Red Rock Resorts, Inc. · NASDAQ:RRR
Red Rock Resorts — Q2 2026 Earnings Presentation
83 slides from Red Rock Resorts's earnings presentation, Aug 4, 2026
Slide 1: Investor Presentation
I N V E S T O R P R E S E N TAT I O N PRIVATE & CONFIDENTIAL
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements, that reflect current views of Red Rock Resorts, Inc. (the “Company”) with respect to, among other things, our operations and financial performance, all of which are subject to known and unknown risks, uncertainties and other factors t
Slide 3: Alignment Between Shareholders and Management
ALIGNMENT BETWEEN SHAREHOLDERS AND MANAGEMENT ENTREPRENEURIAL SPIRIT ▪ Created and developed the Las Vegas Locals market, the second largest gaming market in the United States STABLE LEADERSHIP ▪ Frank Fertitta III and Lorenzo Fertitta lead Red Rock Resorts, which has grown from one property with 90
Slide 4: A Roadmap of Growth
A ROADMAP OF GROWTH NEVADA LOCALS GAMING RED ROCK RESORTS THE RIGHT PLACE THE RIGHT MARKET THE RIGHT COMPANY FOR GROWTH FOR GROWTH FOR GROWTH ▪ Consistently leading the nation in ▪ Largest regional gaming market in ▪ Strategically positioned population expansion nation properties within Las Vegas Va
Slide 5: Las Vegas Continues to Grow
LAS VEGAS CONTINUES TO GROW red rock resorts
Slide 6: Population Growth
POPULATION GROWTH NEVADA IS CONSISTENTLY EXPANDING AND LEADS THE NATION NEVADA’S POPULATION GREW BY 35% BETWEEN 2005 AND 2025 Nevada was the fourth fastest growing state in #4 the nation over the course of the last two decades Source: U.S. Census Bureau 6
Slide 7: Population Growth
POPULATION GROWTH LAS VEGAS IS ONE OF THE FASTEST GROWING AREAS IN THE NATION Clark County Population Historical Projected 3.0 Millions 2.8 +269K Las Vegas’ population has 2.6 grown by approximately 2.4 4.0 new people per hour 2.2 of every day for the 2.0 last 20 years 1.8 1.6 1.4 1.2 '00 '05 '10 '1
Slide 8: Population Growth
POPULATION GROWTH A KEY DEMOGRAPHIC SHOWS POSITIVE GROWTH TRENDS Clark County Population 65 and Over Share of Total Population 18% 17.0% 16% Residents aged 65+ 14% now comprise 17 12% percent of Clark 10% County’s population 8% 6% 4% '70 '80 '90 '00 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '2
Slide 9: Population Growth
POPULATION GROWTH OLDER CONSUMERS ARE EXPECTED TO CONTINUE GROWING Clark County Population Growth Total Population 65 and Over 92.6% Residents aged 65+ are projected to grow more than 3.2x faster in the next 5 years than the total population in Clark County 25.3% 16.8% 5.3% 2010-2026 2026-2031 Sourc
Slide 10: Income Growth
INCOME GROWTH MEDIAN HOUSEHOLD INCOME FOR 65+ WILL ALSO GROW QUICKLY Clark County Median Household Income Growth Total Population 65 and Over 108.0% The median household income for older 86.9% consumers is expected to grow by 16.8% to $76,852 between 2026 and 2031 15.6% 16.8% 2000-2026 2026-2031 Sou
Slide 11: Entertainment Spending
ENTERTAINMENT SPENDING OLDER CONSUMERS ALLOCATE A LARGER SHARE OF DISCRETIONARY INCOME TO ENTERTAINMENT Entertainment Spending As Share of Discretionary Income 25% 23.5% Older consumers 20% consistently allocate a 15% greater share of discretionary income to 13.4% 10% entertainment Average: 8.8% 5%
Slide 12: Housing Market
