Business
Red Rock Resorts Announces Third Quarter 2021 Results
LAS VEGAS, Nov. 2, 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, Nov. 2, 2021 /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, 2021.\nDuring the third quarter the Company continued to operate its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire Properties, while Palms Casino Resort, Texas Station, Fiesta Rancho and Fiesta Henderson remained closed during the quarter. \nThird Quarter Results\nNet revenues were $414.8 million for the third quarter of 2021, an increase of 17%, or $61.6 million, from $353.2 million for the same period of 2020. Net income was $117.9 million for the third quarter of 2021, an increase of 64% or $45.9 million, from $72.0 million for the same period of 2020. Adjusted EBITDA(1) was $184.5 million for the third quarter of 2021, an increase of 15% or $23.6 million from $160.9 million in the same period of 2020. Las Vegas Operations \nNet revenues from Las Vegas operations were $412.7 million for the third quarter of 2021, an increase of 29%, or $91.9 million, from $320.8 million in the same period of 2020. Adjusted EBITDA from Las Vegas operations was $197.9 million for the third quarter of 2021, an increase of 40% or $56.2 million, from $141.7 million in the same period of 2020. Balance Sheet Highlights \nThe Company's cash and cash equivalents at September 30, 2021 were $89.9 million and total principal amount of debt outstanding at the end of the third quarter was $2.68 billion.\nShare Repurchase Program\nThe Company's Board of Directors has authorized an increase in the Company's share repurchase program from $150 million to $300 million, which gives the Company over $173 million of repurchase capacity.\nConference Call Information\n The 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: 8613587. A replay of the call will be available from today through November 9, 2021 at www.redrockreso...