Business
Red Rock Resorts Announces First Quarter 2023 Results
LAS VEGAS, May 4, 2023 /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 4, 2023 /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, 2023.\nFirst Quarter Results\nConsolidated Operations\nNet revenues were $433.6 million for the first quarter of 2023, an increase of 8.0%, or $32.0 million, from $401.6 million in the same period of 2022.Net income was $85.5 million for the first quarter of 2023, a decrease of 7.3%, or $6.7 million, from $92.2 million in the same period of 2022.Adjusted EBITDA(1) was $194.2 million for the first quarter of 2023, an increase of 8.6%, or $15.4 million, from $178.7 million in the same period of 2022. Las Vegas Operations \nNet revenues from Las Vegas operations were $430.0 million for the first quarter of 2023, an increase of 7.6%, or $30.3 million, from $399.7 million in the same period of 2022.Adjusted EBITDA from Las Vegas operations was $214.1 million for the first quarter of 2023, an increase of 8.0%, or $15.9 million, from $198.2 million in the same period of 2022.Balance Sheet Highlights \nThe Company's cash and cash equivalents at March 31, 2023 were $107.7 million and total principal amount of debt outstanding at the end of the first quarter was $3.1 billion.\nQuarterly Dividend\nThe Company's Board of Directors has declared a cash dividend of $0.25 per Class A common share for the second quarter of 2023. The dividend will be payable on June 30, 2023 to all stockholders of record as of the close of business on June 15, 2023. \nPrior to the payment of such dividend, Station Holdco LLC (\"Station Holdco\") will make a cash distribution to all unit holders of record, including the Company, of $0.25 per unit for a total distribution of approximately $27.1 million, approximately $15.6 million of which is expected to be distributed to the Company and approximately $11.5 million of which is expected to be distributed to the other unit holders of record of Station Holdco. \nConference Call Information \nThe Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, a...