Business
Red Rock Resorts Announces First Quarter 2020 Results
LAS VEGAS, May 19, 2020 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for
About this update from Red Rock Resorts, Inc.
[{"type":"text","content":"LAS VEGAS, May 19, 2020 /PRNewswire/ -- Red Rock Resorts, Inc. (\"Red Rock Resorts,\" \"we\" or the \"Company\") (NASDAQ: RRR) today reported financial results for the first quarter ended March 31, 2020.\nImpact of COVID-19 Pandemic \nThe unprecedented challenges presented by the COVID-19 pandemic have significantly impacted the Company's business operations. While Las Vegas operations, excluding Palms, recorded their best operating performance in January and February since 2008, the circumstances abruptly changed in mid-March due to the COVID-19 pandemic.\nOn March 17, 2020, the Company announced the temporary shutdown of all its Las Vegas properties, consistent with the statewide directive issued by the Governor of Nevada due to the COVID-19 pandemic. In addition, on March 17, 2020, the Graton Resort & Casino (\"Graton Resort\") in northern California, which is managed by the Company, temporarily closed as a result of the COVID-19 pandemic. Those properties also remain closed as of today.\nOn May 1, 2020, the Company announced a phased reopening program with respect to its Las Vegas properties. Pursuant to that program, the Company expects to reopen its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire properties, when permitted to do so by governmental authorities. Also pursuant to that program, the Company will assess the performance of the first-to-reopen properties before reopening its Palms, Texas Station, Fiesta Henderson and Fiesta Rancho properties.\nFirst Quarter Results:\nNet revenues were $377.4 million for the first quarter of 2020, a decrease of 15.6%, or $69.6 million, from $447.0 million for the same period of 2019, due to the temporary closure of all of the Company's properties, as explained above. Net loss was $177.8 million for the first quarter of 2020, a decrease of $198.1 million, from a net income of $20.3 million for the same period of 2019, due to the temporary closure of all of the Company's properties, as explained above, plus a noncash charge of $113.2 million related to the establishment of a full valuation allowance on certain tax assets. Adjusted EBITDA(1) was $74.3 million for the first quarter of 2020, a decrease of 48.8%, or $70.8 million, from $145.1 million in the same period of 2019, primarily due to the ...