Red Rock Resorts, Inc. (RRR) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, and welcome to Red Rock Resort's first quarter 2025 conference call. All participants will be in a listen-only mode. Please note this conference is being recorded. I would now like to turn the conference over to Stephen Coote, Executive Vice President, Chief Financial Officer, and Treasurer of Red Rock Resort. Please go ahead. Thank you, Operator, and good afternoon, everyone. Thank you for joining us today for Red Rock Resort's first quarter 2025 earnings conference call. Joining me on the call today are Frank and Lorenzo Fertitta, Scott Krieger, and our executive management team. I'd like to remind everyone that our call today will include forward-looking statements under the safe harbor provisions of the United States federal securities laws. Developments and results may differ from those projected. During this call, we will also discuss non-GAAP financial measures. For definitions and complete reconciliation of these figures to GAAP, please refer to the financial tables in our earnings press release, Form 8K, and investor deck, which were filed this afternoon prior to the call. Also, please note that this call is being recorded. Let's start off by stating that the first quarter represented another strong quarter for the company by all measures. Our Las Vegas operations achieved its highest first quarter net revenue in adjusted EBITDA in our history, while maintaining near record adjusted EBITDA margin. In addition to delivering strong financial results, we remain pleased with the continued performance of our Durango Casino Resort. Following a successful first year, Durango has continued to grow the Las Vegas locals market, as well as drive incremental play from our existing customer base, while attracting new guests to the station casino's brand. ...