Red Rock Resorts Q1; net revenue up 12.7%, but net income declines

Red Rock Resorts has released its financial report for the first quarter of 2024. In total, the operator made net revenue of $488.9m, up 12.7% year-over-year, while net income fell 8.4%, totaling $78.4m. 

Adjusted EBITDA was up 7.7%, totaling $209.1m in the quarter. Operating income, including earnings from joint ventures, came to $156.2m, up 13% year-over-year. 

Revenue and expenses 

Of the operator’s $488.9m net revenue, $316.9m was made from casino operations, equating to 64.8%. Food and beverage accounted for $93.3m and rooms accounted for $52.9m, with the remainder coming from other ventures. 

Despite their difference in revenue, expenses for casino and food and beverage operations were relatively close, with casino expenses coming to $85m and food and beverage coming to $73.4m. Sales, general and admin were the biggest expense for the business, however, coming to $104.8m. 

Las Vegas operations 

As the holding company of Station Casinos, the operator’s primary location of operations is in Las Vegas, Nevada. As such, Nevada operations accounted for over 99% of the quarter’s revenue, coming to $485.6m, with additional revenue coming from corporate ventures. This figure represented year-over-year growth of 12.9%. 

Las Vegas operations had an adjusted EBITDA of $229.8m, up 7.3%. Adjusted EBITDA from corporate and other ventures was reported at a $20.6m loss, accounting for the operator’s total adjusted EBITDA of $209.1m. 

Ventures operated in the Vegas area include Red Rock Casino Resort Spa, Durango Resort & Casino (which opened in December), Boulder Station Hotel & Casino and Palace Station Hotel & Casino among others.  

During the quarter, Station Casinos saw the return of Mark Tricano as its SVP of Operations, having left Fontainebleau following its opening in December. The Strip casino has seen many of its executives leave the property and is currently facing a lawsuit from Wynn for poaching staff.  

It has not been all smooth sailing for Station Casinos, though, as in April the operator was accused of union busting by the Culinary Union. 

Beth Turner

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