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Mar 31, 2020
Red Rock Resorts Q1 2020 Earnings Report
Red Rock Resorts experienced a challenging first quarter due to the unprecedented impact of the COVID-19 pandemic, which led to temporary property closures.
Key Takeaways
Red Rock Resorts reported a decrease in net revenues and a net loss for the first quarter of 2020 due to the temporary closure of all properties. Net revenues decreased by 15.6% to $377.4 million, and the company reported a net loss of $177.8 million, impacted by a noncash charge related to tax assets. Adjusted EBITDA was $74.3 million, a decrease of 48.8% from the same period in 2019.
Net revenues decreased by 15.6% to $377.4 million due to temporary closures.
Net loss was $177.8 million, impacted by a noncash charge related to tax assets.
Adjusted EBITDA decreased by 48.8% to $74.3 million.
Las Vegas operations saw a 15.6% decrease in net revenues to $356.5 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company announced a phased reopening program with respect to its Las Vegas properties. Pursuant to that program, the Company expects to reopen its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire properties, when permitted to do so by governmental authorities. Also pursuant to that program, the Company will assess the performance of the first-to-reopen properties before reopening its Palms, Texas Station, Fiesta Henderson and Fiesta Rancho properties.
Positive Outlook
- Expects to reopen Red Rock properties when permitted.
- Expects to reopen Green Valley Ranch properties when permitted.
- Expects to reopen Santa Fe Station properties when permitted.
- Expects to reopen Boulder Station properties when permitted.
- Expects to reopen Palace Station properties when permitted.
Challenges Ahead
- The extent and duration of the impact of the COVID-19 pandemic on the Company's business, financial results and liquidity.
- The duration of the closure of the Company's properties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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