I N V E S T O R P R E S E N T A T I O N PRIVATE & CONFIDENTIAL DISCLAIMER This presentation contains forward-looking statements, that reflect current views of Red Rock Resorts, Inc. (the "Company") with respect to, among other things, our operations and financial performance, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implie ...

Financial Performance - Net revenues for Las Vegas operations reached $1.98 billion in 2025, an increase of 2.9% or $55.7 million from $1.93 billion in 2024[4] - Net income for the fourth quarter of 2025 was $84.6 million, a decrease of 3.5% or $3.1 million from $87.7 million in the same period of 2024[5] - Full year net income for 2025 was $355.7 million, an increase of 22.1% or $64.4 million from $291.3 million in 2024[6] - Total net revenues for the year ended December 31, 2025, reached $2.011 billion, compared to $1.939 billion in 2024, marking an increase of 3.7%[23] EBITDA Performance - Adjusted EBITDA for the fourth quarter of 2025 was $213.3 million, an increase of 5.4% or $10.9 million from $202.4 million in the same period of 2024[5] - Adjusted EBITDA for 2025 was $848.6 million, an increase of 6.6% or $52.7 million from $795.9 million in 2024[6] - Adjusted EBITDA from Las Vegas operations was $915.9 million in 2025, an increase of 4.2% or $36.5 million from $879.4 million in 2024[7] - The adjusted EBITDA for the year ended December 31, 2025, was $848.591 million, compared to $795.900 million in 2024, indicating an increase of 6.6%[23] Revenue Breakdown - Net revenues and Adjusted EBITDA from Native American activities were $17.6 million in 2025, representing revenue related to development fees[8] - Net revenues for Las Vegas operations increased to $504.991 million in Q4 2025, up from $492.638 million in Q4 2024, representing a growth of 2.8%[23] - Corporate and other segment reported a net revenue of $3.056 million in Q4 2025, consistent with $3.057 million in Q4 2024[23] - The Native American segment generated net revenues of $3.730 million in Q4 2025, with no revenues reported in Q4 2024[23] Expenses and Tax - Interest expense decreased to $49.648 million in Q4 2025 from $56.171 million in Q4 2024, a reduction of 11.4%[23] - Depreciation and amortization expenses increased to $52.110 million in Q4 2025 from $48.164 million in Q4 2024, an increase of 6.1%[23] - The company reported a provision for income tax of $11.296 million in Q4 2025, compared to $10.796 million in Q4 2024, an increase of 4.6%[23] Dividends - A quarterly dividend of $0.26 per Class A common share has been declared for Q1 2026, payable on March 31, 2026[10] - A special dividend of $1.00 per Class A common share has been declared, payable on February 27, 2026[12] Cash and Debt - The company's cash and cash equivalents at December 31, 2025, were $142.5 million, with total debt outstanding at $3.4 billion[9]

Core Insights - Red Rock Resorts reported a 5.4% increase in Adjusted EBITDA for Q4 2025, reaching $213.3 million compared to $202.4 million in Q4 2024 [1] - The company's net income for Q4 2025 decreased by 3.5% to $84.6 million from $87.7 million in Q4 2024 [1] - Total net revenues for Q4 2025 increased by 3.2% to $511.8 million, up from $495.7 million in the same period of 2024 [1] Fourth Quarter Results - Adjusted EBITDA for consolidated operations was $213.3 million, a rise of $10.9 million from $202.4 million in Q4 2024 [1] - Net income for the fourth quarter was $84.6 million, down by $3.1 million from $87.7 million in Q4 2024 [1] - Net revenues reached $511.8 million, an increase of $16.1 million from $495.7 million in Q4 2024 [1] - Las Vegas operations contributed $231.1 million in Adjusted EBITDA, up 3.2% from $223.9 million in Q4 2024 [1] - Net revenues from Las Vegas operations were $505.0 million, an increase of $12.4 million from $492.6 million in Q4 2024 [1] Full Year Results - Adjusted EBITDA for the full year 2025 was $848.6 million, a 6.6% increase from $795.9 million in 2024 [1] - Net income for 2025 rose by 22.1% to $355.7 million, compared to $291.3 million in 2024 [1] - Total net revenues for 2025 were $2.01 billion, an increase of $72.5 million from $1.94 billion in 2024 [1] - Las Vegas operations generated $915.9 million in Adjusted EBITDA, a 4.2% increase from $879.4 million in 2024 [1] - Net revenues from Las Vegas operations for 2025 were $1.98 billion, up by $55.7 million from $1.93 billion in 2024 [1] Balance Sheet Highlights - Cash and cash equivalents at the end of Q4 2025 were $142.5 million [1] - Total principal amount of debt outstanding was $3.4 billion at the end of Q4 2025 [1] Dividends - The Board of Directors declared a cash dividend of $0.26 per Class A common share for Q1 2026, payable on March 31, 2026 [1] - A special dividend of $1.00 per Class A common share was also declared, payable on February 27, 2026 [1]

