Red Rock Resorts’ Q2 revenue declines for second year, though income is up

August 4, 2023
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The company experienced a Q2 decrease in both 2023 and 2022, but net income rose 130.9%.

Red Rock Resorts, owned and operated by Station Casinos, has posted its Q2 financial report, showing net revenue of $416.1m, a slight decrease from the $422.2m in Q2 of last year. Net income, however, rose 130.9% to $74.9m.

Revenue in 2022’s second quarter showed both a decrease in net revenue and net income from the prior year’s same period; however, this year the company was able to significantly increase its net income.

Las Vegas operations made up $412.6m of the total revenue, also representing a slight decrease of 1.8% year-on-year. Total adjusted EBITDA decreased 7.2% to $175.3m, while Las Vegas operations’ adjusted EBITDA decreased 7.1% as well to $193.1m.

The casino segment generated the highest revenue of $269.5m, followed by food and beverage at $77.6m and rooms at $44.9m. The operating costs for the casino segment were also the highest at $69.6m.

The current Nasdaq share price for Red Rock Resorts sits at $47.18 per share, up from $41.58 in August last year. The share price experienced its highest year-to-date share price of $50.68 last month in July.

Red Rock Resorts’ Board of Directors declared a cash dividend of $0.25 per class A common share for this year’s third quarter, which will be payable on September 29.

In December last year, Red Rock Resorts’ President Scott Kreeger announced the planned opening of a new casino resort location in Henderson, Nevada, which will be operated by parent company Station Casinos. Durango Resort & Casino plans to open on November 20, pending regulatory approval.

The new venue will offer a similar experience to both Red Rock Resort in Summerlin and Green Valley Ranch Resort, also in Henderson.

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