Red Rock Resorts reveals Q2 results and releases financial plan
Net revenues were $422.2m for the second quarter of 2022, a slight decrease from Q2 of 2021.
Red Rock Resorts announced its numbers for the second quarter of 2022 and revealed its plans for the company’s portfolio. The long-term goal of the company is to “basically double” its portfolio by the end of 2030.
Through the second quarter, the company operated its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties along with its Wildfire Properties.
Three properties were closed, the Texas Station, Fiesta Rancho and Fiesta Henderson.
In total, net revenues were $422.2m for Q2 of 2022, a decrease of 1%, or $5.9m, from the same quarter last year.
There was a significant decrease in net income, totaling $32.4m, which is down $110.9m from the second quarter of 2021.
In the company’s second-quarter earnings call, executives announced its acquisition of land on Las Vegas Boulevard South and a purchase agreement for land at Losee Road and the 215 Expressway in North Las Vegas.
Adjusted EBITDA was $188.9m for the second quarter of 2022, which is a decrease of 10% or $21.3m from last year.
The company also revealed during its earnings call that it plans to build Station Casinos properties in various growing corners of the Las Vegas area.
Red Rock Resorts Executive Vice President Stephen Cootey commented: “We have an unparalleled growth story that will allow us to double the size of our portfolio and position us to capitalize on the very favorable long-term demographic trends and high barriers to entry that characterize the Las Vegas locals market.”
Leadership within the company said it’s early in the process of selling the land that the closed properties sit on.
Cootey added: “We’re seeing an extraordinary amount of inbound calls in demand for those three properties.”
The company is in process of developing a Wildfire casino along Fremont Street near Charleston Boulevard.
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