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Red Rock Resorts: Q4 & full year 2023 results revealed

Thursday, February 8, 2024

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Red Rock Resorts, Inc. (“Red Rock Resorts,” “we,” or the “Company”) (NASDAQ: RRR) released its financial results for the fourth quarter and full year ending December 31, 2023.

Fourth Quarter Overview

Consolidated Operations

– Net revenues for the fourth quarter of 2023 reached $462.7 million, marking an 8.8% increase, or $37.2 million, compared to $425.5 million in the fourth quarter of 2022.
– Net income for the fourth quarter of 2023 amounted to $108.9 million, reflecting a decrease of 36.0%, or $61.3 million, from the same period in 2022.
– Adjusted EBITDA(1) for the fourth quarter of 2023 stood at $201.3 million, indicating a 3.6% increase, or $6.9 million, compared to $194.4 million in the fourth quarter of 2022.

Las Vegas Operations

– Net revenues from Las Vegas operations totaled $459.4 million in the fourth quarter of 2023, showing a 9.5% increase, or $39.7 million, from $419.6 million in the same period of 2022.
– Adjusted EBITDA from Las Vegas operations reached $220.3 million in the fourth quarter of 2023, reflecting a 6.5% increase, or $13.4 million, compared to $206.9 million in the same period of 2022.

Full Year Highlights

Consolidated Operations

– Net revenues for the full year 2023 amounted to $1.72 billion, up by 3.6%, or $60.3 million, compared to $1.66 billion in 2022.
– Net income for the full year 2023 was $337.8 million, a decrease of 13.5%, or $52.6 million, from $390.4 million in 2022.
– Adjusted EBITDA(1) for the full year 2023 reached $746.0 million, marking a 0.3% increase, or $2.1 million, from $743.9 million in 2022.

Las Vegas Operations

– Net revenues from Las Vegas operations in 2023 totaled $1.71 billion, up by 3.6%, or $58.9 million, from $1.65 billion in 2022.
– Adjusted EBITDA from Las Vegas operations in 2023 reached $818.8 million, indicating a 0.7% increase, or $6.0 million, from $812.8 million in 2022.

Balance Sheet Highlights

– The Company reported cash and cash equivalents of $137.6 million as of December 31, 2023, with total outstanding debt amounting to $3.4 billion.

Quarterly and Special Dividends

– The Board of Directors declared a cash dividend of $0.25 per Class A common share for the first quarter of 2024, payable on March 29, 2024.
– Additionally, a special dividend of $1.00 per Class A common share was declared, payable on March 4, 2024.

Conference Call Information

– The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. Interested parties can dial (888) 317-6003, or (412) 317-6061 for international callers, using passcode: 2244930.

Presentation of Financial Information

(1) Adjusted EBITDA is a non-GAAP measure presented as supplemental disclosure, commonly used in the gaming industry to assess operating performance. It includes net income plus various adjustments like depreciation, amortization, share-based compensation, and others listed in the footnote.

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