HOUSING MARKET TRENDS INDICATE CONTINUED GROWTH Clark County Housing Units Historical Projected 1.2 +109K Millions 1.1 Clark County will 1.0 add over 109,000 0.9 housing units over the next 15 years 0.8 0.7 0.6 0.5 '00 '05 '10 '15 '20 '25 '30 '35 '40 Source: SalesTraq; Clark County Comprehensive Pla
Slide 13: Housing Market
HOUSING MARKET TRENDS REFLECT STABILIZATION IN RESALE ACTIVITY AND DEMAND FOR NEW HOMES Southern Nevada Resale Single-Family Home Market Median Price 5-Year Price Growth Following post-2021 $490,000 +24.1% declines, Southern 50,000 $600,000 Nevada resale activity 40,000 $500,000 has stabilized at ro
Slide 14: Housing Market
HOUSING MARKET TRENDS REFLECT STABILIZATION IN RESALE ACTIVITY AND DEMAND FOR NEW HOMES Southern Nevada New Home Market Median Price 5-Year Price Growth $518,990 +27.5% 14,000 $600,000 Southern Nevada new 12,000 $500,000 home prices remain 10,000 $400,000 8,000 elevated, supported by $300,000 6,000
Slide 15: Housing Market
HOUSING MARKET DEVELOPMENT IS EXPANDING AROUND Major Properties OUR PROPERTIES Development Sites Subdivision sales remain active across the Las Vegas Valley, with actively selling subdivisions rising 23.3% to 185 in 2026, supporting continued market activity Sources: SalesTraq. Note: Annual growth r
Slide 16: Housing Market
HOUSING MARKET MORE STABLE THAN DURING THE GREAT RECESSION Negative Equity in Nevada Q1 2010 Q1 2026 72.7% 0.8% 80% Only 1.2% of mortgages 70% 60% in Nevada were more 50% than 90 days delinquent 40% as of Q1 2026 30% 20% 10% 0% '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 Sour
Slide 17: Housing Market
HOUSING MARKET MORE STABLE THAN DURING THE GREAT RECESSION Adjustable Rate Mortgages January 2007 September 2025 24.9% 4.0% Adjustable-rate 100% mortgages are less prevalent, mitigating 75% financial exposure 50% during times of rising interest rates 25% 0% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '1
Slide 18: Quality of Life
QUALITY OF LIFE LAS VEGAS’ LOW COST OF LIVING MAKES IT ATTRACTIVE TO LIVE IN Cost of Living Among Metropolitan Areas in the Western U.S. (Indexed to Las Vegas) Q1 2026 COMPOSITE INDEX HOUSING INDEX San Francisco, CA 170.8 250.2 Other western Los Angeles, CA 156.9 222.4 metro areas are up to Seattle,
Slide 19: Quality of Life
QUALITY OF LIFE FAVORABLE TAX CLIMATE IS PRO-BUSINESS & BENEFICIAL FOR RESIDENTS Marginal Income Tax Rates IDAHO OREGON 5.3% Nevada’s lack of corporate 9.9% and personal income taxes supports a UTAH competitive business CALIFORNIA NEVADA 4.5% tax climate relative 13.3% 0.0% to other states. NEW MEXI
Slide 20: Quality of Life
QUALITY OF LIFE NEVADA’S TAX AND BUSINESS ENVIRONMENT IS FAVORABLE Best State for New Corporate Investment Western States | Based on Tax and Business Climate Nevada 25% Nevada is the Arizona 21% Utah 18% #1 state for new Wyoming 14% corporate investment Idaho 8% in the Western United Montana 7% Stat
Slide 21: Quality of Life
QUALITY OF LIFE DEBT PER CAPITA HAS DECREASED WHILE MEDIAN INCOME HAS INCREASED Nevada Household Debt Per Capita Inflation-Adjusted (Q1 2026=100) $140,000 $120,000 Debt per capita in Nevada $100,000 has decreased by 45.2% ($58,515) since 2008 $80,000 $71,070 $60,000 $40,000 '03 '05 '07 '09 '11 '13 '
Slide 22: Business Expansion
