Red Rock Resorts swings to $9.92M loss in Q3 2026

The company recorded $79.1 million in anniversary-related share-based compensation and $6.9 million in other one-time anniversary expenses.

Available on EDGAR 11/03/2026 - 04:01 PM EST Accepted by SEC EDGAR 11/03/2026 - 04:01 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Red Rock Resorts, Inc. (RRR) reported third-quarter 2026 net revenues of $488.701 million, versus $475.572 million a year earlier. Operating income was $26.668 million, compared with $131.484 million, and net loss attributable to Red Rock Resorts was $9.918 million, versus net income of $42.254 million. Diluted loss per Class A common share was $0.17, versus earnings of $0.68.

The company recognized $79.1 million of share-based compensation for 50th-anniversary stock awards granted to substantially all full-time and part-time employees, plus $6.9 million in one-time anniversary expenses. Adjusted EBITDA was $182.622 million, compared with $190.868 million. At September 30, 2026, cash and cash equivalents were $128.3 million and principal debt outstanding was $3.7 billion.

The board declared a fourth-quarter cash dividend of $0.26 per Class A common share, payable December 31, 2026, to holders of record December 15, 2026. Station Holdco will distribute $0.26 per unit, approximately $29.2 million total, including approximately $17.3 million expected for Red Rock Resorts and approximately $11.9 million for other unit holders.

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Positive

• None.

Negative

• Moderate pointOperating income was $26.668 million, compared with $131.484 million in third-quarter 2025.
• Moderate pointRed Rock Resorts reported a $9.918 million attributable net loss, versus $42.254 million in net income.

Filing Explained

The third-quarter loss does not describe the full year-to-date result: for the nine months ended September 30, Red Rock reported $72,089 thousand of net income attributable to the company, versus $143,407 thousand in the same 2025 period.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net revenues: $488.701 million Operating income: $26.668 million Net loss attributable to Red Rock Resorts: $9.918 million loss +5 more

8 metrics

Net revenues $488.701 million Three months ended September 30, 2026; $475.572 million in 2025

Operating income $26.668 million Three months ended September 30, 2026; $131.484 million in 2025

Net loss attributable to Red Rock Resorts $9.918 million loss Three months ended September 30, 2026; $42.254 million net income in 2025

Adjusted EBITDA $182.622 million Three months ended September 30, 2026; $190.868 million in 2025

Anniversary-related share-based compensation $79.1 million Recognized during the third quarter of 2026

Cash and cash equivalents $128.3 million At September 30, 2026

Principal debt outstanding $3.7 billion At the end of the third quarter of 2026

Fourth-quarter dividend $0.26 per Class A common share Payable December 31, 2026

Key Terms

Adjusted EBITDA, share-based compensation, noncontrolling interests, derivative instruments

4 terms

Adjusted EBITDA financial

"Adjusted EBITDA was $182.622 million"

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.

share-based compensation financial

"$79.1 million of share-based compensation"

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

noncontrolling interests financial

"net (loss) income attributable to noncontrolling interests"

The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.

derivative instruments financial

"Change in fair value of derivative instruments"

Contracts whose value is tied to the price or performance of something else—like a stock, bond, commodity, currency or market index. Think of them as a bet or an insurance policy that lets investors gain exposure, hedge risk, or speculate without owning the asset itself; their use can amplify gains or losses and affect a portfolio’s risk profile, liquidity and potential returns.

Earnings Snapshot

Net revenues: $488.701 million

Third quarter ended September 30, 2026

Net revenues $488.701 million Compared with $475.572 million in third-quarter 2025

Operating income $26.668 million Compared with $131.484 million in third-quarter 2025

Net income attributable to Red Rock Resorts $9.918 million loss Compared with $42.254 million net income in third-quarter 2025

Adjusted EBITDA $182.622 million Compared with $190.868 million in third-quarter 2025

Diluted earnings per Class A common share $0.17 loss per share Compared with $0.68 earnings per share in third-quarter 2025

FAQ

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

What were RRR's third-quarter 2026 financial results?

RRR reported net revenues of $488.701 million, compared with $475.572 million in third-quarter 2025. Operating income was $26.668 million, and net loss attributable to Red Rock Resorts was $9.918 million, compared with $42.254 million in net income a year earlier.

What dividend did RRR declare for the fourth quarter of 2026?

