Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) RED ROCK RESORTS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the trans ...

Red Rock Resorts, Inc. (RRR) reported first-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.RRR’s Q1 Earnings & RevenuesIn the quarter under review, adjusted earnings per share (EPS) came in at 80 cents, outpacing the Zacks Consensus Estimate of 47 cents. In the prior-year quarter, it recorded an adjusted EPS of 68 cents. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Quarterly reven ...

Core Insights - Red Rock Resorts reported revenue of $497.86 million for the quarter ended March 2025, reflecting a 1.8% increase year-over-year and a surprise of +0.82% over the Zacks Consensus Estimate of $493.82 million [1] - The company's EPS was $0.80, up from $0.68 in the same quarter last year, resulting in a significant EPS surprise of +70.21% compared to the consensus estimate of $0.47 [1] Revenue Breakdown - Casino operating revenues were $333.25 million, exceeding the average estimate of $320.70 million, marking a year-over-year increase of +5.2% [4] - Room operating revenues totaled $50.17 million, below the average estimate of $54.99 million, representing a year-over-year decline of -5.1% [4] - Food and beverage operating revenues were $89.27 million, slightly below the estimated $91.49 million, showing a -4.3% change year-over-year [4] - Other operating revenues reached $25.17 million, also below the average estimate of $26.27 million, indicating a -2.7% year-over-year change [4] Net Revenue and EBITDA - Net revenue from Las Vegas operations was $494.95 million, surpassing the average estimate of $489.69 million, with a year-over-year increase of +1.9% [4] - Net revenue from corporate and other operations was $2.91 million, below the average estimate of $3.20 million, reflecting a -12.7% year-over-year change [4] - Adjusted EBITDA for Las Vegas operations was $235.90 million, exceeding the average estimate of $217.26 million [4] - Adjusted EBITDA for corporate and other operations was -$20.82 million, slightly worse than the average estimate of -$20.35 million [4] Stock Performance - Over the past month, shares of Red Rock Resorts have returned -0.9%, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

Red Rock Resorts (RRR) came out with quarterly earnings of $0.80 per share, beating the Zacks Consensus Estimate of $0.47 per share. This compares to earnings of $0.68 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 70.21%. A quarter ago, it was expected that this company would post earnings of $0.42 per share when it actually produced earnings of $0.76, delivering a surprise of 80.95%.Over the last four quarters, the company ...

Red Rock Resorts (RRR) Q1 2025 Earnings Call May 01, 2025 04:30 PM ET Company Participants Stephen Cootey - Executive VP, CFO & TreasurerScott Kreeger - PresidentLorenzo Fertitta - Vice Chairman of the BoardJohn Decree - Director - Equity ResearchBarry Jonas - Managing DirectorDavid Katz - Managing DirectorSteven Wieczynski - Managing DirectorFrank Fertitta - Chairman & CEO Conference Call Participants Carlo Santarelli - AnalystShaun Kelley - Senior Research Analyst & MD - Gaming, Lodging & Leisure Equities ...

Financial Data and Key Metrics Changes - In the first quarter, Las Vegas operations achieved net revenue of $495 million, up 1.9% year-over-year, and adjusted EBITDA of $235.9 million, up 2.7% year-over-year [7][8] - Consolidated net revenue for the first quarter was $497.9 million, an increase of 1.8% from the previous year, with adjusted EBITDA of $215.1 million, up 2.8% year-over-year [8] - The adjusted EBITDA margin for Las Vegas operations was 47.7%, an increase of 34 basis points, while the consolidated adjusted EBITDA margin was 43.2%, up 42 basis points [7][8] Business Line Data and Key Metrics Changes - The hotel division recorded its second highest first quarter revenue and profit, driven by increased occupancy [9] - The food and beverage division achieved near record performance, supported by higher cover counts across outlets [9] - Group sales and catering faced challenges but are expected to improve throughout 2025 [10] Market Data and Key Metrics Changes - The Durango Casino Resort has added over 95,000 new customers to the database and is on track to become one of the highest margin properties, generating a return net of cannibalization of nearly 16% [4][5] - The Las Vegas Valley is projected to add approximately 34,000 new households due to demographic growth, particularly in Summerlin [5] Company Strategy and Development Direction - The company is focused on reinvesting in existing properties to enhance amenities while maintaining operational discipline [6] - Expansion plans for Durango include adding over 25,000 square feet of casino space and a new parking garage [5][6] - The company is also investing in Sunset Station and Green Valley Ranch properties to capture growth in Henderson [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business prospects moving forward, citing strong customer engagement and robust spending [10] - The company anticipates full revenue recovery from cannibalization effects over the next couple of years [5] - Management highlighted the resilience of the Las Vegas locals market, which has historically performed well during recessions [38] Other Important Information - The company declared a special cash dividend of $1 per Class A common share, reflecting confidence in the business model and market resilience [17] - Capital expenditures for 2025 are expected to be between $350 million and $400 million, down $25 million from previous estimates [12] Q&A Session Summary Question: OpEx growth and flow-through in Las Vegas - Management noted subdued OpEx growth with a flow-through above 60%, attributed to better sports win performance and flat COGS [20][22] Question: Backfill efforts at Red Rock - Management indicated that cannibalization is expected to be about 10% and they are ahead of schedule in backfilling revenue [27] Question: Special dividend and capital allocation - The special dividend reflects a balanced approach to long-term growth and shareholder returns, with ongoing evaluations of capital allocation [32][34] Question: Resilience of the Las Vegas locals market - Management emphasized the market's resilience during past recessions and its ability to maintain consistent visitation [38] Question: Construction environment and cost management - Management is actively managing procurement to mitigate impacts from tariffs and expects minimal material impact on current projects [42][48] Question: Non-gaming spend trends - Non-gaming spend remains stable, with food and beverage covers up despite slight revenue decline [78][80] Question: California-based customer demand - Management reported stable visitation from California, with gas prices making travel to Las Vegas still affordable [91][92]