BUSINESS EXPANSION LAS VEGAS CONTINUES TO BE A LEADING AREA FOR BUSINESS INVESTMENT AND EXPANSION Leading Locations for Business Expansion Among Mega Metropolitan Areas OVERALL WORKFORCE ECONOMY 1 LAS VEGAS, NV 68.6 84.4 84.2 2 Indianapolis, IN 65.6 87.0 78.6 3 Nashville, TN 58.6 84.9 73.7 Las Vegas
Slide 23: Labor Market
LABOR MARKET EMPLOYMENT REMAINS NEAR PEAK LEVELS Las Vegas Employment Distribution Leisure and Hospitality Trade, Transportation, and Utilities +58,900 jobs added to the Professional and Business Services market over the last three Education and Health Services years, led by professional and busines
Slide 24: Labor Market
LABOR MARKET LAS VEGAS JOB MARKET IS GROWING Employment Growth 30 Largest MSAs | 2019-2026 30% 25% 20% 14.5% 15% 10% 5% U.S. Average: +5.4% 0% -5% Source: Bureau of Labor Statistics. Note: Employment growth based on data from June 2019 and 2026. 24
Slide 25: The Locals Gaming Market Is a Prime Growth Opportunity
THE LOCALS GAMING MARKET IS A PRIME GROWTH OPPORTUNITY 25
Slide 26: Locals Gaming Market
LOCALS GAMING MARKET LAS VEGAS IS THE LARGEST REGIONAL GAMING MARKET Top 10 United States Commercial Gaming Markets By Gross Gaming Revenue | 2025 Las Vegas Strip Las Vegas Locals $3.2B The Las Vegas Locals Atlantic City NJ gaming market is Chicagoland IL/IN the second largest Baltimore-Washington D
Slide 27: Locals Gaming Market
LOCALS GAMING MARKET LAS VEGAS LOCALS GAMING MARKET IS OUTPACING OTHER MARKET SEGMENTS Gross Gaming Revenue Growth 2019-2026 80% 70% 74.7% Over the past seven years, the Las Vegas locals 60% gaming market has grown 50% at nearly twice the 40% 40.5% pace of other Las Vegas 30% 35.9% 33.8% gaming segm
Slide 28: Personal Income
PERSONAL INCOME PERSONAL INCOME GROWTH SIGNIFICANTLY OUTPACING POPULATION GROWTH Personal Income Las Vegas Metro Area $200 Billions $180 $173 B Personal incomes $160 $140 expanded by 6.5% CAGR $120 during the past decade $100 and 4.6% during the $80 past 20 years $60 $40 $20 $- '12 '13 '14 '15 '16 '
Slide 29: Locals Gaming Market
LOCALS GAMING MARKET FUTURE GROWTH POTENTIAL Locals Gross Gaming Revenue Potential 2036(e) $6.4B 2036(e) 1.9% of personal income $5.3B 2031(e) 2036(e) in Southern Nevada is 2031(e) $4.4B 2031(e) $4.5B $4.1B spent on locals gaming 2026(a) $3.8B 2026(a) 2026(a) $3.2B $3.2B $3.2B activities ($3.2 B of
Slide 30: High Barriers to Entry and Stable Regulatory Environment
HIGH BARRIERS TO ENTRY AND STABLE REGULATORY ENVIRONMENT CHARACTERIZE LOCALS MARKET HIGH BARRIERS TO ENTRY ▪ Nevada law (SB 208) significantly limits the development of casinos outside of the Strip ▪ Red Rock owns most of the major off-strip gaming development sites in Las Vegas Valley STABLE REGULA
Slide 31: Best-in-Class Operator with Best-in-Class Locations
BEST-IN-CLASS OPERATOR WITH BEST-IN-CLASS LOCATIONS 31
Slide 32: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS ▪ Best-in-Class Assets in Best-in-Class Locations ▪ Durable Business Model Built to Drive Free Cash Flow ▪ Significant Capacity for Growth ▪ Owned Growth Pipeline with High Barriers to Entry ▪ Proven Track Record of Returning Capital to Shareholders ▪ Strong Financial Perfo
Slide 33: Current Properties
CURRENT PROPERTIES CONVENIENTLY LOCATED 23 Strategically distributed properties 33
Slide 34: Regional Entertainment Centers
