Red Rock Resorts, Inc. (RRR) is benefiting from strong visitation, solid Las Vegas operations and strong spend per visit. Also, the emphasis on cost-saving initiatives and development projects bodes well. Red Rock Resorts' shares have gained 11.1% in the past six months against the Zacks Gaming industry's 0.6% fall. Given the successful openings of high-limit tables and slot rooms, a new casino bar and a restaurant, the company remains optimistic. The company intends to boost investments in this direction t ...

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 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 1505 South Pavilion Center Drive, Las Vegas, Nevada (Address of principal executive offices) For the quarterly period ended March 31, 2024 OR ☐ TRANSITIO ...

Red Rock Resorts, Inc. (NASDAQ:RRR) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET Company Participants Stephen Cootey - EVP, CFO and Treasurer Frank Fertitta - CEO Lorenzo Fertitta - Vice Chairman Scott Kreeger - President Conference Call Participants Joe Greff - JPMorgan Carlo Santarelli - Deutsche Bank Steve Wieczynski - Stifel David Katz - Jefferies Barry Jonas - Truist Securities Dan Polizer - Wells Fargo Chad Beynon - Macquarie Brandt Montour - Barclays Joe Stauff - CIG Operator Good afternoo ...

Exhibit 99.1 Red Rock Resorts Announces First Quarter 2024 Results LAS VEGAS, May 7, 2024 (GLOBE NEWSWIRE) - Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the first quarter ended March 31, 2024. First Quarter Results Consolidated Operations Las Vegas Operations Balance Sheet Highlights The Company's cash and cash equivalents at March 31, 2024 were $129.7 million and total principal amount of debt outstanding at the end of the first quar ...

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, 2023 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 ...

Financial Data and Key Metrics Changes - For Q4 2023, the company's net revenue was $462.7 million, an increase of 9.3% from the prior year's fourth quarter [31] - Adjusted EBITDA for Q4 2023 was $201.3 million, up 6.1% from the prior year, with an adjusted EBITDA margin of 43.5%, a decrease of 133 basis points from the previous year [31] - The company generated $147.1 million in operating free cash flow, converting 73% of adjusted EBITDA to cash flow for the quarter [32] - Full year 2023 net revenue was $1.7 billion, up 3.8% from the prior year, with adjusted EBITDA of $746 million, a 0.4% increase [47] Business Line Data and Key Metrics Changes - The food and beverage segment achieved its highest quarterly revenue and profit in the company's history, driven by higher average checks and cover counts [33] - The hotel division also experienced record revenue and profitability, attributed to increased occupancy and average daily rates (ADR) [48] - Catering revenue continued to show strength, marking the 10th consecutive quarter of double-digit year-over-year growth [48] Market Data and Key Metrics Changes - The Durango Casino & Resort opened on December 5, 2023, and has been profitable since day one, positively impacting the surrounding market and attracting new customers [36] - The company noted that while there is some cannibalization expected from the opening of Durango, it has been largely in line with expectations [51] Company Strategy and Development Direction - The company plans to focus on fine-tuning the Durango property in 2024 and will evaluate new projects in 2025 [9] - A special cash dividend of $1 per Class A share was declared, reflecting confidence in the business model and the Las Vegas locals market [53] - The company is committed to investing in existing properties and enhancing customer experiences through new amenities [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business, particularly with the addition of the Durango property, despite facing challenging year-over-year comparisons in 2024 [50] - The company anticipates a gradual ramp-up in performance as the Durango property stabilizes and begins to attract a consistent customer base [141] Other Important Information - The company completed the sale of approximately 73 acres at former properties for about $58 million, using proceeds to pay down debt [55] - The cash and cash equivalents at the end of Q4 were $137.6 million, with total debt outstanding at $3.3 billion [52] Q&A Session Summary Question: Can you quantify same-store EBITDA performance? - Management indicated that Durango is performing above expectations and cannibalization levels are in line with forecasts [65] Question: What impact do you expect from the Super Bowl festivities? - Management expects a significant lift in visitation and revenue due to the Super Bowl, indicating it may be one of the biggest weekends for Las Vegas [66] Question: What disruptions are occurring at Palace Station? - Ongoing roadwork around Palace Station is causing disruptions, expected to continue until May [92] Question: How is the loyalty program performing? - New signups for the loyalty program are up high single digits for the quarter, indicating positive customer engagement [15] Question: What is the strategy for taverns and organic growth? - The company is exploring tavern investments in high-growth areas, focusing on organic growth and potential acquisitions [23]

