Red Rock Resorts posts rise in revenue to $433.6m
Following the demolition of four casinos, the company still saw revenue increase and has plans for a new property.
Red Rock Resorts has released its Q1 financial results for 2023. The company operates 16 casino and entertainment venues in the Las Vegas regional market, including its newest Wildfire on Fremont location, which opened in February 2023 during the quarter.
The company has seen steady, but growing, revenue over the past year. Q1 revenue rose 8% year-on-year to reach $433.6m. Net income, however, decreased 7.3% to reach $85.5m.
Net revenue specifically from Las Vegas operations reached $430m, accounting for 99.2% of Red Rock Resorts’ total revenue for Q1. This also represents an increase of 7.6%.
Red Rock Resorts’ total adjusted EBITDA was $194.2m, a rise of 8.6% year-on-year. Las Vegas-specific adjusted EBITDA was $214.1m, rising 8% from 2022, from which one would infer these properties performed better than those just outside the city.
The company’s cash and cash equivalents were $107.7m at the end of Q1, with the total principal amount of debt outstanding at $3.1bn. A cash dividend of $0.25 per Class A common share has been declared for Q2 of 2023.
In 2022, three Red Rock Resorts properties, Texas Station, Fiesta Rancho and Fiesta Henderson, remained closed, after an initial closure in March 2020. These three casinos were later slated for demolition, as was Wild Wild West casino during Q4 that year.
However, Red Rock Resorts’ brand Station Casinos also announced the purchase of 67 acres in North Las Vegas in Q4 last year, on which it plans to build a 600-room hotel and casino. The project is expected to be delivered in phases and has no set opening date.
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