Business
Red Rock Resorts Announces Fourth Quarter and Year End 2020 Results
LAS VEGAS, Feb. 9, 2021 /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. 9, 2021 /PRNewswire/ -- Red Rock Resorts, Inc. (\"Red Rock Resorts,\" \"we\" or the \"Company\") (NASDAQ: RRR) today reported financial results for the fourth quarter and year ended December 31, 2020.\nDuring the fourth quarter the Company continued to execute on its phased reopening program, and operated its first-to-reopen properties of Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station, together with its Wildfire properties and the Graton Casino Resort. \nFourth Quarter Results:\nNet revenues were $343.4 million for the fourth quarter of 2020, a decrease of 25.5%, or $117.4 million, from $460.8 million for the same period of 2019, primarily due to the on-going impacts of the COVID-19 pandemic. Net income was $49.6 million for the fourth quarter of 2020, an increase of $42.8 million, from $6.8 million for the same period of 2019. Adjusted EBITDA(1) was $150.5 million for the fourth quarter of 2020, an increase of 9.4%, or $12.9 million, from $137.6 million in the same period of 2019.Full Year Results:\nFor the full year, net revenues were $1.2 billion in 2020, a decrease of 36.3% or $674.1 million, from $1.9 billion in 2019, primarily due to the ongoing impacts of the COVID-19 pandemic.\nFor the full year, net loss was $174.5 million in 2020, compared to a net loss of $6.7 million in 2019, primarily due to the ongoing impacts of the COVID-19 pandemic. \nFor the full year, Adjusted EBITDA was $368.5 million in 2020, compared to $509.0 million in 2019. The decrease in year-over-year Adjusted EBITDA was primarily due to the ongoing impacts of the COVID-19 pandemic.\nLas Vegas Operations \nNet revenues from Las Vegas operations were $316.2 million for the fourth quarter of 2020, a decrease of 27.8%, or $121.8 million, from $437.9 million in the same period of 2019, primarily due to the ongoing impacts of the COVID-19 pandemic. Adjusted EBITDA from Las Vegas operations was $137.1 million for the fourth quarter of 2020, an increase of 5.5%, or $7.1 million, from $129.9 million in the same period of 2019.Native American Management\nAdjusted EBITDA from Native American operations was $24.8 million for the fourth quarter of 2020, a 24.9% increase from $19.9 million in the same period of 2019.\nBalance Sheet Highlights \nThe Company's cash and cash equivalents at December 3...