Financial Performance - Net revenues for Q3 2023 were $411.6 million, a decrease of 0.7% compared to $414.4 million in Q3 2022[97]. - Operating income for Q3 2023 was $122.5 million, down 12.9% from $140.7 million in Q3 2022[99]. - Casino revenues decreased by 3.4% in Q3 2023 to $272.7 million, while for the nine months ended September 30, 2023, casino revenues were $830.5 million, down 1.5%[98]. - Food and beverage revenues increased by 4.3% in Q3 2023 to $72.8 million, and by 9.2% for the nine months to $228.5 million[98]. - Room revenues rose by 7.6% in Q3 2023 to $42.0 million, and by 8.9% for the nine months to $130.9 million[103]. - Adjusted EBITDA for the three months ended September 30, 2023, was $175.2 million, a decrease from $181.9 million in the prior year, while for the nine months it was $544.7 million, down from $549.5 million[114][116]. Expenses and Costs - Interest expense increased by 32.7% in Q3 2023 to $45.5 million, and by 47.5% for the nine months to $132.3 million[96]. - SG&A expenses increased by 0.3% or $0.3 million for the three months and 3.6% or $9.8 million for the nine months ended September 30, 2023, compared to the prior year periods[105]. - Depreciation and amortization expense increased by 5.7% for the three months ended September 30, 2023, but decreased by 1.0% for the nine months due to ceased depreciation for closed properties[106][107]. - Write-downs and other, net totaled $15.1 million and $44.8 million for the three and nine months ended September 30, 2023, respectively, compared to $3.9 million and $16.1 million in the prior year[108]. - Interest expense, net increased to $45.5 million and $132.3 million for the three and nine months ended September 30, 2023, respectively, due to higher variable interest rates and increased borrowings[110]. Cash Flow and Capital Expenditures - Cash and cash equivalents at September 30, 2023, totaled $122.8 million, with borrowing availability under the revolving credit facility at $512.5 million[122]. - Anticipated capital expenditures for the remainder of 2023 are expected to be between $110 million and $180 million, primarily for the development of Durango[123]. - Cash paid for capital expenditures totaled $512.5 million for the nine months ended September 30, 2023, compared to $198.6 million in the same period of 2022, indicating a significant increase of 158.5%[129]. - Net cash provided by operating activities for the nine months ended September 30, 2023, was $335.4 million, down from $417.5 million in the prior year[126]. - For the nine months ended September 30, 2023, net cash provided by operating activities was $335.4 million, a decrease of 19.7% compared to $417.5 million for the prior year period[128]. Market and Economic Conditions - The unemployment rate in the Las Vegas metropolitan area was 5.7% in September 2023, up from 5.3% in September 2022[91]. - The median price of an existing single-family home in Las Vegas was $450,000 in September 2023, unchanged from September 2022[91]. - The company is experiencing inflationary pressures, particularly in food costs, supplies, energy costs, and construction costs, which are expected to continue through the remainder of 2023[137]. - The company anticipates that rising inflation and higher interest rates could adversely affect consumer demand and overall business performance[143]. Corporate Actions and Governance - The company expects to spend approximately $780 million on the Durango project, set to open in December 2023[87]. - The board of directors authorized $600 million for Class A common stock repurchases through June 30, 2024, with $312.9 million remaining available[124]. - During the nine months ended September 30, 2023, the company paid $44.0 million in dividends to Class A common stockholders, slightly down from $44.7 million in the prior year[130][131]. - The company borrowed $370.5 million under the Revolving Credit Facility during the nine months ended September 30, 2023[130]. - The company has development agreements with the North Fork Rancheria of Mono Indians to assist in developing a gaming and entertainment facility in California[138]. - As of September 30, 2023, the company had outstanding letters of credit totaling $33.5 million[136]. - The company is subject to extensive regulation by gaming authorities, which may impact future operations and expansion efforts[139]. - There were no material changes to the company's critical accounting policies and estimates during the nine months ended September 30, 2023[142].

Red Rock Resorts, Inc. (NASDAQ:RRR) Q3 2023 Earnings Conference Call November 7, 2023 4:30 PM ET Company Participants Stephen Cootey - Executive Vice President, Chief Financial Officer & Treasurer Frank Fertitta - Chief Executive Officer Lorenzo Fertitta - Vice Chairman Scott Kreeger - President Conference Call Participants Joe Greff - JPMorgan Carlo Santarelli - Deutsche Bank Shaun Kelley - Bank of America Jordan Bender - JMP Securities Steve Wieczynski - Stifel Barry Jonas - Truist Securities Dan Politzer ...

