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Red Rock Resorts Announces Second Quarter 2024 Results
LAS VEGAS, July 23, 2024 /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, July 23, 2024 /PRNewswire/ -- Red Rock Resorts, Inc. (\"Red Rock Resorts,\" \"we\" or the \"Company\") (NASDAQ: RRR) today reported financial results for the second quarter ended June 30, 2024.\n\nSecond Quarter Results\nConsolidated Operations\nNet revenues were $486.4 million for the second quarter of 2024, an increase of 16.9%, or $70.3 million, from $416.1 million in the same period of 2023.Net income was $69.8 million for the second quarter of 2024, a decrease of 6.8%, or $5.1 million, from $74.9 million in the same period of 2023.Adjusted EBITDA(1) was $201.7 million for the second quarter of 2024, an increase of 15.0%, or $26.4 million, from $175.3 million in the same period of 2023. Las Vegas Operations \nNet revenues from Las Vegas operations were $483.2 million for the second quarter of 2024, an increase of 17.1%, or $70.6 million, from $412.6 million in the same period of 2023.Adjusted EBITDA from Las Vegas operations was $223.1 million for the second quarter of 2024, an increase of 15.6%, or $30.1 million, from $193.1 million in the same period of 2023.Balance Sheet Highlights \nThe Company's cash and cash equivalents at June 30, 2024 were $136.4 million and total principal amount of debt outstanding at the end of the second quarter was $3.5 billion.\nQuarterly Dividend\nThe Company's Board of Directors has declared a cash dividend of $0.25 per Class A common share for the third quarter of 2024. The dividend will be payable on September 30, 2024 to all stockholders of record as of the close of business on September 16, 2024. \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 $27.5 million, approximately $16.0 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. \n\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...