Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results
MWN-AI** Summary
Red Rock Resorts, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2025, revealing solid growth amidst varying profitability metrics. In the fourth quarter, the company reported net revenues of $511.8 million, a 3.2% increase from $495.7 million in Q4 2024. Despite this revenue growth, net income faced a slight decline, falling 3.5% to $84.6 million from $87.7 million year-over-year. Adjusted EBITDA, however, increased by 5.4% to $213.3 million.
For the full year 2025, Red Rock Resorts achieved net revenues of $2.01 billion, reflecting a 3.7% rise compared to $1.94 billion in 2024. Profits surged with net income reaching $355.7 million, marking a notable increase of 22.1% from $291.3 million the prior year. Adjusted EBITDA for the year also saw a 6.6% upswing, totaling $848.6 million.
Specifically, the Las Vegas operations contributed significantly, generating net revenues of $505 million in Q4 and approximately $1.98 billion for the full year, both showing growth over the previous periods. In terms of financial health, Red Rock Resorts reported cash and cash equivalents of $142.5 million and a total debt of $3.4 billion as of year-end.
The Board of Directors declared a cash dividend of $0.26 per Class A common share along with a special dividend of $1.00 per share, payable in early 2026. These developments affirm the company’s commitment to returning value to shareholders while maintaining operational growth in the competitive Las Vegas gaming market.
MWN-AI** Analysis
Red Rock Resorts recently reported its Q4 and full-year 2025 earnings, showcasing modest growth amid a competitive landscape. Net revenues hit $511.8 million for Q4, a 3.2% increase from the previous year, while annual revenues grew by 3.7% to $2.01 billion. Despite the revenue growth, net income saw a decline in the fourth quarter, down 3.5% to $84.6 million, highlighting that cost pressures could be affecting profitability.
The company's Adjusted EBITDA performance was more favorable, rising by 5.4% year-over-year for Q4, indicating stronger operational efficiency. This suggests that Red Rock is effectively managing its expenses relative to increasing revenue, which is a positive sign for investors focusing on operational resilience.
The Las Vegas segment remains the core contributor to revenue, reflecting a strong but competitive market. Increased revenue in this area, alongside an expanding middle market targeted through development strategies, positions Red Rock well as tourism in Las Vegas strengthens post-pandemic.
Investors should also note the company’s cash management strategy. With a balance of $142.5 million as of year-end and a total debt of $3.4 billion, companies like Red Rock face challenges in managing leverage, particularly amid rising interest rates. Despite this, their decision to enact a $1.00 special dividend and a quarterly dividend of $0.26 per share exhibits confidence in their financial health and return on investment.
In conclusion, while recent earnings depict a mixed bag—revenue growth juxtaposed with profit decline—Red Rock Resorts shows potential for continued investment opportunities, especially if they maintain operational efficiency and grip on market competition. Future investors should consider both short-term profitability pressures and the long-term tourism recovery trends in Las Vegas, as Red Rock is intrinsically linked to this vibrant market.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
LAS VEGAS, Feb. 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
- 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.
- 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.
- 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
- 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.
- 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
- 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
- Net revenues were $2.01 billion in 2025, an increase of 3.7%, or $72.5 million, from $1.94 billion in 2024.
- Net income was $355.7 million in 2025, an increase of 22.1%, or $64.4 million, from $291.3 million in 2024.
- 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
- 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.
- 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
- 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.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as "will", "might", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "would", "target", "project", "intend", "plan", "seek", "estimate", "pursue", "should", "may" and "assume", or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company's business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
View source version on http://redrockresorts.investorroom.com/:
Investors:
Stephen L. Cootey
Stephen.Cootey@redrockresorts.com
(702) 495-4214
Media:
Michael J. Britt
