Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . (Exact name of registrant as specified in its charter) Delaware 47-5081182 (State or other jurisdiction of incorporation or organization) (I ...

Core Viewpoint - Jefferies has raised the price target for Red Rock Resorts (RRR) to $79 from $73 while maintaining a Buy rating, citing better-than-expected Q4 results and the company's leadership in the LVL market [1] Financial Performance - Red Rock Resorts reported better-than-expected Q4 results, which are likely to positively impact the share price [1] - The firm continues to demonstrate strong execution in capital projects, which are on time and on budget [1] Strategic Initiatives - A new phase has been announced at Sunset Station, indicating ongoing development and expansion efforts [1] - While construction may temporarily affect near-term growth, the company's proven track record supports confidence in achieving or exceeding return targets [1]

Fund Performance - Baron Partners Fund achieved a return of 19.07% in Q4 2025, significantly outperforming the Russell Midcap Growth Index, which returned -3.70%, and the Russell 3000 Index, which returned 2.40% [1] - For the calendar year 2025, the Fund returned 24.86%, compared to 8.66% for the Russell Midcap Growth Index and 17.15% for the Russell 3000 Index [1] - The Fund focuses on long-term investments in a non-diversified portfolio of well-managed growth businesses at attractive prices across various market caps [1] Red Rock Resorts, Inc. Overview - Red Rock Resorts, Inc. operates casino and entertainment properties, with a one-month return of 7.95% and a 52-week return of 29.51% [2] - As of February 10, 2026, Red Rock Resorts, Inc. stock closed at $66.79 per share, with a market capitalization of $6.874 billion [2] Investment Insights on Red Rock Resorts, Inc. - Red Rock Resorts invested over $800 million in developing the Durango property, which is generating robust returns and strengthening performance across its six core Las Vegas Locals casinos [3] - The company reports strong visitation and robust gaming activity, with improving engagement from uncarded and non-rewards customers [3] - Management is increasing capital investment in response to market strength, which is expected to support ongoing revenue and EBITDA growth in the coming years [3] - The stock appreciated 39.4% in 2025 [3]

Core Insights - Red Rock Resorts reported revenue of $511.78 million for the quarter ended December 2025, reflecting a 3.2% increase year-over-year and surpassing the Zacks Consensus Estimate of $501.41 million by 2.07% [1] - The company's EPS was $0.75, slightly down from $0.76 in the same quarter last year, but significantly exceeding the consensus estimate of $0.41 with a surprise of 81.07% [1] Revenue Performance - Net Revenue from Las Vegas operations was $504.99 million, exceeding the four-analyst average estimate of $493.61 million, with a year-over-year increase of 2.5% [4] - Net Revenue from Corporate and other was $3.06 million, aligning closely with the average estimate of $3.05 million, showing no year-over-year change [4] - Net Revenue from Native American management reached $3.73 million, surpassing the average estimate of $3.35 million [4] Operating Revenues - Operating Revenues from Casino operations were $343 million, exceeding the average estimate of $329.62 million, with a year-over-year increase of 5% [4] - Operating Revenues from Food and Beverage were $93.26 million, slightly above the average estimate of $91.93 million, reflecting a year-over-year increase of 1.3% [4] - Operating Revenues from Room services were $47.2 million, below the average estimate of $48.6 million, showing a year-over-year decline of 9.8% [4] - Operating Revenues from Other sources were $24.59 million, falling short of the average estimate of $25.58 million, with a year-over-year decrease of 0.7% [4] Adjusted EBITDA - Adjusted EBITDA for Las Vegas operations was $231.13 million, exceeding the average estimate of $217.31 million [4] - Adjusted EBITDA for Corporate and other was reported at -$21.58 million, slightly worse than the average estimate of -$21.42 million [4] - Adjusted EBITDA for Native American management was $3.73 million, surpassing the average estimate of $3.3 million [4] Stock Performance - Shares of Red Rock Resorts have returned +5.9% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

