Red Rock Resorts reports $425.5m in revenue for Q4
Red Rock Resorts’ fourth-quarter revenue surpassed estimates.
US.- Red Rock Resorts has published its fourth-quarter financial results. It reported revenue of $425.5m, surpassing the Zacks consensus estimate by 0.74 per cent and up slightly from $422.35m in the same quarter of 2021.
Q4 profit was $91.8m – $1.49 per-share basis. Earnings adjusted for asset impairment gains came to $1 per share. The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
Net revenues from Las Vegas operations were $419.6m during Q4, a decrease of 0.2 per cent from $420.5m in the same period in 2021. Adjusted EBITDA from Las Vegas operations was $206.9m, a decrease of 0.9 per cent from $208.7m.
Net revenues from Las Vegas operations for 2022 as a whole were $1.65bn, an increase of 3 per cent from $1.60bn in 2021. Adjusted EBITDA was $812.8n, an increase of 1.6 per cent from $799.8m.
Executive vice president, CFO, and treasurer Stephen Cootey said: “After looking at our results with same-store revenue and adjusted EBITDA, we had the best year in the history of our company, while also achieving the second-best adjusted EBITDA margin, only surpassed by (2021’s) record-high margin.
“We continue to see strong benefits in our regional and out-of-town customer segment. This strength, coupled with strong spend per visit across our entire portfolio, allowed us to enjoy near-record profits across the gaming segments. The trends in the fourth quarter were similar to those in our most recent quarter and remain consistent so far this year.
The new Wildfire Casino in downtown Las Vegas will open on February 10. The neighbourhood casino measures 21,000 square feet and has 200 slot machines, plus electronic table games, a sportsbook and two restaurants. The $750m Durango Station resort in the southwest valley remains on track to open by the end of 2023, Cootey said.