Red Rock Resorts (RRR) investor relations material

Executive summary

• Net revenues for Q2 2026 were $510.3 million, down 3.0% year-over-year from $526.3 million, with Las Vegas operations achieving their second highest EBITDA and net revenue for a comparable quarter.

• Adjusted EBITDA for Q2 2026 was $208.0 million, down 9.3% from $229.4 million year-over-year; net income attributable to shareholders was $39.1 million, down 30.6%.

• The business model emphasizes free cash flow generation, high-margin gaming, and consistent capital returns to shareholders.

• Durango property and core assets continue to drive growth, with ongoing reinvestment and a robust development pipeline.

• Celebrated 50th anniversary with a new brand campaign and $8 million one-time marketing expense to be reflected in Q3.

Financial highlights

• Las Vegas Q2 net revenue: $503.2M, down 2% year-over-year; Adjusted EBITDA: $227.5M, down 5%; margin 45.2%.

• Consolidated Q2 net revenue: $510.3M, down 3%; Adjusted EBITDA: $208M, down 9.3%; margin 40.8%.

• Casino revenues for Q2 2026 were $338.3M, down from $344.8M; room revenues declined to $46.7M from $51.2M.

• Operating income for Q2 2026 was $136.0M, a 19.1% decrease year-over-year.

• Cash and cash equivalents at June 30, 2026 were $136.5M; total debt was $3.6B.

Outlook and guidance

• Management expects cash on hand, operations, and credit facility borrowings to be sufficient for the next twelve months.

• Full-year 2026 capital spend guidance: $375M–$425M, with $275M–$300M in investment capital and $100M–$125M in maintenance capital.

• Q3 typically softer, historically down 10% from Q2; Q4 expected to benefit from Green Valley Ranch rooms coming online.

• The North Fork project in California is expected to open in Q4 2026, with construction underway and $750M total cost.

• Anticipated capital expenditures for the remainder of 2026 are $120–$170M.