Red Rock Resorts has published its financial results for the quarter that ended September 30, 2022. The holding company reported overall net revenue of $414.4m during the third quarter, which held at a flat rate when compared to net revenue during Q2.
Overall net income reached $95m during the third quarter, a decrease of $22.5m when compared to the company’s 2021 Q3 results. Adjusted EBITDA results reflected a similar downward trend, yielding $181.9m, 1.4% less than last year’s corresponding quarter.
The company’s Las Vegas operations faired a little better during the third quarter. Net revenue in Vegas held steady at $411.6m, while adjusted EBITDA reached $199.9m. Both figures showed a decrease when compared to last year’s Q3 results by less than a percentage point.
As of September 30, the company’s cash and cash equivalents were $101.1m. The company reported a principal outstanding debt of $2.91bn at the end of the third quarter.
Red Rock’s Board of Directors “has declared a cash dividend of $0.25 per Class A common share” for this year’s last quarter. Stockholders of record, as of the close of business on December 15, will receive a payout from the dividend on December 30.
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 traditional casino gaming features that include race and sports wagering, bingo, video poker, slot machines and table games.
