Red Rock Resorts, Inc. (NASDAQ:RRR) Q2 2021 Earnings Conference Call July 28, 2021 4:30 PM ET Company Participants Stephen Cootey - Executive Vice President, Chief Financial Officer and Treasurer Frank Fertitta - Chief Executive Officer Lorenzo Fertitta - Vice Chairman Conference Call Participants Joe Greff - JPMorgan Carlo Santarelli - Deutsche Bank Barry Jonas - Truist Securities Shaun Kelley - Bank of America Chad Beynon - Macquarie John DeCree - CBRE Operator Good afternoon and welcome to Red Rock Resor ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (I.R.S. Employer Identification No.) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-37754 RED ROCK RESORTS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

Financial Data and Key Metrics Changes - For Q1 2021, the company's consolidated net revenue was $352.6 million, down 21.1% from $447 million in Q1 2019. Adjusted EBITDA was $156.6 million, up 8% from $145.1 million in Q1 2019, with an adjusted EBITDA margin of 44.4%, an increase of 1,197 basis points from Q1 2019 and up 59 basis points from Q4 2020 [6][5][6]. - Las Vegas operations net revenues were $338.4 million, up 5.4% from $321 million in Q1 2019, with adjusted EBITDA of $165.6 million, up 38% from $120 million in Q1 2019, and an adjusted EBITDA margin of 48.9%, an increase of 1,155 basis points from Q1 2019 [7][6]. Business Line Data and Key Metrics Changes - The company achieved the second highest net revenue and the highest adjusted EBITDA and adjusted EBITDA margin in its history on a same-store basis [8]. - The company converted 57% of adjusted EBITDA to free cash flow, generating $88.8 million or $0.76 per share, totaling almost $350 million or $2.97 per share since reopening in June 2020 [8]. Market Data and Key Metrics Changes - Customer trends showed strong visitation from a younger demographic, increased spending per visit, and more time spent on devices, positively impacted by the COVID-19 vaccination rollout and federal stimulus money [9]. - As of May 1, occupancy restrictions were eased to 80%, with expectations to reach 100% occupancy as vaccination rates increase [10]. Company Strategy and Development Direction - The company plans to accelerate the development of the Durango project in Southwest Las Vegas while maintaining a strong balance sheet [15][16]. - The sale of the Palms Casino Resort is seen as a way to create shareholder value and focus on improving operations of existing assets in the Las Vegas locals market [15][16]. Management's Comments on Operating Environment and Future Outlook - Management believes the worst is behind them, with government restrictions easing and pent-up leisure demand expected to drive recovery [19]. - The company has achieved over $200 million in annual cost savings, exceeding previous targets, and expects to maintain higher profitability and free cash flow [11][19]. Other Important Information - The company’s cash and cash equivalents at the end of Q1 were $117.9 million, with total debt outstanding at $2.87 billion. The company paid down $78 million in debt during the quarter [12]. - A tax distribution of approximately $31.5 million was made to LLC Unit holders, with part of it used for share repurchase under a previously disclosed program [13]. Q&A Session Summary Question: Thoughts on adding back existing capacity and Durango development - Management is evaluating closed properties and will only reopen if they generate incremental free cash flow. Staffing will increase as volumes rise, particularly in high-margin non-gaming areas [25][26]. Question: Impact of COVID costs on margins - COVID mitigation costs are expected to fade, potentially allowing for further margin expansion beyond current levels [34][35]. Question: Insights on loyalty program and customer behavior - New sign-ups in the loyalty program are more active and valuable than pre-COVID levels, indicating strong customer engagement [52]. Question: Thoughts on the Strip recovery and Palace Station - Palace Station is performing well, benefiting from local business and expected recovery in the Strip market [56][57]. Question: Free cash flow considerations post-Palms sale - The sale will shield taxes and improve cash interest, with no significant changes expected in working capital [58]. Question: Labor hiring issues - The company feels confident about its labor situation, having retained staff during COVID, which has eased the staffing process as business returns [70][71]. Question: Cashless gaming adoption - The company is developing a cashless gaming app to enhance customer convenience and experience [75][77].

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, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-37754 ______________________________________________________________ RED ROCK RESORTS, INC. (Exact name of regist ...

Red Rock Resorts, Inc. (NASDAQ:RRR) Q4 2020 Earnings Conference Call February 9, 2021 4:30 PM ET Company Participants Stephen Cootey - Executive Vice President, Chief Financial Officer & Treasurer Frank Fertitta - Chairman & Chief Executive Officer Lorenzo Fertitta - Vice Chairman of the Board Conference Call Participants Joe Greff - JPMorgan Carlo Santarelli - Deutsche Bank Barry Jonas - Truist Securities Steven Grambling - Goldman Sachs Steve Wieczynski - Stifel Shaun Kelley - Bank of America Chad Beynon ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-37754 RED ROCK RESORTS, INC. (Exact name of registrant as specified in its charter) (State or other jurisd ...

