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Mar 31, 2024
Red Rock Resorts Q1 2024 Earnings Report
Red Rock Resorts reported an increase in net revenues and adjusted EBITDA but a decrease in net income for Q1 2024.
Key Takeaways
Red Rock Resorts announced its Q1 2024 financial results, with net revenues reaching $488.9 million, a 12.7% increase year-over-year. Net income decreased to $78.4 million, while Adjusted EBITDA rose to $209.1 million.
Net revenues increased by 12.7% to $488.9 million compared to Q1 2023.
Net income decreased by 8.4% to $78.4 million compared to the same period last year.
Adjusted EBITDA increased by 7.7% to $209.1 million year-over-year.
Las Vegas operations saw a 12.9% increase in net revenues, reaching $485.6 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company did not provide specific forward guidance in the press release. The press release contains forward-looking statements and information on potential factors which could affect our financial condition.
Positive Outlook
- The company's Board of Directors has declared a cash dividend of $0.25 per Class A common share for the second quarter of 2024.
- Net revenues were $488.9 million for the first quarter of 2024, an increase of 12.7%, or $55.3 million.
- Adjusted EBITDA was $209.1 million for the first quarter of 2024, an increase of 7.7%, or $15.0 million.
- Net revenues from Las Vegas operations were $485.6 million for the first quarter of 2024, an increase of 12.9%, or $55.5 million.
- Adjusted EBITDA from Las Vegas operations was $229.8 million for the first quarter of 2024, an increase of 7.3%, or $15.7 million.
Challenges Ahead
- Net income was $78.4 million for the first quarter of 2024, a decrease of 8.4%, or $7.2 million.
- The company’s total principal amount of debt outstanding at the end of the first quarter was $3.5 billion.
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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