Red Rock Resorts unveils Q2 results
Revenue down, net income up from Q2 2019 as four Vegas properties remain closed.
Red Rock Resorts, Inc., on Thursday reported financial results for the three-month period ending June 30.
During the second quarter, the Las Vegas-based company continued to operate its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, plus its Wildfire properties, but Palms Casino Resort, Texas Station, Fiesta Rancho and Fiesta Henderson remained closed.
In revealing its latest financial numbers, the operator of “locals’ casinos” noted comparisons to both Q2 2019 and Q2 2020 are skewed due to the effects of Covid-19 pandemic-related closures.
The company posted $428.2m in net revenue in the second quarter of 2021, an increase of 295%, or $319.7m, from $108.5m for the same period in 2020, primarily due to the closure of all properties during most of Q2 2020.
In Q2 2019 the company saw net revenue of $482.9m, meaning Q2 2021 was down $54.7m, or 11%.
Q2 2021 net income was $143.4m, an improvement of $261.8m from a loss of $118.4m during the same quarter in 2020. Compared to Q2 2019, net income increased by $150.4m from a loss of $7.1m.
Adjusted EBITDA was $210.2m in Q2 2021, an increase of $227.4m from negative $17.3m in Q2 2020. Compared to the same period of 2019, Adjusted EBITDA increased 82%, or $94.9m, from $115.2m.
The company said net revenue from Las Vegas operations was $426.4m for the second quarter of 2021, an increase of 322%, or $325.4m, from $101.0m in the same period of 2020. Compared to the same period of 2019, net revenue was down 7%, or $31.3m, from net revenue of $457.8m.
Adjusted EBITDA from Las Vegas operations was $222.6m for the second quarter of 2021, an increase of $234.7m from negative $12.1m in the same period of 2020. Compared to the same period of 2019, Adjusted EBITDA increased 110%, or $116.6m, from $106.0m.
The company said its cash and cash equivalents as of June 30, 2021, were $91.0m, while total principal amount of debt outstanding at the end of the second quarter was $2.7 billion.
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