Accounting Policies and Estimates
A description of our critical accounting policies and estimates is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. There were no material changes to our critical accounting policies and estimates during the nine months ended September 30, 2026.
Forward-looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements. Such statements contain words such as “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “may,” “will,” “might,” “should,” “could,” “would,” “seek,” “pursue,” and “anticipate” or the negative or other variation of these or similar words, or may include discussions of strategy or risks and uncertainties. Forward-looking statements in this Quarterly Report on Form 10-Q include, among other things, statements concerning:
•projections of future results of operations or financial condition;
•expectations regarding our business and results of operations of our existing casino properties and prospects for future development;
•expenses and our ability to operate efficiently;
•expectations regarding trends that will affect our market and the gaming industry generally and the impact of those trends on our business and results of operations;
•our ability to comply with the covenants in the agreements governing our outstanding indebtedness;
•our ability to meet our projected debt service obligations, operating expenses, and maintenance capital expenditures;
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•expectations regarding the availability of capital resources, including our ability to refinance our outstanding indebtedness;
•our intention to pursue development opportunities and acquisitions and obtain financing for such development and acquisitions; and
•the impact of regulation on our business and our ability to receive and maintain necessary approvals for our existing properties and future projects.
Any forward-looking statement is based upon a number of estimates and assumptions that, while considered reasonable by us, is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control, and are subject to change. Actual results of operations may vary materially from any forward-looking statement made herein. Forward-looking statements should not be regarded as a representation by us or any other person that the forward-looking statements will be achieved. Undue reliance should not be placed on any forward-looking statements.
Some of the contingencies and uncertainties to which any forward-looking statement contained herein is subject include, but are not limited to, the following:
•our reliance on the Las Vegas regional market;
•the impact of business conditions, including competitive practices, changes in customer demand and the cyclical nature of the gaming and hospitality business generally, on our business and results of operations;
•the impact of general economic conditions outside our control, including changes in interest rates, consumer confidence and unemployment levels, on our business and results of operations;
•the effects of intense competition that exists in the gaming industry;
•additional competition arising as a result of new gaming licenses or gaming activities such as internet gaming, predictive markets, and the continued expansion of sports betting outside the state of Nevada;
•our substantial outstanding indebtedness and the effect of our significant debt service requirements on our operations and ability to compete;
•the risk that we will not be able to finance our development and investment projects or refinance our outstanding indebtedness;
•the impact of extensive regulation from gaming and other government authorities on our ability to operate our business and the risk that regulatory authorities may revoke, suspend, condition or limit our gaming or other licenses, impose substantial fines or take other actions that adversely affect us;
•risks associated with changes to applicable gaming and tax laws that could have a material adverse effect on our financial condition;
•adverse outcomes of legal proceedings and the development of, and changes in, claims or litigation reserves;
•risks associated with development, construction and management of new projects or the expansion of existing facilities, including cost overruns, construction delays, environmental risks and legal or political challenges; and
•risks associated with integrating operations of any acquired companies and developed properties.
For additional contingencies and uncertainties, see Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q, Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”) and other risks described in our filings with the Securities and Exchange Commission. Given these risks and uncertainties, we can give no assurances that results contemplated by any forward-looking statements will in fact occur and therefore caution investors not to place undue reliance on them. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Quarterly Report on Form 10-Q might not occur.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. Our primary exposure to market risk is interest rate risk associated with our long-term debt. In April 2024, we entered into two zero cost interest rate collars to manage our exposure to interest rate risk. See Note 6 to the Condensed Consolidated Financial Statements for additional information. There have been no material changes in our market risks from those disclosed in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 4. Controls and Procedures
The Company’s management conducted an evaluation, under the supervision and with the participation of the principal executive officer and principal financial officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of September 30, 2026. In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on this evaluation, the principal executive officer and principal financial officer concluded that, as of September 30, 2026, the Company’s disclosure controls and procedures were effective, at the reasonable assurance level, and are designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.
There was no change in the Company’s internal control over financial reporting during the Company’s most recently completed fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Part II. Other Information
Item 1. Legal Proceedings
The Company and its subsidiaries are defendants in various lawsuits relating to routine matters incidental to their business. No assurance can be provided as to the outcome of such matters and litigation inherently involves significant risks.
Item 1A. Risk Factors
There have been no material changes in the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table provides information with respect to purchases by the Company of shares of its common stock during the third quarter of 2026.
| Period | Total number of shares purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program(2) | Approximate Dollar Value That May Yet Be Purchased Under the Program (2) | |||||||||||||||||||
| July 1 to July 31, 2026 | — | $ | — | — | $ | 486,048,776 | |||||||||||||||||
| August 1 to August 31, 2026 | 203,479 | 57.53 | 203,155 | 474,363,169 | |||||||||||||||||||
| September 1 to September 30, 2026 | 265,187 | 56.46 | 265,187 | 459,389,785 | |||||||||||||||||||
| Total | 468,666 | $ | 56.93 | 468,342 | $ | 459,389,785 | |||||||||||||||||
_______________________________________________________________
(1) We repurchased 324 shares of Class A common stock which were withheld in satisfaction of tax withholding
obligations on vested restricted stock.
(2) Our board of directors has approved an equity repurchase program authorizing the repurchase of our Class A common stock through open market purchases, negotiated transactions or tender offers. On October 27, 2025, our board of
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directors extended the expiration date of the equity repurchase program to December 31, 2027 and authorized the repurchase of an additional $300 million of Class A common stock, increasing the total repurchase authorization to $900 million. At September 30, 2026, the remaining amount authorized for repurchases under the program was $459 million.
Item 3. Defaults Upon Senior Securities—None.
Item 4. Mine Safety Disclosures—None.
Item 5. Other Information
Pursuant to Item 408(a) of Regulation S-K, none of the Company's directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended September 30, 2026.
Item 6. Exhibits
(a)Exhibits
No. 3.1—Amended and Restated Certificate of Incorporation of Red Rock Resorts, Inc. (Incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed May 2, 2016.)
No. 3.2—Amended and Restated Bylaws of Red Rock Resorts, Inc. (Incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed May 2, 2016.)
No. 31.1—Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
No. 31.2—Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
No. 32.1—Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
No. 32.2—Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
No. 101.INS—XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
No. 101.SCH—XBRL Taxonomy Extension Schema Document
No. 101.CAL—XBRL Taxonomy Extension Calculation Linkbase Document
No. 101.DEF—XBRL Taxonomy Extension Definition Linkbase Document
No. 101.LAB—XBRL Taxonomy Extension Label Linkbase Document
No. 101.PRE—XBRL Taxonomy Extension Presentation Linkbase Document
No. 104—Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| RED ROCK RESORTS, INC., Registrant | ||||||||
| Date: | November 4, 2026 | /s/ STEPHEN L. COOTEY | ||||||
Stephen L. Cootey Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | ||||||||
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