Business
Red Rock Resorts Announces Third Quarter 2019 Results
LAS VEGAS, Nov. 5, 2019 /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, Nov. 5, 2019 /PRNewswire/ -- Red Rock Resorts, Inc. (\"Red Rock Resorts\", \"we\" or the \"Company\") (NASDAQ: RRR) today reported financial results for the third quarter ended September 30, 2019. \nNet revenues were $465.9 million for the third quarter of 2019, an increase of 13.0%, or $53.6 million, from $412.3 million in the same period of 2018. The increase in net revenues was primarily due to an increase in Las Vegas operations, led by an increase in net revenues at the Palms Casino Resort (the \"Palms\").\nNet loss was $26.8 million for the third quarter of 2019, a decrease of $51.9 million, from net income of $25.1 million in the same period of 2018. The decrease in net income was primarily due to one-time charges relating to the termination of certain artist performance agreements and employment arrangements at the Palms, as well as higher depreciation and amortization relating to the Palms redevelopment project.\nAdjusted EBITDA(1) was $111.1 million for the third quarter of 2019, an increase of 1.8%, or $2.0 million, from $109.1 million in the same period of 2018. The increase in Adjusted EBITDA was primarily due to an increase in Las Vegas operations excluding the Palms and management fees generated under the Graton Resort management agreement, partially offset by a decrease in Adjusted EBITDA at the Palms.\nLas Vegas Operations \nNet revenues from Las Vegas operations were $440.7 million for the third quarter of 2019, an increase of 13.1%, or $51.0 million, from $389.7 million in the same period of 2018. Adjusted EBITDA from Las Vegas operations was $97.2 million for the third quarter of 2019, a decrease of 0.8%, or $0.7 million, from $97.9 million in the same period of 2018. The increase in net revenues from Las Vegas operations was primarily due to an increase in net revenues at the Palms, and the decrease in Adjusted EBITDA from Las Vegas operations was primarily due to a decrease in Adjusted EBITDA at the Palms.\nNative American Management\nAdjusted EBITDA from Native American operations was $22.3 million for the third quarter of 2019, an increase of 12.6% from $19.8 million in the same period of 2018 due to increased management fees generated under the Graton Resort management agreement. \nPalms Redevelopment Update \nThe Palms redevelopment project is now complete with the final component of phase th...