Red Rock Resorts (RRR) Company Report

Red Rock Resorts achieved its ninth consecutive record quarter for both net revenue and Adjusted EBITDA in Q4 2025 for its Las Vegas operations.
The company demonstrated a strong commitment to shareholder returns, implementing a $0.25 per share quarterly dividend in March 2022, increasing it to $0.26 per share in October 2025, and returning over $1 billion through dividends since 2021.
Red Rock Resorts has a significant growth pipeline, owning 462 acres ready for development in the Las Vegas Valley, valued at over $950 million as of December 31, 2025, and expects the North Fork opportunity to open in Q4 2026.
The Las Vegas Locals gaming market, where Red Rock Resorts is strategically positioned, is the second largest gaming market in the nation and has grown at nearly twice the pace of other Las Vegas gaming segments from 2019-2025.

Feb 10, 2026, 9:30 PM

Presentation

Red Rock Resorts Reports Record Q4 and Full Year 2025 Results, Announces Significant Capital Investments

RRR

Earnings

New Projects/Investments

Dividends

Red Rock Resorts reported strong financial performance for Q4 and Full Year 2025, with Las Vegas operations achieving record net revenue and adjusted EBITDA for both periods, including over $900 million in adjusted EBITDA for the first time in its 50-year history for the full year.
For Q4 2025, consolidated net revenue was $511.8 million (up 3.2% year-over-year) and adjusted EBITDA was $213 million (up 5.4% year-over-year). Full year 2025 consolidated net revenue reached $2 billion (up 3.7%), and adjusted EBITDA was $848.6 million (up 6.6%).
The company returned approximately $296.9 million to shareholders in 2025 through dividends and share repurchases, and maintained a strong balance sheet with a net debt-to-EBITDA ratio of 3.87 times at the end of Q4 2025.
Significant capital investments are underway, including a $385 million expansion at Durango, a $53 million renovation and a new $87 million phase at Sunset Station, and a $56 million phase at Green Valley Ranch, with expected capital spend for 2026 between $375 million and $425 million. These projects are expected to cause some near-term disruption, with $9 million estimated for Green Valley Ranch in Q1 2026.

Feb 10, 2026, 9:30 PM

Transcript

Red Rock Resorts Reports Record Q4 and Full Year 2025 Performance, Details Major Expansion Projects

RRR

Earnings

New Projects/Investments

Guidance Update

Red Rock Resorts' Las Vegas operations achieved record net revenue and adjusted EBITDA for both Q4 and full year 2025, marking the ninth consecutive record quarter and the fifth consecutive year of record adjusted EBITDA, with adjusted EBITDA exceeding $900 million for the first time in 2025.
The company is investing in significant expansion and renovation projects, including a $385 million expansion of Durango Casino Resort (18-month construction, broke ground Jan 5th), an $87 million project at Sunset Station (starting Q2 2026), and a $56 million phase of enhancements at Green Valley Ranch extending into 2027.
The North Fork project is on track for an early Q4 2026 opening with total costs of approximately $750 million, and management believes a recent unfavorable court ruling will not impact the project's schedule or ability to conduct gaming.
Despite expected operational disruption from ongoing projects, management anticipates growing its Las Vegas EBITDA base in 2026.

Feb 10, 2026, 9:30 PM

Transcript

Red Rock Resorts Reports Record Q4 and Full-Year 2025 Results, Declares Special Dividend, and Outlines Significant Capital Investments

RRR

Earnings

Dividends

New Projects/Investments

Red Rock Resorts' Las Vegas operations achieved record Q4 2025 net revenue of $505 million and adjusted EBITDA of $231 million, marking the ninth consecutive record quarter for both metrics. For the full year 2025, consolidated net revenue reached $2 billion and adjusted EBITDA was $848.6 million, representing the second consecutive year of record net revenue and fifth consecutive year of record adjusted EBITDA.
The company generated $466.3 million in cumulative free cash flow for full-year 2025, or $4.44 per share, and returned approximately $296.9 million to shareholders through debt reduction, dividends, and share repurchases. A special cash dividend of $1 per Class A common share and a regular cash dividend of $0.26 per Class A Common Share were declared.
Capital spend for full-year 2025 was $319 million, and is projected to be between $375 million and $425 million for 2026, including significant investments in the Durango Casino Resort expansion ($385 million project), Sunset Station ($87 million next phase), and Green Valley Ranch enhancements ($56 million next phase).
The company expects approximately $9 million in disruption in Q1 2026, primarily at Green Valley Ranch, but anticipates growing its Las Vegas EBITDA base in 2026 despite these ongoing construction projects.

Feb 10, 2026, 9:30 PM

Transcript

Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results

RRR

Earnings

Dividends

Red Rock Resorts, Inc. reported net revenues of $511.8 million for the fourth quarter of 2025, an increase of 3.2% from the same period in 2024, and $2.01 billion for the full year 2025, up 3.7% from 2024.
Adjusted EBITDA was $213.3 million for the fourth quarter of 2025, an increase of 5.4%, and $848.6 million for the full year 2025, up 6.6%.
The company's net income for the fourth quarter of 2025 was $84.6 million, a decrease of 3.5% from Q4 2024, while full year 2025 net income increased by 22.1% to $355.7 million.
The Board of Directors declared a quarterly cash dividend of $0.26 per Class A common share for the first quarter of 2026 and a special dividend of $1.00 per Class A common share.

