[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Red Rock Resorts reported strong Q2 2025 growth in consolidated net revenues, net income, and Adjusted EBITDA Q2 2025 Consolidated Financial Performance (YoY) | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Revenues | $526.3 million | $486.4 million | +$39.9 million | +8.2% | | Net Income | $108.3 million | $69.8 million | +$38.5 million | +55.1% | | Adjusted EBITDA | $229.4 million | $201.7 million | +$27.7 million | +13.7% | [Balance Sheet and Dividend](index=1&type=section&id=Balance%20Sheet%20and%20Dividend) The company maintained a solid cash position and declared a quarterly cash dividend, while managing its principal debt - The Company's cash and cash equivalents were **$145.2 million**, and total principal debt outstanding was **$3.4 billion** at the end of Q2 2025[4](index=4&type=chunk) - A cash dividend of **$0.25 per Class A common share** was declared for Q3 2025, payable on September 30, 2025, to stockholders of record as of September 15, 2025[5](index=5&type=chunk) - Prior to the dividend payment, Station Holdco LLC will make a total distribution of approximately **$27.6 million** to its unit holders[6](index=6&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) The company's strong performance was driven by growth in Las Vegas Operations and contributions from Native American Management [Las Vegas Operations](index=1&type=section&id=Las%20Vegas%20Operations) Las Vegas operations demonstrated robust growth in net revenues and Adjusted EBITDA, reflecting strong regional market performance Q2 2025 Las Vegas Operations Performance (YoY) | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Revenues | $513.3 million | $483.2 million | +$30.1 million | +6.2% | | Adjusted EBITDA | $239.4 million | $223.1 million | +$16.3 million | +7.3% | [Native American Management](index=1&type=section&id=Native%20American%20Management) The Native American Management segment contributed $10.0 million in net revenues and Adjusted EBITDA from development fees - Net revenues and Adjusted EBITDA from Native American management activities were **$10.0 million** for Q2 2025[3](index=3&type=chunk)[17](index=17&type=chunk) - This revenue is characterized as a cumulative catch-up related to development fees[3](index=3&type=chunk) [Detailed Financial Statements](index=4&type=section&id=Detailed%20Financial%20Statements) The detailed financial statements provide a comprehensive breakdown of the company's Q2 2025 performance, including key income statement figures and Adjusted EBITDA reconciliation [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The condensed consolidated statements of income highlight Q2 2025 net revenues, operating income, net income, and diluted earnings per share Q2 2025 Statement of Income Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net Revenues** | **$526,273** | **$486,403** | | Casino Revenue | $344,796 | $319,629 | | Operating Income | $168,028 | $140,234 | | Net Income | $108,253 | $69,810 | | Net Income Attributable to RRR | $56,404 | $35,676 | | Diluted EPS | $0.95 | $0.59 | [Reconciliation of Net Income to Adjusted EBITDA](index=5&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) This section details the reconciliation of Q2 2025 net income to Adjusted EBITDA, outlining key adjustments like depreciation, interest expense, and income tax Q2 2025 Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Description | Amount | | :--- | :--- | | **Net Income** | **$108,253** | | Depreciation and amortization | $47,988 | | Share-based compensation | $8,723 | | Write-downs and other, net | $4,010 | | Interest expense, net | $50,632 | | Change in fair value of derivative instruments | $2,305 | | Gain on Native American development | ($8,476) | | Provision for income tax | $15,924 | | **Adjusted EBITDA** | **$229,359** | [Other Information](index=2&type=section&id=Other%20Information) This section provides details on the upcoming conference call, the company's business overview, and disclosures regarding forward-looking statements and risks - A conference call to discuss financial results is scheduled for **4:30 p.m. Eastern Time** on the day of the announcement[8](index=8&type=chunk) - Red Rock Resorts, through its interest in Station Casinos, is the leading provider of gaming, hospitality, and entertainment to residents of Las Vegas, Nevada[10](index=10&type=chunk) - The press release includes forward-looking statements and warns that actual results may differ materially due to various risks, including inflation, interest rates, and competition[11](index=11&type=chunk)[12](index=12&type=chunk)

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. 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 e ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Red Rock Resorts due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - Red Rock Resorts is expected to report quarterly earnings of $0.40 per share, reflecting a year-over-year decrease of 32.2% [3]. - Revenues are projected to be $485.25 million, a slight decline of 0.2% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 0.75% higher in the last 30 days, indicating a reassessment by analysts [4]. - Despite the upward revision, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -2.90%, suggesting a bearish outlook [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, with positive readings being more reliable [9][10]. - Red Rock Resorts currently has a Zacks Rank of 3, making it challenging to predict an earnings beat [12]. Historical Performance - In the last reported quarter, Red Rock Resorts exceeded expectations with earnings of $0.80 per share, a surprise of +70.21% [13]. - The company has beaten consensus EPS estimates in each of the last four quarters [14]. Industry Comparison - Boyd Gaming, a competitor in the gaming industry, is expected to report earnings of $1.67 per share, a year-over-year increase of 5.7%, with revenues projected at $980.29 million, up 1.3% [18][19]. - Boyd Gaming has a positive Earnings ESP of +0.82% and has consistently beaten consensus EPS estimates in the past four quarters [19].

