RRR - Red Rock Resorts Inc. (RRR) Q1 2024 Earnings Call Transcript
2024-05-07 22:10:12 ET
Red Rock Resorts, Inc. (RRR)
Q1 2024 Earnings Conference Call
May 07, 2024, 16:30 ET
Company Participants
Stephen Cootey - EVP, CFO and Treasurer
Frank Fertitta - CEO
Lorenzo Fertitta - Vice Chairman
Scott Kreeger - President
Conference Call Participants
Joe Greff - JPMorgan
Carlo Santarelli - Deutsche Bank
Steve Wieczynski - Stifel
David Katz - Jefferies
Barry Jonas - Truist Securities
Dan Polizer - Wells Fargo
Chad Beynon - Macquarie
Brandt Montour - Barclays
Joe Stauff - CIG
Presentation
Operator
Good afternoon, and welcome to Red Rock Resorts' First Quarter 2024 Conference Call. [Operator Instructions]. Note, this event is being recorded. I would now like to turn the conference over to Stephen Cootey, Executive Vice President, Chief Financial Officer and Treasurer of Red Rock Resorts. Please go ahead.
Stephen Cootey
Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Red Rock Resorts First Quarter 2024 Earnings Conference Call. Joining me on the call today are Frank Lorenzo Fertitta, Scott Kreger in our executive management team.
I'd like to remind everyone that our call today will include forward-looking statements under the safe harbor provisions of the United States federal securities laws. Developments and results may differ from those projected. During this call, we will also discuss non-GAAP financial measures. For definitions and complete reconciliation of these figures to GAAP, please refer to the financial tables in our earnings press release, Form 8-K and investor deck, which were filed this afternoon prior to the call. Also, please note this call is being recorded.
Let's start off by stating that the first quarter represented another strong quarter for the company by any measure. In terms of net revenue and adjusted EBITDA, our Las Vegas operations had its best first quarter in our history. And in terms of adjusted EBITDA margin, our Las Vegas operations experienced near record adjusted EBITDA margin.
In addition to showing strong financial results in the quarter, we continue to be pleased with the customer feedback and the financial performance of our Durango Casino Resort. While we are still in early days, the team at Durango continues to execute and improve the property's operational performance, while at the same time, driving incremental play from our existing customers and attracting new customers to our brand....
Red Rock Resorts, Inc. (RRR) Q1 2024 Earnings Call Transcript