Red Rock Resorts Announces Fourth Quarter and Full Year 2024 Results

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 $495.7 million, an increase of 7.1% or $33.0 million from $462.7 million in Q4 2023 [7]. - Net income for Q4 2024 was $87.7 million, a decrease of 19.5% or $21.2 million from $108.9 million in Q4 2023 [7]. - Adjusted EBITDA for Q4 2024 was $202.4 million, a slight increase of 0.5% or $1.1 million from $201.3 million in Q4 2023 [7]. - For the full year 2024, net revenues were $1.94 billion, an increase of 12.5% or $215.0 million from $1.72 billion in 2023 [7]. - Full year net income was $291.3 million, a decrease of 13.8% or $46.5 million from $337.8 million in 2023 [7]. - Adjusted EBITDA for the full year 2024 was $795.9 million, an increase of 6.7% or $49.9 million from $746.0 million in 2023 [7]. Las Vegas Operations - Net revenues from Las Vegas operations in Q4 2024 were $492.6 million, an increase of 7.2% or $33.3 million from $459.4 million in Q4 2023 [7]. - Adjusted EBITDA from Las Vegas operations for Q4 2024 was $223.9 million, an increase of 1.6% or $3.6 million from $220.3 million in Q4 2023 [7]. - For the full year 2024, net revenues from Las Vegas operations were $1.93 billion, an increase of 12.6% or $216.2 million from $1.71 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 $60.5 million from $818.8 million in 2023 [7]. Balance Sheet Highlights - As of December 31, 2024, the company's cash and cash equivalents were $164.4 million, and total principal amount of debt outstanding was $3.4 billion [3]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.25 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 $27.5 million, with about $16.0 million expected to be distributed to the company [5].