Red Rock Resorts posts declines in Q3 revenue, income and adjusted EBITDA
The company’s subsidiary, Station Casinos, has also delayed the opening of Durango Casino Resort to December.
Red Rock Resorts has posted its Q3 financial results, showing decreases across the board, with net revenue of $411.6m (down $2.8m annually). Net income reached $68.4m — down 28.3% year-on-year, and the lowest it has been since Q2 of 2022.
Income also decreased in Q3 of 2022, while net revenue held a flat rate. Adjusted EBITDA was down annually by 1.4% in Q3 of 2022, and down this year by 3.7%, reaching $175.2m.
Cash and cash equivalents at the end of the quarter were $122.8m, with the total principal amount of debt outstanding at $3.3bn. In Q3 of 2022, cash and cash equivalents were only $101.1m in comparison, but the company had achieved a lower outstanding debt of $2.9bn.
During the third quarter, Red Rock Resorts made an announcement in August that its Durango Casino & Resort would open in Las Vegas on November 20. However, according to local reports, Red Rock’s subsidiary, Station Casinos, has now delayed the date of opening to December 5.
Though the new resort began taking reservations in October, a statement from a Station Casinos spokesperson said the date would be moved to December to “ensure a first-class opening of the property.” Guests who booked a stay between November 20 and December 5 will have access to priority booking in future, or may book at a different Station Casinos location.
Current Las Vegas operations brought Red Rock Resorts net revenue of $408m, which showed a slight decrease of 0.9% year-on-year, while Las Vegas operations’ adjusted EBITDA also decreased by 4.3% annually to $191.4m.
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