Michael.Britt@redrockresorts.com
(702) 495-3693
Red Rock Resorts, Inc. | |||||||
Consolidated Statements of Income | |||||||
(amounts in thousands, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Operating revenues: | |||||||
Casino | $342,998 | $326,541 | $1,340,529 | $1,277,249 | |||
Food and beverage | 93,255 | 92,065 | 362,424 | 360,388 | |||
Room | 47,203 | 52,322 | 190,128 | 200,517 | |||
Development fees | 3,730 | — | 17,632 | — | |||
Other | 24,591 | 24,767 | 100,770 | 100,857 | |||
Net revenues | 511,777 | 495,695 | 2,011,483 | 1,939,011 | |||
Operating costs and expenses: | |||||||
Casino | 95,125 | 93,634 | 361,663 | 354,597 | |||
Food and beverage | 76,990 | 75,590 | 299,634 | 295,193 | |||
Room | 16,197 | 16,320 | 63,684 | 63,768 | |||
Other | 7,551 | 7,629 | 31,327 | 30,669 | |||
Selling, general and administrative | 111,729 | 107,112 | 441,324 | 432,276 | |||
Depreciation and amortization | 52,110 | 48,164 | 197,405 | 187,112 | |||
Write-downs and other, net | 8,513 | 4,956 | 19,019 | 6,705 | |||
368,215 | 353,405 | 1,414,056 | 1,370,320 | ||||
Operating income | 143,562 | 142,290 | 597,427 | 568,691 | |||
Earnings from joint ventures | 629 | 454 | 2,606 | 2,447 | |||
Operating income and earnings from joint ventures | 144,191 | 142,744 | 600,033 | 571,138 | |||
Other (expense) income: | |||||||
Interest expense, net | (49,648) | (56,171) | (201,876) | (228,804) | |||
Loss on extinguishment/modification of debt | (25) | — | (25) | (14,402) | |||
Change in fair value of derivative instruments | 1,365 | 11,945 | (4,288) | 274 | |||
Gain on Native American development | — | — | 8,476 | — | |||
Income before income tax | 95,883 | 98,518 | 402,320 | 328,206 | |||
Provision for income tax | (11,296) | (10,796) | (46,650) | (36,914) | |||
Net income | 84,587 | 87,722 | 355,670 | 291,292 | |||
Less: net income attributable to noncontrolling interests | 39,928 | 41,134 | 167,604 | 137,241 | |||
Net income attributable to Red Rock Resorts, Inc. | 44,659 | 46,588 | 188,066 | 154,051 | |||
Earnings per common share: | |||||||
Earnings per share of Class A common stock, basic | 0.76 | 0.79 | 3.19 | 2.61 | |||
Earnings per share of Class A common stock, diluted | 0.75 | 0.76 | 3.12 | 2.53 | |||
Weighted-average common shares outstanding: | |||||||
Basic | 58,680 | 59,136 | 58,964 | 59,025 | |||
Diluted | 101,626 | 103,536 | 102,595 | 103,666 | |||
Dividends declared per common share | $0.26 | $0.25 | $2.01 | $2.00 |
Red Rock Resorts, Inc. | |||||||
Segment Information and Reconciliation of Net Income to Adjusted EBITDA | |||||||
(amounts in thousands) | |||||||
(unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net revenues | |||||||
Las Vegas operations | $504,991 | $492,638 | $1,981,782 | $1,926,128 | |||
Native American | 3,730 | — | 17,632 | — | |||
Reportable segment net revenues | 508,721 | 492,638 | 1,999,414 | 1,926,128 | |||
Corporate and other | 3,056 | 3,057 | 12,069 | 12,883 | |||
Net revenues | $511,777 | $495,695 | $2,011,483 | $1,939,011 | |||
Net income | 84,587 | 87,722 | 355,670 | 291,292 | |||
Adjustments | |||||||
Depreciation and amortization | 52,110 | 48,164 | 197,405 | 187,112 | |||
Share-based compensation | 8,470 | 6,534 | 32,134 | 30,945 | |||
Write-downs and other, net | 8,513 | 4,956 | 19,019 | 6,705 | |||
Interest expense, net | 49,648 | 56,171 | 201,876 | 228,804 | |||
Loss on extinguishment/modification of debt | 25 | — | 25 | 14,402 | |||
Change in fair value of derivative instruments | (1,365) | (11,945) | 4,288 | (274) | |||
Gain on Native American development | — | — | (8,476) | — | |||
Provision for income tax | 11,296 | 10,796 | 46,650 | 36,914 | |||
Adjusted EBITDA | $213,284 | $202,398 | 848,591 | 795,900 | |||
Adjusted EBITDA | |||||||
Las Vegas operations | $231,133 | $223,897 | 915,884 | 879,360 | |||
Native American | 3,730 | — | 17,632 | — | |||
Reportable segment Adjusted EBITDA | 234,863 | 223,897 | 933,516 | 879,360 | |||
Corporate and other | (21,579) | (21,499) | (84,925) | (83,460) | |||
Adjusted EBITDA | $213,284 | $202,398 | 848,591 | 795,900 |
SOURCE Red Rock Resorts, Inc.
FAQ**
What factors contributed to the increase in net revenues for Red Rock Resorts Inc. RRR in the fourth quarter of 2025, despite a slight decrease in net income compared to the same period in 2024?
How did the performance of Las Vegas operations impact the overall financial results of Red Rock Resorts Inc. RRR in 2025?
Can you elaborate on the reasons behind the growth in Adjusted EBITDA for Red Rock Resorts Inc. RRR during both the fourth quarter and full year of 2025?
What strategies does Red Rock Resorts Inc. RRR plan to implement moving forward to manage its substantial debt, which stood at $3.4 billion at the end of the fourth quarter?
**MWN-AI FAQ is based on asking OpenAI questions about Red Rock Resorts Inc. (NASDAQ: RRR).
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