Financial Performance - Net revenues for Q2 2023 were $416.1 million, a decrease of 1.4% from $422.2 million in Q2 2022; for the first half of 2023, revenues increased by 3.1% to $849.8 million from $823.9 million[96]. - Operating income for Q2 2023 was $126.9 million, an increase of 86.0% compared to $68.2 million in Q2 2022; for the first half of 2023, operating income rose by 32.7% to $264.2 million from $199.0 million[98]. - Net income attributable to Red Rock for Q2 2023 was $39.5 million, a significant increase of 150.9% from $15.7 million in Q2 2022; for the first half of 2023, net income rose by 31.4% to $84.2 million from $64.1 million[96]. - Net income for the three months ended June 30, 2023, was $74.9 million, compared to $32.4 million for the same period in 2022, and for the six months, it was $160.4 million compared to $124.7 million[113]. - Adjusted EBITDA for the three months ended June 30, 2023, was $175.3 million, a decrease from $188.9 million in the same period of 2022, while for the six months, it was $369.5 million, slightly up from $367.6 million[113]. Revenue Breakdown - Casino revenues decreased by 4.0% in Q2 2023 to $269.5 million and slightly decreased by 0.5% for the first half of 2023 to $557.7 million compared to the prior year[100]. - Food and beverage revenues increased by 5.2% in Q2 2023 to $77.6 million and by 11.7% for the first half of 2023 to $155.8 million compared to the same periods in 2022[97]. - Room revenues increased by 1.4% in Q2 2023 to $44.9 million and by 9.6% for the first half of 2023 to $88.8 million compared to the prior year[102]. - Average daily rate (ADR) for rooms increased by 5.2% in Q2 2023 to $193.35 and by 11.1% for the first half of 2023 to $195.83 compared to the prior year[102]. - The occupancy rate improved to 88.6% in Q2 2023 from 85.3% in Q2 2022, and for the first half of 2023, it increased to 87.8% from 81.2%[102]. Expenses and Costs - Interest expense increased by 54.2% in Q2 2023 to $44.3 million and by 56.6% for the first half of 2023 to $86.8 million compared to the prior year[99]. - SG&A expenses increased by 3.6% or $3.3 million for the three months ended June 30, 2023, and by 5.4% or $9.5 million for the six months ended June 30, 2023, compared to the prior year periods[104]. - Depreciation and amortization expense decreased by 1.1% for the three months and by 4.0% for the six months ended June 30, 2023, due to the cessation of depreciation for closed properties[105]. - Write-downs and other, net totaled $10.1 million and $29.7 million for the three and six months ended June 30, 2023, respectively, primarily from development and preopening expenses[106]. - Interest expense, net increased to $44.3 million and $86.8 million for the three and six months ended June 30, 2023, respectively, due to higher variable interest rates and increased borrowings[108]. Cash Flow and Capital Expenditures - Cash and cash equivalents as of June 30, 2023, were $100.9 million, with borrowing availability under the revolving credit facility at $613.0 million[121]. - Anticipated capital expenditures for the remainder of 2023 are expected to be between $290 million and $360 million, including the development of Durango[122]. - Cash paid for capital expenditures for the six months ended June 30, 2023 totaled $377.1 million, significantly higher than $101.4 million for the same period in 2022[129]. - Net cash provided by operating activities for the six months ended June 30, 2023, was $235.2 million, compared to $277.7 million for the same period in 2022[126]. - For the six months ended June 30, 2023, net cash provided by operating activities was $235.2 million, a decrease of 15.3% compared to $277.7 million for the prior year period[128]. Shareholder Returns and Debt - The board of directors authorized $600 million for repurchases of Class A common stock through June 30, 2024, with $312.9 million remaining available as of June 30, 2023[123]. - During the six months ended June 30, 2023, the company paid $29.5 million in dividends to Class A common stockholders, compared to $30.3 million in the prior year[130][131]. - The company borrowed $270.0 million under the Revolving Credit Facility during the six months ended June 30, 2023[130]. Future Outlook and Challenges - The company expects to spend $780 million on the Durango project, which is set to open in Q4 2023[86]. - The company is experiencing inflationary pressures, particularly in food costs, supplies, energy costs, and construction costs, which are expected to continue through the remainder of 2023[137]. - The company anticipates that rising inflation and higher interest rates could adversely affect consumer demand and overall business performance[143]. - The company is subject to extensive regulation by gaming authorities, which may impact future operations and expansion efforts[139]. - There were no material changes to the terms of the company's indebtedness during the six months ended June 30, 2023, except for the replacement of LIBOR with SOFR[141]. - The company has development agreements with the North Fork Rancheria of Mono Indians to assist in developing a gaming and entertainment facility in California[138].

DISCLAIMER This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin. Non -GAAP financial measures such as Adjusted EBITDA and Adjusted EBITDA Margin should be considered only as supplemental to, and not as superior to, financial measures pr epared in accordance with GAAP. Please refer to the Annex A of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial me ...