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Red Rock Resorts (RRR) investor relations material
Red Rock Resorts Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenues for Q2 2025 rose 8.2% year-over-year to $526.3 million, driven by strong Las Vegas operations and favorable customer trends.
Adjusted EBITDA for Q2 2025 was $229.4 million, up 13.7% year-over-year, with Las Vegas operations achieving record profitability.
Net income attributable to shareholders increased 58.1% to $56.4 million, with total net income up 55.1% to $108.3 million.
Growth was supported by strong casino performance, a $10 million development fee from the North Fork Project, and robust customer acquisition at Durango.
Operates 19 Las Vegas properties, owns all real estate, and maintains a durable, recurring revenue model focused on the locals market.
Financial highlights
Q2 2025 consolidated net revenues were $526.3 million, with Las Vegas net revenues at $513.3 million, both up year-over-year.
Adjusted EBITDA was $229.4 million (consolidated) and $239.4 million (Las Vegas), with margins of 43.6% and 46.7% respectively.
Casino revenues grew 7.9% to $344.8 million; food and beverage and room revenues also increased.
EPS (diluted) for Q2 2025 was $0.95, up from $0.59 in Q2 2024.
Cash and equivalents were $145.2 million; total debt was $3.4 billion as of June 30, 2025.
Outlook and guidance
Management expects sufficient liquidity for the next twelve months, with 2025 capital expenditures forecasted at $180–$375 million.
Ongoing and upcoming renovations at Durango, Sunset Station, and Green Valley Ranch may cause near-term disruption but are expected to drive long-term growth.
North Fork casino project in California is on track for a Q4 2026 opening, with $750 million construction financing secured.
No cash taxes or tax distributions expected for the remainder of 2025, increasing operating free cash flow by $60 million.
Quarterly dividend of $0.25 per share declared for Q3 2025.
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