Red Rock Resorts(RRR) - 2025 Q2 - Quarterly Results

Financial Highlights 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 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] - 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] - Prior to the dividend payment, Station Holdco LLC will make a total distribution of approximately $27.6 million to its unit holders[6] Segment Performance The company's strong performance was driven by growth in Las Vegas Operations and contributions from Native American Management Las Vegas Operations 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 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][17] - This revenue is characterized as a cumulative catch-up related to development fees[3] Detailed Financial Statements 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 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 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 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] - 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] - 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][12]