# Red Rock Resorts (RRR) Q2 2025 Financial Results Summary
Released on July 29, 2025, Red Rock Resorts, Inc. has published its financial results for the second quarter ended June 30, 2025. Below is a summary of the company’s performance during this period.
## Key Financial Highlights
– **Net Revenues**:
– $526.3 million for Q2 2025, representing an increase of **8.2%** ($39.9 million) compared to $486.4 million in Q2 2024.
– **Net Income**:
– $108.3 million for Q2 2025, which reflects a significant increase of **55.1%** ($38.5 million) from $69.8 million in the same quarter of the previous year.
– **Adjusted EBITDA**:
– $229.4 million for Q2 2025, an increase of **13.7%** ($27.7 million) from $201.7 million in Q2 2024.
### Las Vegas Operations
– **Net Revenues**:
– $513.3 million for Q2 2025, marking a **6.2%** increase ($30.1 million) from $483.2 million in the comparable quarter of 2024.
– **Adjusted EBITDA**:
– $239.4 million for Q2 2025, up **7.3%** ($16.3 million) compared to $223.1 million in the same period last year.
### Native American Management
– **Net Revenues and Adjusted EBITDA**:
– Reported at $10.0 million for Q2 2025, attributed to a cumulative revenue catch-up related to development fees.
## Balance Sheet Highlights
– **Cash and Cash Equivalents**:
– As of June 30, 2025, total cash and cash equivalents were $145.2 million.
– **Total Debt**:
– The total principal amount of outstanding debt at the end of Q2 was $3.4 billion.
## Quarterly Dividend
– The Board of Directors has declared a cash dividend of **$0.25** per Class A common share for Q3 2025.
– This dividend will be payable on **September 30, 2025**, to shareholders of record as of the close of business on **September 15, 2025**.
– Prior to this dividend payment, Station Holdco LLC is expected to distribute a total of approximately **$27.6 million**, of which about **$16.1 million** will go to Red Rock Resorts.
## Earnings Per Share (EPS)
– **Basic EPS**: $0.96 for Q2 2025, a rise of **60%** from $0.60 in the same quarter of 2024.
– **Diluted EPS**: $0.95 for Q2 2025, up from $0.59 in Q2 2024, marking an **approximately 61%** growth.
## Summary of Year-to-Date Performance
– **Six Months Ended June 30, 2025**:
– **Net Revenues**: $1,024.1 million compared to $975.3 million in 2024, up **5.0%** ($48.8 million).
– **Net Income**: $194.2 million versus $148.2 million last year, an increase of **31.0%** ($46.0 million).
– **Adjusted EBITDA**: $444.4 million compared to $410.8 million for the same period in 2024, up **8.2%** ($33.6 million).
## Conclusion
Red Rock Resorts, Inc. demonstrated substantial growth across key metrics in Q2 2025 compared to the same quarter last year, including net revenues, net income, and Adjusted EBITDA. The declaration of a quarterly dividend further enhances shareholder value, reflecting the company’s strong performance and outlook.
Below are the extracted tables in HTML format from the press release:
### Red Rock Resorts, Inc. Condensed Consolidated Statements of Income (amounts in thousands, except per share data) (unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |
| Operating revenues: | ||||
| Casino | $ 344,796 | $ 319,629 | $ 678,041 | $ 636,483 |
| Food and beverage | 94,374 | 91,718 | 183,646 | 184,996 |
| Room | 51,187 | 50,142 | 101,357 | 103,030 |
| Development fees | 10,008 | – | 10,008 | – |
| Other | 25,908 | 24,914 | 51,082 | 50,791 |
| Net revenues | 526,273 | 486,403 | 1,024,134 | 975,300 |
| Operating costs and expenses: | ||||
| Casino | 93,862 | 87,853 | 183,275 | 172,822 |
| Food and beverage | 75,894 | 74,267 | 149,655 | 147,714 |
| Room | 15,941 | 16,075 | 31,930 | 31,946 |
| Other | 8,519 | 7,760 | 15,762 | 15,027 |
| Selling, general and administrative | 112,031 | 111,318 | 216,742 | 216,123 |
| Depreciation and amortization | 47,988 | 46,703 | 96,319 | 91,576 |
| Write-downs and other, net | 4,010 | 2,193 | 8,070 | 4,334 |
| 358,245 | 346,169 | 701,753 | 679,542 | |
| Operating income | 168,028 | 140,234 | 322,381 | 295,758 |
| Earnings from joint ventures | 610 | 721 | 1,322 | 1,444 |
| Operating income and earnings from joint ventures | 168,638 | 140,955 | 323,703 | 297,202 |
| Other expense: | ||||
| Interest expense, net | (50,632) | (57,434) | (101,742) | (114,635) |
| Loss on extinguishment/modification of debt | – | – | – | (14,402) |
| Change in fair value of derivative instruments | (2,305) | (1,923) | (7,499) | (1,923) |
| Gain on Native American development | 8,476 | – | 8,476 | – |
| Income before income tax | 124,177 | 81,598 | 222,938 | 166,242 |
| Provision for income tax | (15,924) | (11,788) | (28,735) | (18,061) |
| Net income | 108,253 | 69,810 | 194,203 | 148,181 |
| Less: net income attributable to noncontrolling interests | 51,849 | 34,134 | 93,050 | 69,670 |
| Net income attributable to Red Rock Resorts, Inc. | $ 56,404 | $ 35,676 | $ 101,153 | $ 78,511 |
| Earnings per common share: | ||||
| Earnings per share of Class A common stock, basic | $ 0.96 | $ 0.60 | $ 1.71 | $ 1.33 |
| Earnings per share of Class A common stock, diluted | $ 0.95 | $ 0.59 | $ 1.69 | $ 1.29 |
| Weighted-average common shares outstanding: | ||||
| Basic | 58,960 | 59,069 | 59,081 | 58,935 |
| Diluted | 102,730 | 60,748 | 103,060 | 103,720 |
| Dividends declared per common share | $ 1.25 | $ 0.25 | $ 1.50 | $ 1.50 |
### Red Rock Resorts, Inc. Condensed Consolidated Balance Sheets (amounts in thousands) (unaudited)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 145,200 | $ 156,180 |
| Accounts receivable, net | 30,847 | 28,795 |
| Inventories | 12,356 | 12,310 |
| Other current assets | 15,484 | 17,679 |
| Total current assets | 203,887 | 214,964 |
| Property and equipment, net | 3,207,657 | 3,285,128 |
| Goodwill | 133,837 | 133,837 |
| Other assets | 21,219 | 19,568 |
| Total assets | $ 3,566,600 | $ 3,653,496 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable | 42,410 | 39,944 |
| Short-term debt | 12,701 | 10,925 |
| Other current liabilities | 38,260 | 37,445 |
| Total current liabilities | 93,371 | 88,314 |
| Long-term debt | 3,331,299 | 3,419,894 |
| Other liabilities | 48,504 | 42,886 |
| Total liabilities | $ 3,473,174 | $ 3,551,094 |
| Stockholders’ equity | ||
| Common stock and additional paid-in capital | 332,783 | 308,955 |
| Retained earnings | 205,294 | 188,447 |
| Total stockholders’ equity | $ 93,426 | $ 102,402 |
| Total liabilities and stockholders’ equity | $ 3,566,600 | $ 3,653,496 |
