Red Rock Resorts total revenue increases by 13.7% year-over-over for Q3 2024
The company’s total principal amount of debt outstanding at the end of Q3 2024 was $3.5bn.
Key Points
- Total net revenue for Red Rock Resorts was $468m during the third quarter of 2024, while adjust EBITDA also managed to increase by 4.3% year-over-year
- While the two figures above managed to increase from the prior year period, net income saw a decrease of 19% for a total of $55.4m during Q3 2024
Red Rock Resorts has announced the company’s financial results for Q3 2024, reporting increases in total revenue and adjusted EBITDA but a decrease in net income from the prior year period.
The company’s total revenue for the third quarter of 2024 was $468m, an increase of 13.7% year-over-year, while adjusted EBITDA grew by 4.3% from the prior year period for a total of $182.7m.
Net income saw a decrease of 19% from the prior year period to be reported at $55.4m for the third quarter of 2024, which comes as a slight surprise, figuring revenue from the company’s Las Vegas operations increased by 13.9% for a total of $464.7m.
The company seemed to experience a higher net interest expense this period which could have played a role in the net income decrease, as interest expenses were reported to be just under $58m for Q3 2024 as compared to $45.5m during the prior year period.
Good to know: Red Rock Resorts falls under the property umbrella of Station Casinos in Nevada, which also operates the Durango Resort & Casino that opened in late 2023
Each of Red Rock Resorts’ segments managed to see increases in revenue as well, as casino revenue accounted for $314.2m of the company’s total revenue. Food and beverage saw a revenue of $83.3m during the third quarter of 2024, while room revenue was reported to be just under $45.2m for the period.
Red Rock’s operating income also managed to increase year-over-year, rising by 6.6% to be reported at $130.6m throughout Q3 2024. The company’s total principal amount of debt outstanding at the end of Q3 2024 was $3.5bn.
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