Red Rock Resorts posts 78% Q2 loss
Red Rock Resorts reported a $118m net loss for Q2 as net revenue fell 78% year-on-year.
Net revenue for the quarter totaled $108.5m, down from $483m for the same period a year ago.
Quarterly adjusted EBITDA was negative $17m, a decrease of 115%.
Red Rock Resorts reopened six Las Vegas properties on 4 June.
Four casinos have yet to reopen — The Palms, Texas Station, Fiesta Henderson and Fiesta Rancho.
“We don’t know if or when we’re going to reopen any of the closed properties,” Red Rocks Resorts CEO and Chairman Frank Fertitta III said during an earnings call. “We think it’s too early to make that decision at this time.”
Las Vegas properties produced net revenues of $101m for the quarter, down 78%.
From the reopening of 4 June through 30 June, the company’s Las Vegas properties’ net revenue was down 23% compared to the same period a year ago.
Red Rocks Resorts held $270m in cash or cash equivalents on 30 June. Principal amount of outstanding debt totaled $3.3bn at the end of the quarter.
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