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Jun 30, 2025
Red Rock Resorts Q2 2025 Earnings Report
Red Rock Resorts posted strong Q2 2025 results with double-digit gains in adjusted EBITDA and net income.
Key Takeaways
Red Rock Resorts delivered robust growth in Q2 2025, driven by strength in Las Vegas operations and a catch-up from Native American development fees. Adjusted EBITDA rose 13.7% and net income surged over 55% year-over-year.
Net revenues rose to $526.3 million, up 8.2% YoY
Adjusted EBITDA reached $229.4 million, a 13.7% increase
Net income jumped 55.1% to $108.3 million
Las Vegas operations delivered $513.3 million in revenue and $239.4 million in adjusted EBITDA
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
No specific numerical guidance was provided, but the company highlighted continued strong performance and capital returns.
Positive Outlook
- Strong year-over-year growth in revenue and EBITDA
- Las Vegas operations delivered record revenues
- Dividend of $0.25 per share declared for Q3 2025
- High margin adjusted EBITDA performance
- Improved results from Native American development revenue
Challenges Ahead
- No specific forward revenue or earnings guidance given
- Higher interest expense of $50.6 million
- Fair value losses on derivatives totaled $2.3 million
- SG&A expenses remained elevated at $112 million
- Development fees may not recur in future quarters
Historical Earnings Impact
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Avg. Return Before/After Earnings
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