The board declared a cash dividend of $0.26 per Class A common share, payable December 31, 2026, to holders of record December 15, 2026. Station Holdco will distribute $0.26 per unit, approximately $29.2 million total, including approximately $17.3 million expected for Red Rock Resorts and approximately $11.9 million for other unit holders.

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false 0001653653 0001653653 2026-11-03 2026-11-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): November 3, 2026

RED ROCK RESORTS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware		001-37754		47-5081182
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

1505 South Pavilion Center Drive, Las Vegas, Nevada 89135

(Address of Principal Executive Offices) (Zip Code)

702-495-3000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, $0.01 par value		RRR		NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 3, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1.		Press release dated November 3, 2026
Exhibit 104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

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 hereunto duly authorized.

				RED ROCK RESORTS, INC.
Date: November 3, 2026				By:		/s/ Stephen L. Cootey
						Stephen L. Cootey
						Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

Red Rock Resorts Announces Third Quarter 2026 Results

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

Third Quarter Results

Consolidated Operations

• Net revenues were $488.7 million for the third quarter of 2026, an increase of 2.8%, or $13.1 million, from $475.6 million in the same period of 2025.

• Net loss was $17.7 million for the third quarter of 2026, a decrease of 123.0%, or $94.6 million, from net income of $76.9 million in the same period of 2025, primarily as a result of $79.1 million in share-based compensation expense related to the Company’s 50^th anniversary stock awards issued in Q3 2026 and $6.9 million of one-time expenses related to the 50^th anniversary.

• Adjusted EBITDA⁽¹⁾ was $182.6 million for the third quarter of 2026, a decrease of 4.3%, or $8.3 million, including $5.8 million of one-time expenses related to the 50^th anniversary, from $190.9 million in the same period of 2025.

Las Vegas Operations

• Net revenues from Las Vegas operations were $479.1 million for the third quarter of 2026, an increase of 2.2%, or $10.5 million, from $468.6 million in the same period of 2025.

• Adjusted EBITDA from Las Vegas operations was $204.6 million for the third quarter of 2026, a decrease of 2.3%, or $4.8 million, from $209.4 million in the same period of 2025.

Native American

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

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

50^th Anniversary Expenses⁽²⁾

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

Balance Sheet Highlights

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

Quarterly Dividend

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

Prior to the payment of such dividend, Station Holdco LLC (“Station Holdco”) will make a cash distribution to all unit holders of record, including the Company, of $0.26 per unit for a total distribution of approximately $29.2 million, approximately $17.3 million of which is expected to be distributed to the Company and approximately $11.9 million of which is expected to be distributed to the other unit holders of record of Station Holdco.

Conference Call Information

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 6050941. A replay of the call will be available from today through November 10, 2026 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com.

Presentation of Financial Information

(1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025 includes net (loss) income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, gain on Native American development and (benefit) provision for income tax.

(2) Selected Operating Costs and Expenses Excluding 50^th Anniversary is presented solely as a supplemental disclosure to provide comparability to prior periods by excluding one-time expenses associated with the 50^th anniversary.

Company Information and Forward Looking Statements

Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC (“Station Casinos”). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of Las Vegas, Nevada. Station Casinos’ properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include hotels as well as various amenities, including numerous restaurants, entertainment venues,

movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Durango Resort & Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem, Wildfire Lake Mead, Wildfire on Fremont and Seventy Six by Station Casinos (North Lamb, Aliante, Union Village, Tropicana, Fort Apache, Park Highlands, and Silverado Ranch). Station Casinos also owns a 50% interest in Barley’s Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as “will”, “might”, “predict”, “continue”, “forecast”, “expect”, “believe”, “anticipate”, “outlook”, “could”, “would”, “target”, “project”, “intend”, “plan”, “seek”, “estimate”, “pursue”, “should”, “may” and “assume”, or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company’s business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in the Company’s other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

View source version on http://redrockresorts.investorroom.com/:

Investors:

Stephen L. Cootey

Stephen.Cootey@redrockresorts.com

(702) 495-4214

Media:

Michael J. Britt

Michael.Britt@redrockresorts.com

(702) 495-3693

Red Rock Resorts, Inc.

Condensed Consolidated Statements of Operations

(amounts in thousands, except per share data)

(unaudited)

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

Red Rock Resorts, Inc.

Segment Information and Reconciliation of Net (Loss) Income to Adjusted EBITDA

(amounts in thousands)

(unaudited)

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

Red Rock Resorts, Inc.

Selected Operating Costs and Expenses Excluding 50th Anniversary

(amounts in thousands)

(unaudited)

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

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 122.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB