Red Rock Resorts has published its financial results for the first that ended March 31, 2022. The holding company reported an overall net revenue of $401.6m during the first quarter, which reflected a 14% increase from the same period in 2021.
The company also saw a rise in consolidated net income during Q1. It reported $92.2m in net income, compared to a net loss of $106.6m in the first quarter of 2021.
Overall adjusted EBITDA reached $178.7m during the first quarter, climbing 14% compared to last year’s same period.
Numbers reported from the company’s Las Vegas operations reflected similar trends. Net revenue from Red Rock’s Las Vegas operations rose by 17% from the previous year’s first quarter and reached $399.7m.
During Q1, adjusted EBITDA from the Las Vegas locations was $194.6 million, or a 21% increase from 2021’s Q1 report.
As of March 31, 2022, the company’s cash and cash equivalents were $336.6m. The company reported a principal amount of debt outstanding of $2.89bn at the end of the first quarter.
Red Rock Resorts’ Texas Station, Fiesta Rancho and Fiesta Henderson properties remained closed during the first quarter. However, Red Rock Resorts continued operating its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station locations.
Red Rock Resorts is a holding company that manages and owns an indirect equity interest in Station Casinos LLC.
Station Casinos provides Las Vegas, Nevada residents with gaming, hospitality and entertainment. It owns several properties throughout the Las Vegas valley, and its regional destinations include hotels with several amenities, such as restaurants, entertainment venues, movie theaters, bowling and convention banquet spaces. Station Casinos’ facilities also include tradition casino gaming features that include race and sports wagering, bingo, video poker, slot machines and table games.
