Business
Red Rock Resorts Announces Fourth Quarter and Full Year 2021 Results
LAS VEGAS, Feb. 2, 2022 /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, Feb. 2, 2022 /PRNewswire/ -- Red Rock Resorts, Inc. (\"Red Rock Resorts,\" \"we\" or the \"Company\") (NASDAQ: RRR) today reported financial results for the fourth quarter and full year ended December 31, 2021.\nDuring the fourth quarter the Company continued to operate its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire Properties, while Texas Station, Fiesta Rancho and Fiesta Henderson remained closed. As previously announced, the sale of the Palms Casino Resort closed during the quarter. \nConsolidated Operations\nFourth Quarter Results\nNet revenues were $422.4 million for the fourth quarter of 2021, an increase of 23%, or $78.9 million, from $343.4 million in the same period of 2020. Net income was $200.1 million for the fourth quarter of 2021, an increase of $150.5 million, from $49.6 million in the same period of 2020. Adjusted EBITDA(1) was $189.7 million for the fourth quarter of 2021, an increase of 26% or $39.1 million from $150.5 million in the same period of 2020. Full Year Results\nNet revenues were $1.6 billion in 2021, an increase of 37%, or $435.5 million, from $1.2 billion in 2020. Net income was $354.8 million in 2021, an increase of $529.4 million, from a net loss of $174.5 million in 2020. Adjusted EBITDA(1) was $741.0 million in 2021, an increase of $372.5 million from $368.5 million in 2020. Las Vegas Operations \nFourth Quarter Results\nNet revenues from Las Vegas operations were $420.5 million for the fourth quarter of 2021, an increase of 33%, or $104.3 million, from $316.2 million in the same period of 2020. Adjusted EBITDA from Las Vegas operations was $204.8 million for the fourth quarter of 2021, an increase of 49% or $67.7 million, from $137.1 million in the same period of 2020. Full Year Results\nNet revenues from Las Vegas operations were $1.6 billion in 2021, an increase of 46%, or $508.0 million, from $1.1 billion in 2020. Adjusted EBITDA from Las Vegas operations was $785.9 million in 2021, an increase of $450.8 million, from $335.1 million in 2020.Balance Sheet Highlights \nThe Company's cash and cash equivalents at December 31, 2021 were $275.3 million and total principal amount of debt outstanding at the end of the fourth quarter was $2.89 billion.\nConference Call Information \nThe Company ...