Red Rock Resorts reports Q1 2021 net revenue of $353m

Red Rock Resorts announced first quarter 2021 net revenue of $353m, a decline of 7% year-on-year.

Net revenue was down 21% compared to the same period of 2019.

Red Rock reported net loss of $107m, an improvement of $71m compared to a loss of $178m for Q1 2020.

Adjusted EBITDA was up 111% y-o-y to $157m and also grew 8% compared to the same period of 2019.

Casino revenues were $260m, compared to $209m in Q1 2020. Room revenues, however, fell to $22m versus $40m the same period a year ago.

The company operated first-to-reopen Las Vegas properties Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station during the first quarter. Las Vegas operations generated net revenue of $343m for the quarter, up 4% y-o-y and down 19% compared to Q1 2019.

Red Rock’s Las Vegas portfolio shrunk this week as the company announced Tuesday it will sell The Palms to the San Manuel Band of Mission Indians for $650m in cash.

Red Rock Native American management adjusted EBITDA for the first quarter was $7.6m, a 57% decrease y-o-y.

The company had cash and cash equivalents of $118m as of March 31, 2021 with total principal amount of debt outstanding of $2.9bn.

Ezra Amacher

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