In This Story
Red Rock Resorts, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $468.0 million from $411.6 million in the same quarter the previous year, attributed to the opening of the Durango property.
Casino revenues increased by 15.2% to $314.2 million, while food and beverage revenues rose by 14.5% to $83.3 million. Room revenues also saw a 7.4% increase, reaching $45.2 million.
Operating income for the quarter was $130.6 million, compared to $122.5 million in the previous year, with the increase driven by contributions from the Durango property.
Net income attributable to Red Rock Resorts, Inc. was $28.9 million, down from $35.5 million in the previous year. The decrease is attributed to higher interest expenses and changes in the fair value of derivative instruments.
Interest expense, net, increased to $58.0 million from $45.5 million, primarily due to capitalized interest in the prior year and increased borrowings.
Adjusted EBITDA for the quarter was $182.7 million, up from $175.2 million in the previous year, reflecting strong performance in Las Vegas operations.
The company reported cash provided by operating activities of $400.0 million for the nine months ended September 30, 2024, compared to $335.4 million in the previous year.
Red Rock Resorts continues to focus on its Las Vegas operations, with no Native American management activity reported in the current or prior year periods.
The company expects to fund its operations and capital requirements through cash on hand, cash generated from operations, and borrowings under its credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Red Rock Resorts Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.