Red Rock Resorts announces 17% revenue increase for Q3
A number of the operator’s properties have remained closed during the quarter.
Red Rock Resorts, the owner and management company of Station Casinos, has announced its financial results for the period ending September 30, 2021.
Q3 has seen the company record $414.8m in net revenue, a year-on-year increase of $61.6m, or 17%, from last year’s $353.2m.
Similarly, net income has also seen growth. Q3 sees it reported at $117.9m, a 64% year-on-year increase.
During Q3, the Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station, and Sunset Station properties all remained open. However, Palms Casino Resort, Texas Station, Fiesta Rancho, and Fiesta Henderson remained closed.
Adjusted EBITDA for the period was $184.5m, growing from $160.9m in the same period of 2020.
The company’s Las Vegas operations saw net revenue of $412.7m, a 20%, or $91m increase from quarter three of 2020. Concurrently, adjusted EBITDA for the region also grew, increasing by 40% to $197.9m.
Other highlights from the period include the company’s board of directors authorizing an increase in the group’s share repurchase program from $150m to $300m, thus giving the operator a repurchase capacity of approximately $174m. Furthermore, in September, the company issued a notice of redemption of senior notes due 2025.
Red Rock Resorts owns and operates Station Casinos, one of the largest gaming brands in Nevada. The group’s properties offer a number of amenities including restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo, and race and sports wagering.
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