REGIONAL ENTERTAINMENT CENTERS IRREPLACEABLE ASSETS GENERATE REPEAT VISITATION GAMING & SPORTS BETTING RESORTS/HOTELS DINING & ENTERTAINMENT ▪ 16,553 Slots ▪ 3,028 Rooms(1) ▪ 179 Restaurants, Bars and Lounges ▪ 328 Table Games ▪ World-Class Pools and Spas ▪ 35 Live Entertainment ▪ State-of-the-Art R
Slide 35: The Red Rock Advantage
THE RED ROCK ADVANTAGE A REPUTATION BUILT BY GUESTS AND TEAM MEMBERS LOYAL GUESTS LONG-TERM TEAM MEMBERS #1 locals casino We take care of our team members; as a result, we believe we have one of the highest retention 75% of local carded slot revenue generated rates in the industry by guests who visi
Slide 36: Recurring Revenue Stream
RECURRING REVENUE STREAM GENERATED BY LOYAL SLOT CUSTOMERS 1-3 VISITS PER MONTH 25% OF SLOT REVENUE 4-7 VISITS PER MONTH 75% of local carded slot revenue generated by guests who visit 26% 4+ times per month OF SLOT REVENUE 8+ VISITS PER MONTH 49% OF SLOT REVENUE Note: Slot revenue and percentages ar
Slide 37: We Continue to Reinvest in Our Existing Properties
WE CONTINUE TO REINVEST IN OUR EXISTING PROPERTIES THE QUALITY OF OUR ASSETS DIFFERENTIATES US FROM OUR COMPETITION ▪ Best-in-class assets with amenities for all ages and income levels ▪ No deferred maintenance capital and over $6B invested across the Las Vegas Valley ▪ Investments in existing prope
Slide 38: Stable Maintenance Capital Profile
STABLE MAINTENANCE CAPITAL PROFILE Capital Expenditures Maintenance Capital Investment Capital $800M $700M $600M Assets well-maintained $500M with no deferred $400M maintenance capital $300M $200M $100M $0M 2020 2021 2022 2023 2024 2025 2026 Guidance Note: Represents consolidated results for Red Roc
Slide 39: Extracting Value from Our Real Estate
EXTRACTING VALUE FROM OUR REAL ESTATE A DURANGO PHASE I CASE STUDY DCF Valuation (2) Durango Expected to Generate $2.4B+ Nearly 3x Return on $2.2B Investment $1.7B $800.0M $23.8M $30.8M $7.0M Original Land Purchased & Entitled Excess Land Sale Project Cost $128M EBITDA $160M EBITDA $180M+ EBITDA Ana
Slide 40: Red Rock Resorts Owns All Its Real Estate
RED ROCK RESORTS OWNS ALL ITS REAL ESTATE 7 462 CURRENT LARGE PROPERTIES ACRES READY FOR DEVELOPMENT Boulder Station Las Vegas Blvd South of Cactus 123 Durango Casino & Resort Wild Wild West 95 Green Valley Ranch Losee 67 Palace Station Inspirada 63 Red Rock Resort Town Center 58 Santa Fe Station Sk
Slide 41: Uniquely Positioned to Capitalize on Future Growth
UNIQUELY POSITIONED TO CAPITALIZE ON FUTURE GROWTH Future Inspirada Development Site 41
Slide 42: Red Rock Resorts Owns the Best Organic Growth Pipeline in Gaming
RED ROCK RESORTS OWNS THE BEST ORGANIC GROWTH PIPELINE IN GAMING ▪ 100% ownership of all developable real estate ▪ 7 owned development sites located in growing areas within Las Vegas and Reno ▪ Sites feature convenient ingress/egress and proximity to major highways ▪ Sites have ample acreage for fut
Slide 43: Locations Strategically Positioned Across Valley
LOCATIONS STRATEGICALLY POSITIONED ACROSS VALLEY ▪ Our 7 large properties are located in faster growing, higher-income areas of the valley ▪ Sites feature convenient ingress / egress and proximity to major highways ▪ Our 16 small properties provide additional distribution around the valley ▪ Our 6 d
Slide 44: What's Next...
