Business
Red Rock Resorts Announces Fourth Quarter and Full Year 2022 Results
LAS VEGAS, Feb. 7, 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, Feb. 7, 2023 /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, 2022.\nFourth Quarter Results\nConsolidated Operations\nNet revenues were $425.5 million for the fourth quarter of 2022, an increase of 0.7%, or $3.1 million, from $422.4 million in the same period of 2021.Net income was $170.2 million for the fourth quarter of 2022, a decrease of 14.9%, or $29.9 million, from $200.1 million in the same period of 2021.Adjusted EBITDA(1) was $194.4 million for the fourth quarter of 2022, an increase of 2.5%, or $4.7 million, from $189.7 million in the same period of 2021.Las Vegas Operations \nNet revenues from Las Vegas operations were $419.6 million for the fourth quarter of 2022, a decrease of 0.2%, or $0.9 million, from $420.5 million in the same period of 2021.Adjusted EBITDA from Las Vegas operations was $206.9 million for the fourth quarter of 2022, a decrease of 0.9%, or $1.9 million, from $208.7 million in the same period of 2021.Full Year Results\nConsolidated Operations\nNet revenues were $1.66 billion in 2022, an increase of 2.8%, or $45.9 million, from $1.62 billion in 2021.Net income was $390.4 million in 2022, an increase of 10.0%, or $35.5 million, from $354.8 million in 2021.Adjusted EBITDA(1) was $743.9 million in 2022, an increase of 0.4%, or $2.9 million from $741.0 million in 2021.Las Vegas Operations \nNet revenues from Las Vegas operations were $1.65 billion in 2022, an increase of 3.0%, or $48.6 million, from $1.60 billion in 2021.Adjusted EBITDA from Las Vegas operations was $812.8 million in 2022, an increase of 1.6%, or $13.0 million, from $799.8 million in 2021.Balance Sheet Highlights \nThe Company's cash and cash equivalents at December 31, 2022 were $117.3 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.0 billion.\nQuarterly Dividend\nThe Company's Board of Directors has declared a cash dividend of $0.25 per Class A common share for the first quarter of 2023. The dividend will be payable on March 31, 2023 to all stockholders of record as of the close of business on March 15, 2023. \nPrior to the payment of such dividend, Station Holdco LLC (\"Station Holdco\") will make a cash distribution to all unit holder...