Red Rock Resorts (RRR) Q3 2026 earnings summary

Executive summary

• Las Vegas operations posted record Q3 net revenue of $479.1M and second-highest comparable-quarter Adjusted EBITDA; consolidated revenue rose 2.8% to $488.7M.

• Consolidated Adjusted EBITDA fell 4.3% to $182.6M, while a $17.7M net loss primarily reflected $79.1M of anniversary stock-award expense and other one-time costs.

Financial highlights

• Q3 Las Vegas revenue was $479.1M, up 2.3% YoY; Adjusted EBITDA was $204.6M, down 2.3%, with a 42.7% margin, down 199 bps.

• Consolidated revenue was $488.7M, up 2.8%; Adjusted EBITDA was $182.6M, down 4.3%, including $5.1M from Native American operations and $5.8M of one-time anniversary expenses.

• Operating free cash flow was $81.7M, or $0.77 per share, with 45% conversion; nine-month operating cash flow was $429.2M and capital expenditures were $456.1M.

• Q3 operating income was $26.7M versus $131.5M a year earlier; net loss was $17.7M versus net income of $76.9M.

Outlook and guidance

• FY2026 CapEx guidance was $550M-$570M, comprising $425M-$435M investment capital and $125M-$135M maintenance capital; increases reflect project scope, overruns and faster spending.

• Q4 core slot, table and carded-business trends were stable; typical Q4 EBITDA seasonality is 10%-11% QoQ, with this quarter expected toward the higher end.

• 2027 is expected to be a heavier CapEx year; a full year of renovated Green Valley Ranch operations and H2 capacity from Durango North and Sunset Station projects are expected to contribute.

• Durango North is expected to open in Q3 2027; management remained confident in a 20% ROI over time despite the higher project estimate.