Financial Performance - Net revenues for Q1 2025 were $497.9 million, an increase of 1.8% from $488.9 million in Q1 2024[6] - Net income for Q1 2025 was $86.0 million, a 9.7% increase from $78.4 million in Q1 2024[6] - Adjusted EBITDA for Q1 2025 was $215.1 million, up 2.8% from $209.1 million in Q1 2024[6] - Las Vegas operations generated net revenues of $495.0 million in Q1 2025, a 1.9% increase from $485.6 million in Q1 2024[6] - Adjusted EBITDA from Las Vegas operations was $235.9 million for Q1 2025, an increase of 2.7% from $229.8 million in Q1 2024[6] - The Company reported a basic earnings per share of $0.76 for Q1 2025, compared to $0.73 in Q1 2024[15] - The Company anticipates continued growth in revenues and EBITDA driven by strong performance in Las Vegas operations[12] Dividends - The Company declared a cash dividend of $0.25 per Class A common share for Q2 2025, payable on June 30, 2025[4] - A special dividend of $1.00 per Class A common share was declared, payable on May 21, 2025[7] Cash and Debt - Cash and cash equivalents as of March 31, 2025, were $150.6 million, with total debt outstanding at $3.4 billion[3]

LAS VEGAS, May 1, 2025 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the first quarter ended March 31, 2025.First Quarter ResultsConsolidated Operations Net revenues were $497.9 million for the first quarter of 2025, an increase of 1.8%, or $9.0 million, from $488.9 million in the same period of 2024. Net income was $86.0 million for the first quarter of 2025, an increase of 9.7%, or $7.6 million, from $78.4 million in t ...

Core Viewpoint - Red Rock Resorts, Inc. will release its financial results for Q1 2025 on May 1, 2025, followed by a conference call at 4:30 p.m. ET [1] Group 1: Financial Results Announcement - The financial results for the first quarter of 2025 will be announced on May 1, 2025 [1] - A conference call will take place on the same day at 4:30 p.m. ET, including prepared remarks and a Q&A session [1] Group 2: Conference Call Details - Participants can join the conference call by dialing (888) 317-6003 for domestic calls or (412) 317-6061 for international calls, with a passcode of 1027971 [2] - A live audio webcast will be available on the company's website [2] Group 3: Replay Information - A replay of the conference call will be accessible until May 8, 2025, by calling (877) 344-7529 or (412) 317-0088 with conference ID: 2335668 [3] - An audio archive of the call will also be available on the company's website [3] Group 4: Company Overview - Red Rock Resorts is a holding company that manages Station Casinos LLC, a leading provider of gaming and entertainment in Las Vegas, Nevada [4] - Station Casinos operates various properties that include restaurants, entertainment venues, and traditional casino gaming offerings [4] - The company owns and operates multiple casino resorts and has a 50% interest in Barley's Casino & Brewing Company and other establishments [4]

Core Viewpoint - Red Rock Resorts, Inc. (RRR) is positioned for growth due to strong Las Vegas operations, the successful performance of Durango Casino Resort, and a robust development pipeline, despite concerns regarding the uncertain macroeconomic environment [1][2][9]. Factors Driving Growth of RRR Stock - Strong momentum in Las Vegas operations and the successful launch of Durango Casino & Resort are key growth drivers, supported by robust local demand and rising entertainment spending [2]. - Durango Casino & Resort has exceeded expectations in both gaming and non-gaming revenues, tapping into pent-up demand in an underserved area, contributing significantly to overall earnings [3]. - The company is making substantial investments in property enhancements, including a $53 million renovation at Sunset Station, aimed at improving guest experiences and aligning with consumer preferences [4]. Long-term Growth Strategy - Red Rock Resorts is confident in its long-term growth strategy, with over 450 acres of prime developable land in Las Vegas, positioning the company to potentially double its portfolio [5]. - The success of Durango Casino reinforces the strength of the development pipeline and extensive real estate holdings, setting the stage for significant growth [5]. Concerns for RRR Stock - The stock has declined 18.1% over the past six months, contrasting with a 2% rise in the industry, primarily due to an uncertain macroeconomic environment [8]. - The company faces inflationary pressures, increased energy costs, and elevated prices in food, beverage, and rooms, impacting operational costs [8][9]. - Economic uncertainties, including inflation, high interest rates, and geopolitical tensions, may negatively affect travel, tourism, and consumer spending [9].