Red Rock Resorts Delivers Record-Breaking Q4 and Full Year Performance, Expanding on Strategic Growth Initiatives

Red Rock Resorts, Inc. recently concluded its 2024 Fourth Quarter and Full Year Conference Call, providing a comprehensive update on the company's operational and financial performance. The event was hosted by Executive Vice President, Chief Financial Officer, and Treasurer Stephen Cootey, who highlighted several key highlights from the quarter.

The Las Vegas operations of Red Rock Resorts achieved their highest fourth-quarter net revenue and adjusted EBITDA in history while maintaining near-record adjusted EBITDA margin. This milestone marks a significant achievement for the company, showcasing its ability to deliver strong financial results despite fluctuating market conditions. The success can be attributed to the company's operational discipline and core strategy of reinvesting in existing properties to enhance amenities and maintain best-in-class customer service.

Furthermore, Red Rock Resorts' Durango Casino Resort demonstrated impressive growth in the Las Vegas Locals market, with visitation increasing from carded customers in the surrounding area while signing up over 85,000 new customers to their database. The property's operational performance has been executed and improved, driving incremental play from existing customers and attracting new ones to the brand.

In a significant move, Red Rock Resorts announced the commencement of construction on the next phase of its Durango master plan. This expansion will add over 25,000 square feet of casino space, including a high-limit slot area and bar, as well as construct a covered parking garage with nearly 2,000 spaces. The project has an estimated budget of approximately $120 million and is expected to be completed in January 2026.

Across its portfolio, Red Rock Resorts remains committed to operational discipline and continues to execute on its core strategy. Despite the return to more typical seasonal patterns, the company effectively managed expenses and delivered record financial performance with near-record margins. Additionally, Red Rock Resorts has reinvested in its properties and returned capital to its shareholders.

Key highlights from the quarter include:

• Forth-quarter net revenue of $492.6 million, a 7.2% increase from the prior year's fourth quarter
• Adjusted EBITDA of $223.9 million, a 1.6% increase from the prior year's fourth quarter
• Full-year net revenue of $1.9 billion, a 12.6% increase from the prior year
• Full-year adjusted EBITDA of $879.4 million, a 7.4% increase from the prior year

Red Rock Resorts' impressive performance demonstrates its commitment to delivering strong financial results and executing on strategic growth initiatives. As the company continues to expand and improve its operations, it is poised for continued success in the years to come.