Red Rock Resorts, Inc. (RRR) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, and welcome to the Red Rock Resort's third quarter 2025 conference call. All participants will be in a listen-only mode. Please note this conference call is being recorded. I would now like to turn the conference over to Mr. Stephen Coote, Executive Vice President, Chief Financial Officer, and Treasurer of Red Rock Resorts. Please go ahead. Thank you, Operator, and good afternoon, everyone. Thank you for joining us today for Red Rock Resort's third 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 the 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 release. Form 8K and Investor Deck, which were filed this afternoon prior to the call. Also, please note this call is being recorded. The third quarter was another strong one for the company by every measure. Our Las Vegas operations once again set new records, delivering its highest third quarter net revenue in adjusted EBITDA in our history while maintaining a near record adjusted EBITDA margin. This marks the ninth consecutive quarter of record net revenue and the fifth consecutive quarter of record-adjusted EBITDA, underscoring the strength and consistency and long-term earnings power of our operating model. In addition to delivering strong financial results, we remain very pleased with the continued performance of our Durango Casino Resort and the ...