Red Rock Resorts Announces Second Quarter 2025 Results

Red Rock Resorts, Inc. (“Red Rock Resorts,” “we” or the “Company”) (NASDAQ: RRR) today reported financial results for the second quarter ended June 30, 2025.

Second Quarter Results

Consolidated Operations

— Net revenues were $526.3 million for the second quarter of 2025, an increase of 8.2%, or $39.9 million, from $486.4 million in the same period of 2024.

— Net income was $108.3 million for the second quarter of 2025, an increase of 55.1%, or $38.5 million, from $69.8 million in the same period of 2024.

— Adjusted EBITDA(1) was $229.4 million for the second quarter of 2025, an increase of 13.7%, or $27.7 million, from $201.7 million in the same period of 2024.

Las Vegas Operations

— Net revenues from Las Vegas operations were $513.3 million for the second quarter of 2025, an increase of 6.2%, or $30.1 million, from $483.2 million in the same period of 2024.

— Adjusted EBITDA from Las Vegas operations was $239.4 million for the second quarter of 2025, an increase of 7.3%, or $16.3 million, from $223.1 million in the same period of 2024.

Native American Management

— Net revenues and adjusted EBITDA from Native American management activities were $10.0 million for the second quarter of 2025, representing a cumulative revenue catch-up related to development fees.

Balance Sheet Highlights

The Company's cash and cash equivalents at June 30, 2025 were $145.2 million and total principal amount of debt outstanding at the end of the second quarter was $3.4 billion.

Quarterly Dividend

The Company's Board of Directors has declared a cash dividend of $0.25 per Class A common share for the third quarter of 2025. The dividend will be payable on September 30, 2025 to all stockholders of record as of the close of business on September 15, 2025.

Prior to the payment of such dividend, Station Holdco LLC (“Station Holdco”) 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 $27.6 million, approximately $16.1 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.

Conference Call Information

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 7806086. A replay of the call will be available from today through August 5, 2025 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com.

Presentation of Financial Information

(1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, loss on extinguishment/modification of debt, gain on Native American development and provision for income tax.

Company Information and Forward Looking Statements

Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC (“Station Casinos”). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of Las Vegas, Nevada. Station Casinos' properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include hotels as well as various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Durango Resort & Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem, Wildfire Lake Mead, Wildfire on Fremont and Seventy Six by Station Casinos (Centennial & Aliante). Station Casinos also owns a 50% interest in Barley's Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as “will”, “might”, “predict”, “continue”, “forecast”, “expect”, “believe”, “anticipate”, “outlook”, “could”, “would”, “target”, “project”, “intend”, “plan”, “seek”, “estimate”, “pursue”, “should”, “may” and “assume”, or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company's business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

View source version on http://redrockresorts.investorroom.com/:

Investors: Stephen L. Cootey Stephen.Cootey@redrockresorts.com (702) 495-4214

Media: Michael J. Britt Michael.Britt@redrockresorts.com (702) 495-3693

Red Rock Resorts, Inc.Condensed Consolidated Statements of Income(amounts in thousands, except per share data)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Operating revenues:Casino $ 344,796 $ 319,629 $ 678,041 $ 636,483Food and beverage 94,374 91,718 183,646 184,996Room 51,187 50,142 101,357 103,030Development fees 10,008 – 10,008 -Other 25,908 24,914 51,082 50,791Net revenues 526,273 486,403 1,024,134 975,300Operating costs and expenses:Casino 93,862 87,853 183,275 172,822Food and beverage 75,894 74,267 149,655 147,714Room 15,941 16,075 31,930 31,946Other 8,519 7,760 15,762 15,027Selling, general and administrative 112,031 111,318 216,742 216,123Depreciation and amortization 47,988 46,703 96,319 91,576Write-downs and other, net 4,010 2,193 8,070 4,334 358,245 346,169 701,753 679,542Operating income 168,028 140,234 322,381 295,758Earnings from joint ventures 610 721 1,322 1,444Operating income and earnings from joint ventures 168,638 140,955 323,703 297,202Other expense:Interest expense, net (50,632) (57,434) (101,742) (114,635)Loss on extinguishment/modification of debt – – – (14,402)Change in fair value of derivative instruments (2,305) (1,923) (7,499) (1,923)Gain on Native American development 8,476 – 8,476 -Income before income tax 124,177 81,598 222,938 166,242Provision for income tax (15,924) (11,788) (28,735) (18,061)Net income 108,253 69,810 194,203 148,181Less: net income attributable to noncontrolling interests 51,849 34,134 93,050 69,670Net income attributable to Red Rock Resorts, Inc. $ 56,404 $ 35,676 $ 101,153 $ 78,511Earnings per common share:Earnings per share of Class A common stock, basic $ 0.96 $ 0.60 $ 1.71 $ 1.33Earnings per share of Class A common stock, diluted $ 0.95 $ 0.59 $ 1.69 $ 1.29Weighted-average common shares outstanding:Basic 58,960 59,069 59,081 58,935Diluted 102,730 60,748 103,060 103,720Dividends declared per common share $1.25 $0.25 $1.50 $1.50Red Rock Resorts, Inc.Segment Information and Reconciliation of Net Income to Adjusted EBITDA(amounts in thousands)(unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Net revenuesLas Vegas operations $ 513,262 $ 483,209 $ 1,008,215 $ 968,776Native American management 10,008 – 10,008 -Reportable segment net revenues 523,270 483,209 1,018,223 968,776Corporate and other 3,003 3,194 5,911 6,524Net revenues $ 526,273 $ 486,403 $ 1,024,134 $ 975,300Net income $ 108,253 $ 69,810 $ 194,203 $ 148,181AdjustmentsDepreciation and amortization 47,988 46,703 96,319 91,576Share-based compensation 8,723 11,806 16,347 17,681Write-downs and other, net 4,010 2,193 8,070 4,334Interest expense, net 50,632 57,434 101,742 114,635Loss on extinguishment/modification of debt – – – 14,402Change in fair value of derivative instruments 2,305 1,923 7,499 1,923Gain on Native American development (8,476) – (8,476) -Provision for income tax 15,924 11,788 28,735 18,061Adjusted EBITDA $ 229,359 $ 201,657 $ 444,439 $ 410,793Adjusted EBITDALas Vegas operations $ 239,444 $ 223,147 $ 475,344 $ 452,906Native American management 10,008 – 10,008 -Reportable segment Adjusted EBITDA 249,452 223,147 485,352 452,906Corporate and other (20,093) (21,490) (40,913) (42,113)Adjusted EBITDA $ 229,359 $ 201,657 $ 444,439 $ 410,793

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