Red Rock Resorts, Inc. (NASDAQ:RRR) Q3 2020 Earnings Conference Call October 27, 2020 4:30 PM ET Company Participants Stephen Cootey - Executive Vice President, Chief Financial Officer & Treasurer Frank Fertitta - Chairman & Chief Executive Officer Lorenzo Fertitta - Independent Director Bob Finch - Executive Vice President & Chief Operating Officer Rod Atamian - Executive Vice President, Development & Strategy Conference Call Participants Joe Greff - JP Morgan Carlo Santarelli - Deutsche Bank Steven Wieczy ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-37754 RED ROCK RESORTS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdictio ...

Financial Data and Key Metrics Changes - The company reported consolidated net revenue of $108.5 million, down from $482.9 million in the prior quarter, and adjusted EBITDA of negative $17.3 million, down from $115.2 million in the prior quarter [18][19] - EBITDA margin decreased to negative 15.9% for the quarter [18] - Las Vegas operations reported net revenues of $101 million, down from $457.8 million in the prior quarter, with adjusted EBITDA of negative $12.1 million, down from $106 million in the prior quarter [19] Business Line Data and Key Metrics Changes - The company opened 16 of its 20 properties on June 4, generating over 80% of Las Vegas net revenue and over 90% of Las Vegas EBITDA during the same period [17] - The Graton Casino Resort reported management fee revenue for the second quarter of $5.9 million, a decrease of 75% over the prior year [29] Market Data and Key Metrics Changes - The company noted that short-haul traffic into Las Vegas is down, but not as significantly as long-haul and group business, which are down much more [48] - The company has seen a significant increase in younger demographics visiting its properties, while older demographics have declined due to COVID-19 concerns [77] Company Strategy and Development Direction - The company has implemented comprehensive health and cleanliness guidelines for its properties to ensure safety [9] - Significant cost reductions of approximately $150 million on an annualized run rate basis have been targeted, with an additional estimated $200 million in labor expense savings from closed properties [13][14] - The company is focused on maintaining a leaner and more efficient operation moving forward [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the uncertain economic environment and highlighted the resilience of its local business model [23] - The company is cautiously optimistic about its financial performance in July, but acknowledges the ongoing uncertainty due to the pandemic [25] - Management emphasized the importance of adapting to changing consumer behavior and focusing on convenience and value [55] Other Important Information - The company has $274.5 million in cash and cash equivalents and $3.3 billion in total principal debt outstanding [26] - The company has over $1 billion in liquidity, allowing it to operate fully staffed for over 20 months in a zero-revenue environment [27] Q&A Session Summary Question: What was the EBITDA drag from closed properties in June? - The closed properties had a drag of about $1.4 million in June, which is expected to remain consistent in July [36] Question: What trends are seen in the locals market in July? - Trends in July have been consistent with June, showing less visitation but more spend per visit and a younger demographic [38] Question: Is there a market for assets to scale up prices? - It is too early to assess the current economic environment and the future of closed properties like Palms is undecided [40][42] Question: How is the short-haul traffic from California looking? - Short-haul traffic is down, but not as significantly as long-haul and group business, which are down much more [48] Question: What is the promo environment like? - The situation is unique as all operators face similar challenges, leading to a focus on what truly matters in the business [53] Question: Can you elaborate on the $150 million in potential savings? - Significant reductions have been made at the corporate level, and some amenities may not return, allowing for cost savings without impacting customer experience [70][71] Question: Are younger customers driving performance? - There has been a significant increase in younger demographics, and the company is focused on converting uncarded younger play into carded play [83]

Red Rock Resorts, Inc. (NASDAQ:RRR) Q1 2020 Earnings Conference Call May 19, 2020 4:30 PM ET Company Participants Stephen Cootey - EVP, CFO and Treasurer Frank Fertitta - Chairman and CEO Jeff Welch - EVP and Chief Legal Officer Conference Call Participants Joe Greff - JPMorgan Carlo Santarelli - Deutsche Bank Barry Jonas - SunTrust Robinson Humphrey Harry Curtis - Instinet Jared Shojaian - Wolfe Research Chad Beynon - Macquarie Shaun Kelley - Bank of America Merrill Lynch Stephen Grambling - Goldman Sachs ...