Red Rock Resorts Announces Third Quarter 2025 Results
LAS VEGAS, Oct. 28, 2025 /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, 2025.
Third Quarter Results
Consolidated Operations
Las Vegas Operations
Native American
Balance Sheet Highlights
The Company's cash and cash equivalents at September 30, 2025 were $129.8 million and total principal amount of debt outstanding at the end of the third 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 fourth quarter of 2025. The dividend will be payable on December 31, 2025 to all stockholders of record as of the close of business on December 15, 2025.
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.
Share Repurchase Program
The Company's Board of Directors has authorized an additional $300 million under the Company's existing $600 million share repurchase program (the "Repurchase Program") and an extension of the Repurchase Program from December 31, 2025 to December 31, 2027. This authorization is in addition to all previously approved amounts under the Repurchase Program. Considering the additional authorization, the Company had approximately $573 million remaining in repurchase authority as of October 28, 2025. Under the Repurchase Program, the Company may repurchase shares of its common stock from time to time on the open market, in privately negotiated transactions, in derivative transactions and in any other similar transaction. Repurchases of common stock may also be made under Rule 10b5-1 plans, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so. The timing, volume and nature of share repurchases will be at the sole discretion of management, depending on market conditions, applicable securities laws and other factors and may be suspended or discontinued at any time.
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: 4077317. A replay of the call will be available from today through November 4, 2025 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, 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). 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
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 Income
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Operating revenues:
Casino
$319,490
$314,225
$997,531
$950,708
Food and beverage
85,523
83,327
269,169
268,323
Room
41,568
45,165
142,925
148,195
Development fees
3,894
—
13,902
—
Other
25,097
25,299
76,179
76,090
Net revenues
475,572
468,016
1,499,706
1,443,316
Operating costs and expenses:
Casino
83,263
88,141
266,538
260,963
Food and beverage
72,989
71,889
222,644
219,603
Room
15,557
15,502
47,487
47,448
Other
8,014
8,013
23,776
23,040
Selling, general and administrative
112,853
109,041
329,595
325,164
Depreciation and amortization
48,976
47,372
145,295
138,948
Write-downs and other, net
2,436
(2,585)
10,506
1,749
344,088
337,373
1,045,841
1,016,915
Operating income
131,484
130,643
453,865
426,401
Earnings from joint ventures
655
549
1,977
1,993
Operating income and earnings from joint ventures
132,139
131,192
455,842
428,394
Other (expense) income:
Interest expense, net
(50,486)
(57,998)
(152,228)
(172,633)
Loss on extinguishment/modification of debt
—
—
—
(14,402)
Change in fair value of derivative instruments
1,846
(9,748)
(5,653)
(11,671)
Gain on Native American development
—
—
8,476
—
Income before income tax
83,499
63,446
306,437
229,688
Provision for income tax
(6,619)
(8,057)
(35,354)
(26,118)
Net income
76,880
55,389
271,083
203,570
Less: net income attributable to noncontrolling interests
34,626
26,437
127,676
96,107
Net income attributable to Red Rock Resorts, Inc.
$ 42,254
$ 28,952
$143,407
$107,463
Earnings per common share:
Earnings per share of Class A common stock, basic
$ 0.72
$ 0.49
$ 2.43
$ 1.82
Earnings per share of Class A common stock, diluted
$ 0.68
$ 0.48
$ 2.37
$ 1.77
Weighted-average common shares outstanding:
Basic
59,019
59,092
59,060
58,988
Diluted
102,663
103,686
102,925
103,709
Dividends declared per common share
$0.25
$0.25
$1.75
$1.75
Red Rock Resorts, Inc.
Segment Information and Reconciliation of Net Income to Adjusted EBITDA
(amounts in thousands)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net revenues
Las Vegas operations
$468,576
$464,714
$1,476,791
$1,433,490
Native American
3,894
—
13,902
—
Reportable segment net revenues
472,470
464,714
1,490,693
1,433,490
Corporate and other
3,102
3,302
9,013
9,826
Net revenues
$475,572
$468,016
$1,499,706
$1,443,316
Net income
$ 76,880
$ 55,389
$ 271,083
$ 203,570
Adjustments
Depreciation and amortization
48,976
47,372
145,295
138,948
Share-based compensation
7,317
6,730
23,664
24,411
Write-downs and other, net
2,436
(2,585)
10,506
1,749
Interest expense, net
50,486
57,998
152,228
172,633
Loss on extinguishment/modification of debt
—
—
—
14,402
Change in fair value of derivative instruments
(1,846)
9,748
5,653
11,671
Gain on Native American development
—
—
(8,476)
—
Provision for income tax
6,619
8,057
35,354
26,118
Adjusted EBITDA
$190,868
$182,709
$ 635,307
$ 593,502
Adjusted EBITDA
Las Vegas operations
$209,407
$202,557
$ 684,751
$ 655,463
Native American
3,894
—
13,902
—
Reportable segment Adjusted EBITDA
213,301
202,557
698,653
655,463
Corporate and other
(22,433)
(19,848)
(63,346)
(61,961)
Adjusted EBITDA
$190,868
$182,709
$ 635,307
$ 593,502
SOURCE Red Rock Resorts, Inc.