分组1 - Red Rock Resorts reported quarterly earnings of $0.75 per share, exceeding the Zacks Consensus Estimate of $0.41 per share, with a year-over-year comparison showing a slight decrease from $0.76 per share [1] - The company achieved revenues of $511.78 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.07% and showing an increase from $495.7 million year-over-year [2] - Over the last four quarters, Red Rock Resorts has consistently surpassed consensus EPS estimates, achieving this four times [2] 分组2 - The stock has gained approximately 5.8% since the beginning of the year, outperforming the S&P 500, which has gained 1.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.53, with expected revenues of $510.47 million, and for the current fiscal year, the estimate is $1.93 on $2.04 billion in revenues [7] - The Zacks Industry Rank indicates that the Gaming industry is currently in the bottom 29% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Core Insights - The company reported strong financial results for 2025, achieving record net revenue and adjusted EBITDA for the second consecutive year, highlighting the strength and consistency of its operating platform [2][3] - The expansion of Durango Casino Resort is a key growth driver, with positive customer response and operational results validating capital investments in high-limit gaming areas [6][7] - The company is focused on executing its development pipeline and maintaining operational discipline while delivering enhanced shareholder returns through disciplined capital allocation [31][32] Financial Performance - In Q4, Las Vegas operations generated net revenue of $505 million, a 2.5% increase year-over-year, with adjusted EBITDA of $231 million, up 3.2% [9] - For the full year, Las Vegas operations achieved nearly $2 billion in net revenue, a 2.9% increase, and adjusted EBITDA of $915.9 million, up 4.2% [11] - The company converted 62% of adjusted EBITDA to operating free cash flow in Q4, generating $131.5 million, and 55% for the full year, totaling $466.3 million [13] Expansion and Development - The latest expansion at Durango added over 25,000 square feet of casino space and nearly 2,000 parking spaces, with further phases planned to enhance the property [7][8] - The company is investing approximately $385 million in the next phase of Durango's master plan, which includes new amenities and gaming options to attract more visitors [8][21] - Ongoing renovations at Sunset Station and Green Valley Ranch are also part of the strategy to enhance customer appeal and capture market share [21][24] Shareholder Returns - The Board of Directors declared a special cash dividend of $1 per Class A common share, reflecting confidence in the company's long-term earnings power [29] - Total distributions to shareholders in 2025 amounted to approximately $296.9 million, demonstrating a commitment to returning capital while investing in growth [19] Market Position and Strategy - The company continues to focus on local guests while expanding its regional and national customer base, achieving record revenue and profitability in gaming operations [14] - The competitive position is strengthened by strategic locations and ongoing investments in property enhancements, which are expected to drive increased visitation [41][56] - The company is optimistic about capturing market share from the Strip, particularly among high-end customers, due to improved amenities and services [56][57]

