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Red Rock Resorts Announces Fourth Quarter and Full Year 2024 Results
RRRRed Rock Resorts(RRR) Prnewswire·2025-02-11 21:01

Core Viewpoint - Red Rock Resorts, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting growth in net revenues but a decline in net income compared to the previous year [1]. Financial Performance - Net revenues for Q4 2024 were 495.7million,anincreaseof7.1495.7 million, an increase of 7.1% or 33.0 million from 462.7millioninQ42023[7].−NetincomeforQ42024was462.7 million in Q4 2023 [7]. - Net income for Q4 2024 was 87.7 million, a decrease of 19.5% or 21.2millionfrom21.2 million from 108.9 million in Q4 2023 [7]. - Adjusted EBITDA for Q4 2024 was 202.4million,aslightincreaseof0.5202.4 million, a slight increase of 0.5% or 1.1 million from 201.3millioninQ42023[7].−Forthefullyear2024,netrevenueswere201.3 million in Q4 2023 [7]. - For the full year 2024, net revenues were 1.94 billion, an increase of 12.5% or 215.0millionfrom215.0 million from 1.72 billion in 2023 [7]. - Full year net income was 291.3million,adecreaseof13.8291.3 million, a decrease of 13.8% or 46.5 million from 337.8millionin2023[7].−AdjustedEBITDAforthefullyear2024was337.8 million in 2023 [7]. - Adjusted EBITDA for the full year 2024 was 795.9 million, an increase of 6.7% or 49.9millionfrom49.9 million from 746.0 million in 2023 [7]. Las Vegas Operations - Net revenues from Las Vegas operations in Q4 2024 were 492.6million,anincreaseof7.2492.6 million, an increase of 7.2% or 33.3 million from 459.4millioninQ42023[7].−AdjustedEBITDAfromLasVegasoperationsforQ42024was459.4 million in Q4 2023 [7]. - Adjusted EBITDA from Las Vegas operations for Q4 2024 was 223.9 million, an increase of 1.6% or 3.6millionfrom3.6 million from 220.3 million in Q4 2023 [7]. - For the full year 2024, net revenues from Las Vegas operations were 1.93billion,anincreaseof12.61.93 billion, an increase of 12.6% or 216.2 million from 1.71billionin2023[7].−AdjustedEBITDAfromLasVegasoperationsforthefullyear2024was1.71 billion in 2023 [7]. - Adjusted EBITDA from Las Vegas operations for the full year 2024 was 879.4 million, an increase of 7.4% or 60.5millionfrom60.5 million from 818.8 million in 2023 [7]. Balance Sheet Highlights - As of December 31, 2024, the company's cash and cash equivalents were 164.4million,andtotalprincipalamountofdebtoutstandingwas164.4 million, and total principal amount of debt outstanding was 3.4 billion [3]. Dividend Declaration - The Board of Directors declared a cash dividend of 0.25perClassAcommonshareforQ12025,payableonMarch31,2025,tostockholdersofrecordasofMarch17,2025[4].−Priortothisdividendpayment,StationHoldcoLLCwilldistribute0.25 per Class A common share for Q1 2025, payable on March 31, 2025, to stockholders of record as of March 17, 2025 [4]. - Prior to this dividend payment, Station Holdco LLC will distribute 0.25 per unit to unit holders, totaling approximately 27.5million,withabout27.5 million, with about 16.0 million expected to be distributed to the company [5].