Core Viewpoint - Red Rock Resorts, Inc. will announce its financial results for Q4 and full year 2025 on February 10, 2026, followed by a conference call at 4:30 p.m. ET [1] Financial Results Announcement - The financial results for the fourth quarter and full year 2025 will be released on February 10, 2026 [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] 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 4242029 [2] - A live audio webcast will be available on the company's website [2] Replay Information - A replay of the conference call will be accessible until February 17, 2026, by calling (855) 669-9658 or (412) 317-0088 internationally, using conference ID 4400269 [3] - An audio archive will also be available on the company's website [3] Company Overview - Red Rock Resorts is a holding company that manages Station Casinos LLC, a leading provider of gaming, hospitality, and entertainment in Las Vegas, Nevada [4] - Station Casinos operates various properties throughout the Las Vegas valley, offering amenities such as restaurants, entertainment venues, and traditional casino gaming [4] - The company owns and operates multiple casino resorts, including Red Rock Casino Resort Spa and Green Valley Ranch Resort Spa Casino, among others [4]

Company Overview - Red Rock Resorts, Inc. (RRR) is currently experiencing significant activity in the options market, particularly with the January 16, 2026 $35 Put option showing high implied volatility, indicating potential for a major price movement [1] Implied Volatility Insights - Implied volatility reflects market expectations for future price movements, suggesting that investors anticipate a significant change in Red Rock Resorts' stock price, possibly due to an upcoming event [2] Analyst Sentiment - Red Rock Resorts holds a Zacks Rank of 3 (Hold) within the Gaming industry, which is positioned in the bottom 26% of the Zacks Industry Rank. Over the past 60 days, two analysts have raised their earnings estimates for the current quarter, while three have lowered theirs, resulting in a decrease in the Zacks Consensus Estimate from 44 cents to 42 cents per share [3] Trading Strategy Implications - The high implied volatility surrounding Red Rock Resorts may indicate a developing trading opportunity. Options traders often seek to sell premium on options with high implied volatility, aiming to benefit from the decay of the option's value if the stock does not move as much as anticipated [4]

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Core Viewpoint - Red Rock Resorts reported a mixed performance in its Q3 2025 earnings, with earnings exceeding estimates while revenues fell short, indicating potential challenges ahead [2][3]. Financial Performance - Adjusted earnings per share (EPS) for Q3 2025 were 68 cents, surpassing the Zacks Consensus Estimate of 36 cents, and up from 48 cents in the prior-year quarter [3]. - Quarterly revenues reached $475.6 million, slightly missing the Zacks Consensus Estimate of $476 million, but reflecting a year-over-year growth of 1.6% from $468 million [3]. - Net income for the quarter was $76.9 million, an increase from $55.4 million in the prior-year quarter [5]. - Adjusted EBITDA was reported at $190.9 million, marking a 4.5% year-over-year increase from $182.7 million, with an adjusted EBITDA margin of 40.1%, up 110 basis points from the previous year [5]. Segment Performance - Las Vegas Operations generated revenues of $468.6 million, a 0.8% increase from $464.7 million in the prior-year quarter, with adjusted EBITDA of $209.4 million, up 3.4% from $202.6 million [4]. - Native American Management reported revenues and adjusted EBITDA of $3.9 million, reflecting cumulative development fee recognition [4]. Financial Position - As of September 30, 2025, Red Rock Resorts had cash and cash equivalents of $129.8 million, down from $164.4 million as of December 31, 2024 [6]. - Outstanding debt was $3.1 billion, reduced from $3.35 billion as of December 31, 2024 [6]. - The board declared a cash dividend of $0.26 per share, payable on December 31, 2025, indicating a commitment to shareholder returns [6]. Market Sentiment - There has been a downward trend in estimates revision, with the consensus estimate shifting down by 5.19% [7]. - Red Rock Resorts currently holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [10]. Industry Comparison - Red Rock Resorts is part of the Zacks Gaming industry, where Boyd Gaming (BYD) has seen an 8.6% gain over the past month, reporting revenues of $1 billion for the quarter ended September 2025, a year-over-year increase of 4.5% [11]. - Boyd's EPS for the same period was $1.72, compared to $1.52 a year ago, with a current quarter earnings estimate of $1.92 per share, reflecting a year-over-year change of -2% [12].

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Core Insights - The Hecht Commodity Report is recognized as one of the most comprehensive commodities reports available, covering market movements of over 29 different commodities [1] - The report provides various market calls including bullish, bearish, and neutral, along with directional trading recommendations and actionable ideas for traders and investors [1][2] Group 1 - The author, Andrew Hecht, has 35 years of experience on Wall Street, specializing in commodities and precious metals [2] - The Hecht Commodity Report includes coverage of 20 different commodities, offering insights and recommendations for traders [2] Group 2 - The report aims to assist traders and investors by providing actionable ideas based on market analysis [1][2]

Core Insights - Red Rock Resorts has significantly outperformed the S&P 500, with a total return of 162% over the past five years and a recent gain of 29.6% in the last six months, surpassing the S&P by 10.1% [1] Group 1: Revenue Growth Analysis - Long-term revenue growth for Red Rock Resorts has been disappointing, with an annualized growth rate of only 9% over the last five years, which is below the standard for the consumer discretionary sector [3] - Projected revenue growth for the next 12 months is expected to be just 2%, indicating a deceleration compared to the previous five years and suggesting potential demand challenges for its products and services [5] Group 2: Valuation and Investment Outlook - The stock is currently trading at a forward P/E ratio of 28.5, which is considered reasonable; however, the company's weaker fundamentals present significant downside risk [6] - Analysts recommend exploring alternative investment opportunities, particularly in sectors with stronger growth potential, such as digital advertising platforms [6]