Core Insights - The article compares Boyd Gaming (BYD) and Red Rock Resorts (RRR) to determine which stock is more attractive to value investors [1] Valuation Metrics - Boyd Gaming has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision compared to Red Rock Resorts, which has a Zacks Rank of 3 (Hold) [3] - BYD has a forward P/E ratio of 12.40, significantly lower than RRR's forward P/E of 34.84 [5] - The PEG ratio for BYD is 2.90, while RRR's PEG ratio is 5.75, suggesting BYD is more reasonably priced relative to its expected earnings growth [5] - BYD's P/B ratio is 4.91, compared to RRR's P/B of 15.76, indicating that BYD is valued more attractively in terms of market value versus book value [6] - These metrics contribute to BYD receiving a Value grade of A, while RRR has a Value grade of C [6] Earnings Outlook - Boyd Gaming is noted for its improving earnings outlook, which enhances its attractiveness in the Zacks Rank model [7]

Group 1 - The Hecht Commodity Report is a comprehensive service covering market movements of 20 different commodities, providing bullish, bearish, and neutral calls along with directional trading recommendations and actionable ideas for traders [1] - The author of the report actively participates in commodities markets through futures, options, ETF/ETN products, and commodity equities, with positions that can change on an intraday basis [2] Group 2 - The article does not provide specific investment recommendations or advice, emphasizing that past performance is not indicative of future results [3]

Core Viewpoint - Red Rock Resorts, Inc. will announce its financial results for the second quarter of 2025 on July 29, 2025, followed by a conference call at 4:30 p.m. ET [1] Group 1: Financial Results Announcement - The financial results for Q2 2025 will be released on July 29, 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 7806086 [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 August 5, 2025, by calling (877) 344-7529 or (412) 317-0088 with conference ID: 5193703 [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 [4] - Station Casinos operates various properties in the Las Vegas valley, offering a range of amenities including restaurants, entertainment venues, and traditional casino gaming [4] - The company owns and operates multiple casino resorts and has a 50% interest in Barley's Casino & Brewing Company and other establishments [4]

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 ...

Core Insights - Red Rock Resorts, Inc. (RRR) reported strong first-quarter 2025 results, with both earnings and revenues exceeding the Zacks Consensus Estimate, showing year-over-year growth [1][2] Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were 80 cents, surpassing the Zacks Consensus Estimate of 47 cents and up from 68 cents in the prior-year quarter [2] - Quarterly revenues reached $497.9 million, exceeding the consensus mark of $494 million by 0.8% and reflecting a 1.8% increase year-over-year [2] - Revenues from Las Vegas operations totaled $495 million, a 1.9% increase from $485.6 million in the prior-year quarter, with adjusted EBITDA for this segment at $235.9 million, up 2.7% year-over-year [3] - Selling, general and administrative expenses were $104.7 million, slightly down from $104.8 million in the prior-year quarter, and net income increased to $86 million from $78.4 million [4] - Adjusted EBITDA for the first quarter was $215.1 million, compared to $209.1 million in the prior-year quarter [5] Financial Position - As of March 31, 2025, RRR had cash and cash equivalents of $150.6 million, down from $164.4 million as of December 31, 2024, with outstanding debt remaining flat at $3.4 billion [6] Market Position - Red Rock Resorts currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook in the market [7]

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]

Core Viewpoint - Red Rock Resorts reported strong quarterly earnings, significantly surpassing consensus estimates, indicating robust financial performance and potential for future growth [1][2]. Financial Performance - The company achieved earnings of $0.80 per share, exceeding the Zacks Consensus Estimate of $0.47 per share, and up from $0.68 per share a year ago, representing a 70.21% earnings surprise [1]. - Revenues for the quarter reached $497.86 million, surpassing the Zacks Consensus Estimate by 0.82%, and increased from $488.9 million year-over-year [2]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.42, with projected revenues of $488.53 million, while the estimate for the current fiscal year is $1.67 on $1.95 billion in revenues [7]. - The estimate revisions trend for Red Rock Resorts is favorable, contributing to a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6]. Industry Context - The Gaming industry, to which Red Rock Resorts belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable environment for stock performance [8]. - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5].