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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.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.
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