Feb 10, 2026, 9:01 PM

8-K

Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results

RRR

Earnings

Dividends

Red Rock Resorts reported net revenues of $511.8 million for the fourth quarter of 2025, an increase of 3.2% from the same period in 2024, and $2.01 billion for the full year 2025, up 3.7% from 2024.
Net income for the fourth quarter of 2025 was $84.6 million, a decrease of 3.5% from the prior year, while full-year 2025 net income increased by 22.1% to $355.7 million.
Adjusted EBITDA for the fourth quarter of 2025 increased by 5.4% to $213.3 million, and for the full year 2025, it grew by 6.6% to $848.6 million.
The company's Board of Directors declared a quarterly cash dividend of $0.26 per Class A common share for the first quarter of 2026 and a special dividend of $1.00 per Class A common share.

Feb 10, 2026, 9:01 PM

Press Release

Red Rock Resorts Reports Strong Q3 2025 Results, Announces Durango Expansion and Share Repurchase Program Extension

RRR

Earnings

New Projects/Investments

Share Buyback

Red Rock Resorts reported Q3 2025 consolidated net revenue of $475.6 million, an increase of 1.6% from the prior year, and Adjusted EBITDA of $190.9 million, up 4.5% year-over-year, with an Adjusted EBITDA margin of 40.1%. The company generated $128.5 million in operating free cash flow during the quarter.
The company is proceeding with the next phase of its Durango Casino Resort expansion, which will add over 275,000 sq ft of casino space and amenities at an estimated cost of $385 million, with construction expected to begin in January 2026 and take approximately 18 months to complete.
Red Rock Resorts extended its share repurchase program to December 31, 2027, and authorized an additional $300 million, bringing the total availability for future share repurchases to $573 million. In Q3, the company repurchased approximately 92,000 Class A shares and paid a quarterly dividend of $0.25 per Class A share.
The full-year 2025 capital expenditure guidance was revised down by $25 million to between $325 million and $350 million due to timing. The company anticipates construction disruption impacts of approximately $8 million at Green Valley Ranch and $1 million - $1.5 million at Sunset Station in Q4 2025.

Oct 28, 2025, 8:30 PM

Transcript

Red Rock Resorts Reports Strong Q3 2025 Results and Highlights Growth Drivers

RRR

Earnings

Dividends

New Projects/Investments

Red Rock Resorts reported strong Q3 2025 results, with net revenues of $475,572 thousand and Adjusted EBITDA of $190,868 thousand, noting that its Las Vegas operations achieved record-high EBITDA and net revenue for similar quarters.
The company increased its quarterly dividend to $0.26 per share in October 2025 and has $573 million remaining under its $900 million share repurchase plan.
Red Rock Resorts owns all its real estate, including land holdings valued at over $950 million as of September 30, 2025, and has 7 owned development sites in growing areas, demonstrating a history of producing 20+% IRR on greenfield properties. Additionally, the North Fork project is under construction with an expected opening in Q4 2026.
The Las Vegas market shows robust growth, with the population projected to reach 2.9 million by 2040 and residents aged 65+ expected to grow 4.1x faster than the total population in Clark County over the next 5 years, supporting the company's strong locals gaming market position.

Oct 28, 2025, 8:30 PM

Presentation

Red Rock Resorts Reports Strong Q3 2025 Results, Announces Durango Expansion, and Increases Dividend

RRR

Earnings

New Projects/Investments

Dividends

Red Rock Resorts reported strong Q3 2025 consolidated net revenue of $475.6 million and adjusted EBITDA of $190.9 million, with Las Vegas operations achieving record net revenue and adjusted EBITDA.
The company announced a $385 million expansion for Durango Casino Resort, with construction starting in January and expected to take approximately 18 months to complete.
The North Fork project is progressing towards an early Q4 2026 opening, with an estimated total cost of $750 million and projected management fees of $40 to $50 million upon stabilization.
Red Rock Resorts' Board of Directors approved an increase in the regular cash quarterly dividend to $0.26 per Class A share, payable on December 31.
Construction disruption is anticipated to continue, with an estimated $8 million impact at Green Valley Ranch in Q4 2025.

Oct 28, 2025, 8:30 PM

Transcript

Red Rock Resorts Reports Record Q3 2025 Results and Announces Significant Capital Investments

RRR

Earnings

Dividends

New Projects/Investments

Red Rock Resorts' Las Vegas operations achieved record net revenue and adjusted EBITDA for Q3 2025, marking the ninth consecutive quarter of record net revenue and fifth consecutive quarter of record adjusted EBITDA. Las Vegas operations net revenue was $468.6 million, up 1%, and adjusted EBITDA was $209.4 million, up 3.4% year-over-year.
The company announced an increase in its regular cash quarterly dividend to $0.26 per Class A share and extended its share repurchase program to December 31, 2027, with an additional $300 million authorized, bringing total availability to $573 million.
Significant capital investments are underway, including a $385 million expansion of the Durango Casino Resort, which will add nearly 400 slot machines and new amenities, with construction starting in January 2026. The North Fork project, with a total cost of approximately $750 million, is on track for an early Q4 2026 opening.

Oct 28, 2025, 8:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Red Rock Resorts.

Q4 2025

Feb 10, 2026

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Q3 2025

Oct 28, 2025

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Q2 2025

Jul 29, 2025

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Red Rock Resorts (RRR)

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