WHAT’S NEXT... red rock resorts
Slide 45: Owned Development Pipeline
OWNED DEVELOPMENT PIPELINE OUR CACTUS DEVELOPMENT SITE ▪ Prominent location with unobstructed views and easy ingress/egress from both the I-15 freeway and Las Vegas Blvd ▪ Larger site offers more flexibility to design resort to accommodate anticipated residential growth as well as increased regional
Slide 46: Owned Development Pipeline
OWNED DEVELOPMENT PIPELINE OUR INSPIRADA DEVELOPMENT SITE ▪ Site offers direct access to I-15 from St. Rose, Sloan interchange, and from Las Vegas Blvd connecting Via Nobila Road and Via Inspirada ▪ +2.5 million SF Haas Automation facility moving forward to the north on Via Inspirada, with estimated
Slide 47: Owned Development Pipeline
OWNED DEVELOPMENT PIPELINE OUR SKYE CANYON DEVELOPMENT SITE ▪ Direct access to the US 95 via Oso Blanco Road on the north and Skye Canyon Park Drive to the south ▪ Adjacent to the Skye Canyon master planned community with 9,000 homes upon build out ▪ Directly across the US 95 is the Sunstone master
Slide 48: Owned Development Pipeline
OWNED DEVELOPMENT PIPELINE OUR LOSEE DEVELOPMENT SITE ▪ Tule Springs community spans over 1,200 acres and is master planned for over 8,600 homes, with 2,000 of those homes reserved for active adults 55+ ▪ Additional housing developments planned including 567 units (2 properties) ▪ Medical-Centric De
Slide 49: Owned Development Pipeline
OWNED DEVELOPMENT PIPELINE OUR TOWN CENTER AND 215 DEVELOPMENT SITE ▪ Approximately 58 acres, located in the heart of Summerlin ▪ Direct Visibility and Access from Town Center Dr to the I-215 Beltway ▪ Minutes from the Downtown Summerlin development ▪ Adjacent to the ±150,000 SF Meridian Office Park
Slide 50: Owned Development Pipeline
OWNED DEVELOPMENT PIPELINE OUR WILD WILD WEST DEVELOPMENT SITE ▪ Located in the Epicenter of the Las Vegas Resort Corridor ▪ Direct Access from Tropicana Ave to Harry Reid International Airport ▪ New I-15 Interchange expansions with enhanced access at Tropicana Ave and Harmon Ave ▪ Superior location
Slide 51: Growth Capital Investment Beyond Nevada
GROWTH CAPITAL INVESTMENT BEYOND NEVADA 51
Slide 52: North Fork Opportunity
NORTH FORK OPPORTUNITY MOST CONVENIENT AND ACCESSIBLE LOCATION IN CENTRAL CALIFORNIA We have successfully developed and managed Native American casinos for over 20 years 52
Slide 53: North Fork Opportunity
NORTH FORK OPPORTUNITY ▪ 305 acres directly adjacent to Highway 99 (75,000+ vehicles per day) ▪ 4.2 million plus people located within 2 hours of development site ▪ 2,460 total slot machines ▪ 40 table games ▪ 2 restaurants ▪ Food Court with exciting options ▪ Construction underway with opening expe
Slide 54: North Fork Construction Progress
NORTH FORK CONSTRUCTION PROGRESS Opening expected in fourth quarter 2026 54
Slide 55: Investment in Existing Properties
INVESTMENT IN EXISTING PROPERTIES STIMULATES GROWTH AND REPEAT VISITATION 55
Slide 56: New High Limit Room at Durango
NEW HIGH LIMIT ROOM AT DURANGO 56
Slide 57: New High Limit Room at Durango
NEW HIGH LIMIT ROOM AT DURANGO 57
Slide 58: New Parking Garage at Durango
NEW PARKING GARAGE AT DURANGO 58
Slide 59: Ongoing Expansion at Durango
ONGOING EXPANSION AT DURANGO 59
Slide 60: Ongoing Renovations at Green Valley Ranch
ONGOING RENOVATIONS AT GREEN VALLEY RANCH BEFORE AFTER 60
Slide 61: Ongoing Renovations at Green Valley Ranch
ONGOING RENOVATIONS AT GREEN VALLEY RANCH BEFORE AFTER 61
Slide 62: Ongoing Renovations at Green Valley Ranch
ONGOING RENOVATIONS AT GREEN VALLEY RANCH 62
Slide 63: Ongoing Renovations at Green Valley Ranch
ONGOING RENOVATIONS AT GREEN VALLEY RANCH 63
