Red Rock Resorts, Inc. (RRR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, and welcome to Red Rock Resorts' fourth quarter and full year 2025 conference call. All participants will be in 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 Resorts. Please go ahead. Thank you, Operator, and good afternoon, everyone. Thank you for joining today for Red Rock Resort's fourth quarter and full year 2025 earnings call. Joining me on the call today are Frank and Lorenzo Pertitta, Scott Crear, 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, this call is being recorded. The fourth quarter represented another period of exceptional performance for the company. Our Las Vegas operations set new fourth quarter records for net revenue and adjusted EBITDA while maintaining near record adjusted EBITDA margin. This marked the ninth consecutive record quarter for both net revenue and adjusted EBITDA. For the full year, our Las Vegas operations delivered their strongest performance on record, achieving all-time highs in net revenue in adjusted EBITDA, including producing more than $900 million in adjusted EBITDA for the first time in our 50-year history, while maintaining near-record adjus...