Red Rock reports 36% fall in revenue
Despite the drop in revenues, Red Rock’s CEO has said he is “cautiously optimistic” about the group’s recovery.
US.- Casino operator Red Rock has reported a 36.6 per cent drop in revenues for full-year 2020 as the Covid-19 pandemic and related restrictions impacted its business.
Revenue came in at $1.18bn, with its Las Vegas business accounting for $1.09bn of the total.
Red Rock currently operates 21 casinos across multiple jurisdictions. It also runs various properties on tribal lands for which it receives a management fee.
Management fees also fell in 2020, down 10.6 per cent to $81.4m. Red Rock reported another $6.6m in corporate revenue and $56.3m in revenue from other sources.
The company’s chairman and chief executive, Frank Fertitta, said he was “cautiously optimistic” that the brand’s core audience of customers aged 65 and over would begin returning to properties with the Covid-19 vaccination programme now being rolled out in Nevada.
The Las Vegas Convention and Visitors Authority has reported that the city received 1.25 million visitors in December, down 17.6 per cent month-on-month and 64 per cent year-on-year.