Financial Data and Key Metrics Changes - In Q4 2025, Las Vegas operations achieved net revenue of $505 million, a 2.5% increase year-over-year, and adjusted EBITDA of $231 million, up 3.2% from the previous year [8][9] - For the full year 2025, net revenue was just under $2 billion, a 2.9% increase, and adjusted EBITDA reached $915.9 million, up 4.2% from the prior year [9][10] - The consolidated Q4 net revenue was $511.8 million, up 3.2%, and adjusted EBITDA was $213 million, up 5.4% year-over-year [8][9] Business Line Data and Key Metrics Changes - Durango Casino Resort continues to expand its local market presence, contributing to incremental play and reinforcing its growth driver status within the portfolio [5] - Non-gaming operations, including hotel and food and beverage, achieved near-record revenue and profitability, with hotel operations performing exceptionally well despite renovations [11][12] Market Data and Key Metrics Changes - The Las Vegas locals market remains strong, with 50% of guests visiting more than eight times a month, indicating a robust customer base [31] - The company is strategically located in areas of new housing growth, enhancing its competitive position in the locals market [32] Company Strategy and Development Direction - The company is focused on executing its development pipeline, including significant investments in Durango, Sunset Station, and Green Valley Ranch, to enhance competitive positioning and customer appeal [15][17][23] - A special cash dividend of $1 per Class A common share was declared, reflecting confidence in the long-term earnings power of the operating model [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and resilience of the business, despite expected near-term disruptions from ongoing construction projects [12][23] - The company anticipates capturing additional market share and driving sustained growth in the local market through strategic expansions and enhancements [8][19] Other Important Information - The company reported a net debt-to-EBITDA ratio of 3.87 times, marking the seventh consecutive quarter of deleveraging [13] - Total capital spend for 2025 was $319 million, with expectations to increase to $375-$425 million in 2026 [14] Q&A Session Summary Question: Demand levels in Las Vegas Valley - Management noted strong performance in hotel operations and gaming, with a differentiated value proposition compared to the Strip [28][31] Question: Construction disruption in 2026 - Management estimated approximately $9 million in disruption for Q1 2026, primarily from ongoing renovations [42][44] Question: Seasonal EBITDA expectations - Management indicated that while disruption may impact Q1, they remain confident in achieving expected returns [48][49] Question: Impact of the One Big Beautiful Bill - Management expressed optimism about capturing discretionary income from tax refunds, positioning the company well in the locals market [53] Question: Higher-end customer contributions - Management highlighted strength in higher-end play across various properties, indicating a broad appeal to different customer segments [80][81]

Financial Data and Key Metrics Changes - In Q4 2025, Las Vegas operations achieved net revenue of $505 million, a 2.5% increase year-over-year, and adjusted EBITDA of $231 million, up 3.2% from the prior year [8][9] - For the full year 2025, Las Vegas operations reported net revenue just under $2 billion, a 2.9% increase, and adjusted EBITDA of $915.9 million, up 4.2% from the previous year [9][10] - Consolidated Q4 net revenue was $511.8 million, a 3.2% increase, with adjusted EBITDA of $213 million, up 5.4% year-over-year [8][9] Business Line Data and Key Metrics Changes - Durango Casino Resort continues to expand its local market presence, contributing to incremental play and revenue growth [5] - Non-gaming operations, including hotel and food and beverage, achieved near-record revenue and profitability, with hotel operations performing exceptionally well despite renovations [11][12] Market Data and Key Metrics Changes - The Las Vegas locals market remains strong, with continued robust visitation and net theoretical win across local and regional customers [11][12] - The company is positioned to benefit from demographic trends, with over 6,000 new households expected within a three-mile radius of Durango [7] Company Strategy and Development Direction - The company is focused on long-term growth through significant investments in existing properties, including expansions at Durango, Sunset Station, and Green Valley Ranch [15][16][18] - A balanced capital allocation strategy is in place, with a commitment to returning capital to shareholders while investing in property enhancements [14][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and resilience of the business, despite expected near-term disruptions from ongoing construction projects [12][22] - The company anticipates continued growth in adjusted EBITDA and market share, driven by strategic investments and a focus on high-end customer segments [21][23] Other Important Information - The company declared a special cash dividend of $1 per Class A common share, reflecting confidence in long-term earnings power [21][22] - Total capital expenditures for 2025 were $319 million, with expectations for 2026 spending between $375-$425 million [14] Q&A Session Summary Question: Update on demand levels in Las Vegas Valley - Management noted strong performance in hotel operations despite renovations, with a differentiated value proposition compared to the Strip [28][30] Question: Construction disruption impact in 2026 - Management estimated approximately $9 million in disruption for Q1 2026, with ongoing efforts to minimize operational impacts during renovations [41][43] Question: Expectations for Q1 EBITDA growth - Management indicated confidence in achieving typical seasonal growth despite disruptions, with a focus on maintaining operational performance [47][98] Question: Impact of the One Big Beautiful bill on top-line performance - Management expressed optimism about benefiting from increased discretionary income in the locals market due to tax refunds [52] Question: Competitive promotional environment in the locals market - Management reported a stable promotional environment, with consistent competitive behavior from small operators [73] Question: Contribution from higher-end properties - Management highlighted strong performance across the portfolio, with increasing high-end play at various properties [81]