Slide 64: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION BEFORE AFTER 64
Slide 65: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION BEFORE AFTER 65
Slide 66: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION 66
Slide 67: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION 67
Slide 68: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION 68
Slide 69: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION 69
Slide 70: Nearby Infrastructure Investment
NEARBY INFRASTRUCTURE INVESTMENT WILL IMPROVE ACCESS, DESPITE SHORT-TERM DISRUPTION 70
Slide 71: Roadwork and Construction Near Durango Causing Disruption
ROADWORK AND CONSTRUCTION NEAR DURANGO CAUSING DISRUPTION 71
Slide 72: Roadwork and Construction Near Red Rock Causing Disruption
ROADWORK AND CONSTRUCTION NEAR RED ROCK CAUSING DISRUPTION 72
Slide 73: Roadwork and Construction Near Green Valley Ranch Causing Disruption
ROADWORK AND CONSTRUCTION NEAR GREEN VALLEY RANCH CAUSING DISRUPTION 73
Slide 74: Proven Track Record of Returning Capital to Shareholders
PROVEN TRACK RECORD OF RETURNING CAPITAL TO SHAREHOLDERS 74
Slide 75: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION FUELS FUTURE GROWTH AND RETURN OF CAPITAL TO SHAREHOLDERS ($ thousands) 3Q25 4Q25 1Q26 2Q26 TTM EBITDA 190,868 213,284 212,628 208,044 824,824 less: Cash Interest (58,805) (37,406) (58,174) (37,623) (192,008) less: Cash Taxes (62) - - (8,342) (8,404) 58% of EBITDA co
Slide 76: Low-Cost Capital Structure
LOW-COST CAPITAL STRUCTURE PROVIDES PLATFORM FOR GROWTH Amount as of ($ thousands) Spread Rate (1) Maturity 6/30/2026 Cash 136,451 Revolver S + 1.50% 5.14% Mar-29 345,000 Term Loan B(2) S + 2.00% 5.64% Mar-31 1,534,675 Senior Secured Debt $1,879,675 Stable and low-cost Senior Notes (2028) 4.50% Feb-
Slide 77: Balanced Approach to Returning Capital to Shareholders
BALANCED APPROACH TO RETURNING CAPITAL TO SHAREHOLDERS INVESTMENT IN LONG TERM DIVIDENDS SHARE REPURCHASES GROWTH PROJECTS ▪ Red Rock Resorts has ▪ Implemented $0.25 per ▪ Returned $768 million to generated outsized share quarterly dividend shareholders through returns for investors, with in March 2
Slide 78: Strong Financial Performance with Sustainable High Margins
STRONG FINANCIAL PERFORMANCE WITH SUSTAINABLE HIGH MARGINS 78
Slide 79: Q2 2026 Operating Results
Q2 2026 OPERATING RESULTS ($ in thousands) Three Months Ended June 30, 2026 2025 Net revenues Las Vegas operations $ 503,158 $ 513,262 Q2 2026 stands out as a Native American 3,806 10,008 strong quarter, with Las Corporate and other 3,298 3,003 Net revenues $ 510,262 $ 526,273 Vegas operations achie
Slide 80: Gaming Centric Business Model
GAMING CENTRIC BUSINESS MODEL DRIVING MARGIN PERFORMANCE RED ROCK Q2-26 LAS VEGAS STRIP 67% OF REVENUE GENERATED BY HIGH MARGIN CAESARS LAS VEGAS WYNN LAS VEGAS MGM LAS VEGAS GAMING 26% 25% 24% Gaming Non-Gaming Source: RRR Q2-26 Company filings (excluding development fees) and annual 2025 10-K fili
Slide 81: Stable and Proven Margin Performance
STABLE AND PROVEN MARGIN PERFORMANCE OPERATIONAL DISCIPLINE DRIVES SUSTAINABLE MARGINS Quarterly EBITDA and EBITDA Margin PRE-CLOSURE PERFORMANCE PERFORMANCE SINCE REOPENING 53.6% 50.1% 49.8% 49.6% 49.5% 49.3% 48.6% 48.6% 48.0% 47.7% 47.5% 47.3% 46.9% 46.8% 46.7% 46.5% 46.2% 46.2% 45.8% 45.5% 45.4%
Slide 82: Appendix
red rock resorts APPENDIX 82
Slide 83: Net Income to Adjusted EBITDA Reconciliation
NET INCOME TO ADJUSTED EBITDA RECONCILIATION Consolidated Results for RRR ($ in thousands) Three Months Ended June 30, 2026 2025 Net income $ 76,592 $ 108,253 Adjustments Depreciation and amortization 58,985 47,988 Share-based compensation 9,847 8,723 Write-downs and other, net 2,579 4,010 Interest