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Red Rock Resorts (RRR) investor relations material
Red Rock Resorts Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved record third-quarter net revenue and Adjusted EBITDA for Las Vegas operations, with nine consecutive quarters of record net revenue and five of record Adjusted EBITDA.
Net revenues for Q3 2025 reached $475.6M, up 1.6% year-over-year, with net income rising 38.8% to $76.9M and Adjusted EBITDA increasing 4.5% to $190.9M.
Las Vegas operations contributed $468.6M in net revenues and $209.4M in Adjusted EBITDA, both showing modest year-over-year growth.
The business model is centered on high-margin gaming, with 68% of revenue from gaming activities, supporting industry-leading margins.
Ongoing reinvestment in properties and a robust development pipeline position the company for future growth.
Financial highlights
Q3 2025 net revenues reached $475.6M, up from $468.0M in Q3 2024; Adjusted EBITDA was $190.9M, up from $182.7M year-over-year; Las Vegas operations Adjusted EBITDA margin rose to 44.7%.
Net income for Q3 2025 was $76.9M, up from $55.4M in Q3 2024; earnings per share (diluted) was $0.68, up from $0.48.
Cash and cash equivalents stood at $129.8M, with total debt at $3.4B as of September 30, 2025.
Converted 67.3% of Adjusted EBITDA to operating free cash flow, generating $128.5M ($1.21/share) in Q3; TTM operating free cash flow per share was $4.46.
Hotel segment achieved near-record results despite Green Valley Ranch West Tower being offline; food and beverage set record revenue.
Outlook and guidance
Expect continued stability in core slot and table games business and a return to normal sports betting hold in Q4.
Anticipate near-term disruption from ongoing construction at Durango, Sunset Station, and Green Valley Ranch, with estimated Q4 disruption at Green Valley Ranch around $8M and Sunset Station $1M–$1.5M.
Full-year 2025 capital spend expected at $325M–$350M, down $25M from prior guidance due to timing.
Guidance for 2025 includes continued reinvestment in existing properties and development of new sites, with a focus on high-growth areas.
A quarterly cash dividend of $0.26 per Class A common share was declared for Q4 2025, payable December 31, 2025.
Share repurchase program utilization plans?
Native American development fees outlook?
Net income vs. EBITDA growth divergence drivers?
Durango Phase 3: expected operational impact?
Leverage trajectory given new project investments?
Accelerated depreciation: impact on cash taxes?
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Next Red Rock Resorts earnings date
Q4 202510 Feb, 2026
Next Red Rock Resorts earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Red Rock Resorts Inc. is a holding company that manages and owns equity interests in gaming and entertainment properties through its subsidiary, Station Casinos. Its operations include casino gaming, hotel accommodations, dining, and other leisure offerings primarily in the Las Vegas area. The company is headquartered in Las Vegas, Nevada, and its shares are listed on the NASDAQ.
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