Red Rock Resorts, Inc. (RRR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon and welcome to Red Rock Resort's second quarter 2025 conference call. All participants will be in a listen-only mode. Please note this event is being recorded. I would now send the conference over to Stephen Coote, Executive Vice President, Chief Financial Officer, and Treasurer of Red Rock Resort. Please go ahead. Thank you, Operator. Good afternoon, everyone. Thank you for joining us today for Red Rock Resort's second 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 for these figures to GAAP, please refer to the financial tables in our earnings press release, Form 8K, and our investor deck, which were filed this afternoon prior to the call. Also, please note that this call is being recorded. The second quarter was an exceptional one for the company by every measure. Our Las Vegas operations delivered its highest quarterly net revenue in adjusted EBITDA in our 49-year history, all while sustaining near record adjusted EBITDA margins. In addition to delivering strong financial results, we remain highly encouraged by the continued performance of our Durango Casino Resort and the revenue backfill at our core properties. Durango continues to expand the Las Vegas locals market, drive incremental play from our existing customer base, and attract new guests to the station casino's brand. The property once again demonstrated stro...