Financial Data and Key Metrics Changes - In Q4 2025, Las Vegas operations achieved net revenue of $505 million, up 2.5% year-over-year, and adjusted EBITDA of $231 million, up 3.2% year-over-year, with an adjusted EBITDA margin of 45.8%, an increase of 32 basis points [6][3] - For the full year 2025, net revenue was just under $2 billion, up 2.9% from the previous year, and adjusted EBITDA was $915.9 million, up 4.2% year-over-year, with an adjusted EBITDA margin of 46.2%, an increase of 56 basis points [8][9] - Consolidated Q4 net revenue was $511.8 million, up 3.2% year-over-year, and adjusted EBITDA was $213 million, up 5.4% year-over-year, with an adjusted EBITDA margin of 41.7%, an increase of 84 basis points [7][9] Business Line Data and Key Metrics Changes - The Durango Casino Resort continues to expand its local market presence, contributing to incremental play and reinforcing its growth potential within the portfolio [4] - Non-gaming operations, including hotel and food and beverage, achieved near-record revenue and profitability, with hotel operations performing exceptionally well despite renovations [10] - Group sales and catering delivered near-record revenue in Q4, indicating positive momentum into 2026 [11] Market Data and Key Metrics Changes - The Las Vegas market is supported by strong fundamentals, with over 6,000 new households expected within a three-mile radius of Durango over the next few years [5] - The company is well-positioned to capture additional market share and drive sustained growth in the local market through ongoing expansions and enhancements [6] Company Strategy and Development Direction - The company is focused on executing its development pipeline, maintaining operational discipline, and delivering enhanced shareholder returns through a balanced capital allocation strategy [23] - Significant investments are being made in Durango, Sunset Station, and Green Valley Ranch to enhance competitive positioning and broaden customer appeal [14][17] - The company aims to capitalize on favorable demographic trends and high barriers to entry in the Las Vegas locals market [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and resilience of the business, despite expected near-term disruptions from ongoing construction projects [11][21] - The company anticipates continued stability in its core slot business and positive impacts from tax refunds on discretionary spending in the locals market [35][36] - Management remains optimistic about the long-term growth prospects, supported by a strong balance sheet and ongoing investments in property enhancements [12][23] Other Important Information - The company declared a special cash dividend of $1 per Class A common share and a regular cash dividend of $0.26 per Class A common share, reflecting confidence in the business's strength [20][21] - The company returned approximately $296.9 million to shareholders in 2025 through dividends and share repurchases, demonstrating a commitment to disciplined capital allocation [13] Q&A Session Summary Question: Demand levels in Las Vegas Valley - Management noted strong performance in hotel operations despite renovations, with a differentiated product compared to the Strip, and highlighted robust gaming revenue driven by high-limit rooms [26][27] Question: Construction disruption in 2026 - Management estimated approximately $9 million in disruption costs for Q1 2026, primarily due to ongoing renovations at Green Valley Ranch, but emphasized that these disruptions are short-term [30][31] Question: Expectations for Q1 EBITDA - Management indicated that despite disruptions, they expect to achieve typical seasonal growth in EBITDA, with no significant negative impacts anticipated [34] Question: Impact of the One Big Beautiful bill - Management expressed optimism about potential benefits from tax refunds and the overall economic environment, positioning the company to capitalize on increased discretionary income [35][36] Question: Competitive behavior in the locals market - Management described a stable promotional environment, with consistent competitive behavior from small operators, and noted strong performance in group sales and catering [45]

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 ...