Red Rock Resorts Inc.
02/10/2026 | Press release | Distributed by Public on 02/10/2026 15:01
Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results (Form 8-K)
Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results
LAS VEGAS, February 10, 2026 (PRNewswire)-Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter Results
Consolidated Operations
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Net revenues were $511.8 million for the fourth quarter of 2025, an increase of 3.2%, or $16.1 million, from $495.7 million in the same period of 2024. |
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Net income was $84.6 million for the fourth quarter of 2025, a decrease of 3.5%, or $3.1 million, from $87.7 million in the same period of 2024. |
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Adjusted EBITDA(1) was $213.3 million for the fourth quarter of 2025, an increase of 5.4%, or $10.9 million, from $202.4 million in the same period of 2024. |
Las Vegas Operations
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Net revenues from Las Vegas operations were $505.0 million for the fourth quarter of 2025, an increase of 2.5%, or $12.4 million, from $492.6 million in the same period of 2024. |
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Adjusted EBITDA from Las Vegas operations was $231.1 million for the fourth quarter of 2025, an increase of 3.2%, or $7.2 million, from $223.9 million in the same period of 2024. |
Native American
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Net revenues and Adjusted EBITDA from Native American activities were $3.7 million for the fourth quarter of 2025, representing revenue related to development fees. |
Full Year Results
Consolidated Operations
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Net revenues were $2.01 billion in 2025, an increase of 3.7%, or $72.5 million, from $1.94 billion in 2024. |
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Net income was $355.7 million in 2025, an increase of 22.1%, or $64.4 million, from $291.3 million in 2024. |
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Adjusted EBITDA was $848.6 million in 2025, an increase of 6.6%, or $52.7 million, from $795.9 million in 2024. |
Las Vegas Operations
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Net revenues from Las Vegas operations were $1.98 billion in 2025, an increase of 2.9%, or $55.7 million, from $1.93 billion in 2024. |
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Adjusted EBITDA from Las Vegas operations was $915.9 million in 2025, an increase of 4.2%, or $36.5 million, from $879.4 million in 2024. |
Native American
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Net revenues and Adjusted EBITDA from Native American activities were $17.6 million in 2025, representing revenue related to development fees. |
Balance Sheet Highlights
The Company's cash and cash equivalents at December 31, 2025 were $142.5 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.4 billion.
Quarterly Dividend
The Company's Board of Directors has declared a cash dividend of $0.26 per Class A common share for the first quarter of 2026. The dividend will be payable on March 31, 2026 to all stockholders of record as of the close of business on March 16, 2026.
Prior to the payment of such dividend, Station Holdco LLC ("Station Holdco") will make a cash distribution to all unit holders of record, including the Company, of $0.26 per unit for a total distribution of approximately $28.9 million, approximately $16.9 million of which is expected to be distributed to the Company and approximately $12.0 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
Special Dividend
The Company's Board of Directors has declared a special dividend of $1.00 per Class A common share. The dividend will be payable on February 27, 2026 to all stockholders of record as of the close of business on February 20, 2026.
Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the Company, of $1.00 per unit for a total distribution of approximately $111.0 million, approximately $65.1 million of which is expected to be distributed to the Company and approximately $45.9 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
Conference Call Information
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 4242029. A replay of the call will be available from today through February 17, 2026 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com.
Presentation of Financial Information
(1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the years ended December 31, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, loss on extinguishment/modification of debt, gain on Native American development and provision for income tax.
Company Information and Forward Looking Statements
Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of Las Vegas, Nevada. Station Casinos' properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include hotels as well as various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Durango Resort & Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem, Wildfire Lake Mead, Wildfire on Fremont and Seventy Six by Station Casinos (North Lamb, Aliante & Union Village). Station Casinos also owns a 50% interest in Barley's Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.
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