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Red Rock Resorts reports decreased net revenue during Q3 2023

8 November 2023

(PRESS RELEASE) -- Red Rock Resorts, Inc. reported financial results for the third quarter ended on 30 September 2023.

Third Quarter Results

Consolidated Operations
  • Net revenues were $411.6 million for the third quarter of 2023, a decrease of 0.7%, or $2.8 million, from $414.4 million in the same period of 2022.
  • Net income was $68.4 million for the third quarter of 2023, a decrease of 28.3%, or $27.0 million, from $95.5 million in the same period of 2022.
  • Adjusted EBITDA(1) was $175.2 million for the third quarter of 2023, a decrease of 3.7%, or $6.7 million, from $181.9 million in the same period of 2022.

Las Vegas Operations
  • Net revenues from Las Vegas operations were $408.0 million for the third quarter of 2023, a decrease of 0.9%, or $3.6 million, from $411.6 million in the same period of 2022.
  • Adjusted EBITDA from Las Vegas operations was $191.4 million for the third quarter of 2023, a decrease of 4.3%, or $8.5 million, from $199.9 million in the same period of 2022.

Balance Sheet Highlights
The Company's cash and cash equivalents at 30 September 2023 were $122.8 million and total principal amount of debt outstanding at the end of the third quarter was $3.3 billion.

Quarterly Dividend
The Company's Board of Directors has declared a cash dividend of $0.25 per Class A common share for the fourth quarter of 2023. The dividend will be payable on 29 December 2023 to all stockholders of record as of the close of business on 15 December 2023.

Prior to the payment of such dividend, Station Holdco LLC will make a cash distribution to all unit holders of record, including the Company, of $0.25 per unit for a total distribution of approximately $27.1 million, approximately $15.6 million of which is expected to be distributed to the Company and approximately $11.5 million of which is expected to be distributed to the other unit holders of record of Station Holdco.

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Red Rock Resorts reports decreased net revenue during Q3 2023 is republished from Online.CasinoCity.com.