Red Rock Resorts has released its financial results for both the fourth quarter and full year of 2022. Both adjusted EBITDA and revenues rose during the fourth quarter.
During the fourth quarter, net revenue rose by 0.7% from the previous year’s period to reach $425.5m. However, overall net income during Q4 fell by almost 15% year-over year. The company ended the fourth quarter with a net income of $170.2m.
The company reported an adjusted EBITDA of $194.4m in 2022’s fourth quarter, representing a 2.5% increase year-over-year.
Red Rock saw financial growth across the board when it came to its fiscal year report. Net revenue and net income experienced boosts during 2022 by 2.8% and 10% respectively, when compared to ending results from 2021.
Net revenue in 2022 reached $1.66bn, while net income climbed to $390.4m. Adjusted EBITDA rose to $743.9m for the fiscal year.
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.
Red Rock recently Red Rock Resorts offered a “special dividend” that will be payable to all stockholders. The dividend is for $1.00 per Class A common share.
Stockholders on record as of close of business November 30 were eligible to receive this payout.
In addition to the special Class a common share dividend, the company’s Board of Directors recently “declared a cash dividend of $0.25 per Class A common share” for 2022’s last quarter.