Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results
LAS VEGAS, Feb. 10, 2026 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter Results
Consolidated Operations
Las Vegas Operations
Native American
Full Year Results
Consolidated Operations
Las Vegas Operations
Native American
Balance Sheet Highlights
The Company's cash and cash equivalents at December 31, 2025 were $142.5 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.4 billion.
Quarterly Dividend
The Company's Board of Directors has declared a cash dividend of $0.26 per Class A common share for the first quarter of 2026. The dividend will be payable on March 31, 2026 to all stockholders of record as of the close of business on March 16, 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 $28.9 million, approximately $16.9 million of which is expected to be distributed to the Company and approximately $12.0 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
Special Dividend
The Company's Board of Directors has declared a special dividend of $1.00 per Class A common share. The dividend will be payable on February 27, 2026 to all stockholders of record as of the close of business on February 20, 2026.
Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the Company, of $1.00 per unit for a total distribution of approximately $111.0 million, approximately $65.1 million of which is expected to be distributed to the Company and approximately $45.9 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: 4242029. A replay of the call will be available from today through February 17, 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 years ended December 31, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, loss on extinguishment/modification of debt, gain on Native American development and provision for income tax.
Company Information and Forward Looking Statements
Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of 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). 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, 2024, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
View source version on http://redrockresorts.investorroom.com/:
Investors:
Stephen L. Cootey
[email protected]
(702) 495-4214
Media:
Michael J. Britt
[email protected]
(702) 495-3693
Red Rock Resorts, Inc.
Consolidated Statements of Income
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Operating revenues:
Casino
$342,998
$326,541
$1,340,529
$1,277,249
Food and beverage
93,255
92,065
362,424
360,388
Room
47,203
52,322
190,128
200,517
Development fees
3,730
—
17,632
—
Other
24,591
24,767
100,770
100,857
Net revenues
511,777
495,695
2,011,483
1,939,011
Operating costs and expenses:
Casino
95,125
93,634
361,663
354,597
Food and beverage
76,990
75,590
299,634
295,193
Room
16,197
16,320
63,684
63,768
Other
7,551
7,629
31,327
30,669
Selling, general and administrative
111,729
107,112
441,324
432,276
Depreciation and amortization
52,110
48,164
197,405
187,112
Write-downs and other, net
8,513
4,956
19,019
6,705
368,215
353,405
1,414,056
1,370,320
Operating income
143,562
142,290
597,427
568,691
Earnings from joint ventures
629
454
2,606
2,447
Operating income and earnings from joint ventures
144,191
142,744
600,033
571,138
Other (expense) income:
Interest expense, net
(49,648)
(56,171)
(201,876)
(228,804)
Loss on extinguishment/modification of debt
(25)
—
(25)
(14,402)
Change in fair value of derivative instruments
1,365
11,945
(4,288)
274
Gain on Native American development
—
—
8,476
—
Income before income tax
95,883
98,518
402,320
328,206
Provision for income tax
(11,296)
(10,796)
(46,650)
(36,914)
Net income
84,587
87,722
355,670
291,292
Less: net income attributable to noncontrolling interests
39,928
41,134
167,604
137,241
Net income attributable to Red Rock Resorts, Inc.
$ 44,659
$ 46,588
$ 188,066
$ 154,051
Earnings per common share:
Earnings per share of Class A common stock, basic
$ 0.76
$ 0.79
$ 3.19
$ 2.61
Earnings per share of Class A common stock, diluted
$ 0.75
$ 0.76
$ 3.12
$ 2.53
Weighted-average common shares outstanding:
Basic
58,680
59,136
58,964
59,025
Diluted
101,626
103,536
102,595
103,666
Dividends declared per common share
$0.26
$0.25
$2.01
$2.00
Red Rock Resorts, Inc.
Segment Information and Reconciliation of Net Income to Adjusted EBITDA
(amounts in thousands)
(unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net revenues
Las Vegas operations
$504,991
$492,638
$1,981,782
$1,926,128
Native American
3,730
—
17,632
—
Reportable segment net revenues
508,721
492,638
1,999,414
1,926,128
Corporate and other
3,056
3,057
12,069
12,883
Net revenues
$511,777
$495,695
$2,011,483
$1,939,011
Net income
$ 84,587
$ 87,722
$ 355,670
$ 291,292
Adjustments
Depreciation and amortization
52,110
48,164
197,405
187,112
Share-based compensation
8,470
6,534
32,134
30,945
Write-downs and other, net
8,513
4,956
19,019
6,705
Interest expense, net
49,648
56,171
201,876
228,804
Loss on extinguishment/modification of debt
25
—
25
14,402
Change in fair value of derivative instruments
(1,365)
(11,945)
4,288
(274)
Gain on Native American development
—
—
(8,476)
—
Provision for income tax
11,296
10,796
46,650
36,914
Adjusted EBITDA
$213,284
$202,398
$ 848,591
$ 795,900
Adjusted EBITDA
Las Vegas operations
$231,133
$223,897
$ 915,884
$ 879,360
Native American
3,730
—
17,632
—
Reportable segment Adjusted EBITDA
234,863
223,897
933,516
879,360
Corporate and other
(21,579)
(21,499)
(84,925)
(83,460)
Adjusted EBITDA
$213,284
$202,398
$ 848,591
$ 795,900
SOURCE Red Rock Resorts, Inc.