Business
Red Rock Resorts Announces Third Quarter 2020 Results
LAS VEGAS, Oct. 27, 2020 /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, Oct. 27, 2020 /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, 2020.\nDuring the third 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. \nThird Quarter Results:\nNet revenues were $353.2 million for the third quarter of 2020, a decrease of 24.2%, or $112.7 million, from $465.9 million for the same period of 2019, primarily due to the ongoing impacts of the COVID-19 pandemic. Net income was $72.0 million for the third quarter of 2020, an increase of $98.8 million, from a net loss of $26.8 million for the same period of 2019. Adjusted EBITDA(1) was $160.9 million for the third quarter of 2020, an increase of 44.8%, or $49.8 million, from $111.1 million in the same period of 2019.Las Vegas Operations \nNet revenues from Las Vegas operations were $320.8 million for the third quarter of 2020, a decrease of 27.2%, or $119.9 million, from $440.7 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 $141.7 million for the third quarter of 2020, an increase of 38.6%, or $39.4 million, from $102.2 million in the same period of 2019.Native American Management\nAdjusted EBITDA from Native American operations was $29.8 million for the third quarter of 2020, a 33.9% increase from $22.3 million in the same period of 2019.\nBalance Sheet Highlights \nThe Company's cash and cash equivalents at September 30, 2020 were $108.9 million and total principal amount of debt outstanding at the end of the third quarter was $3 billion. \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 international callers, approximately 15 minutes before the call start time. Please use the passcode: 5184573. A replay o...