Red Rock Resorts Announces Second Quarter 2024 Results
Red Rock Resorts (NASDAQ: RRR) reported its Q2 2024 financial results, showing mixed performance. Net revenues increased 16.9% to $486.4 million, while net income decreased 6.8% to $69.8 million compared to Q2 2023. Adjusted EBITDA rose 15.0% to $201.7 million.
Las Vegas operations saw significant growth, with net revenues up 17.1% to $483.2 million and Adjusted EBITDA increasing 15.6% to $223.1 million. The company's cash and cash equivalents stood at $136.4 million, with a total debt of $3.5 billion.
The Board declared a quarterly dividend of $0.25 per Class A common share, payable on September 30, 2024. A conference call to discuss the results is scheduled for today at 4:30 p.m. Eastern Time.
Red Rock Resorts (NASDAQ: RRR) ha riportato i risultati finanziari del secondo trimestre 2024, mostrando una performance mista. I ricavi netti sono aumentati del 16,9% a 486,4 milioni di dollari, mentre il reddito netto è diminuito del 6,8% a 69,8 milioni di dollari rispetto al secondo trimestre 2023. L'EBITDA corretto è salito del 15,0% a 201,7 milioni di dollari.
Le operazioni di Las Vegas hanno registrato una crescita significativa, con ricavi netti aumentati del 17,1% a 483,2 milioni di dollari e un EBITDA corretto in aumento del 15,6% a 223,1 milioni di dollari. La liquidità e i mezzi equivalenti della società ammontavano a 136,4 milioni di dollari, con un debito totale di 3,5 miliardi di dollari.
Il Consiglio ha dichiarato un dividendo trimestrale di 0,25 dollari per azione comune di Classe A, pagabile il 30 settembre 2024. È stata programmata una conferenza telefonica per discutere i risultati per oggi alle 16:30 ora orientale.
Red Rock Resorts (NASDAQ: RRR) informó sus resultados financieros del segundo trimestre de 2024, mostrando un desempeño mixto. Los ingresos netos aumentaron un 16.9% a 486.4 millones de dólares, mientras que el ingreso neto disminuyó un 6.8% a 69.8 millones de dólares en comparación con el segundo trimestre de 2023. El EBITDA ajustado aumentó un 15.0% a 201.7 millones de dólares.
Las operaciones en Las Vegas vieron un crecimiento significativo, con ingresos netos que subieron un 17.1% a 483.2 millones de dólares y el EBITDA ajustado aumentando un 15.6% a 223.1 millones de dólares. El efectivo y equivalentes de efectivo de la empresa se situaron en 136.4 millones de dólares, con una deuda total de 3.5 mil millones de dólares.
La Junta declaró un dividendo trimestral de 0.25 dólares por acción común de Clase A, pagadero el 30 de septiembre de 2024. Se ha programado una llamada de conferencia para discutir los resultados para hoy a las 4:30 p.m. hora del Este.
레드 록 리조트(Red Rock Resorts) (NASDAQ: RRR)가 2024년 2분기 재무 결과를 발표하며 혼합 성과를 보였습니다. 순수익은 16.9% 증가하여 4억 8640만 달러에 이르렀고, 순이익은 6.8% 감소하여 6980만 달러를 기록했습니다. 조정 EBITDA는 15.0% 상승하여 2억 1700만 달러에 달했습니다.
라스베이거스의 운영은 상당한 성장을 보였고, 순수익은 17.1% 증가하여 4억 8320만 달러에 이르렀으며 조정 EBITDA는 15.6% 증가하여 2억 2310만 달러로 늘어났습니다. 회사의 현금 및 현금성 자산은 1억 3640만 달러였으며, 총 부채는 35억 달러에 달했습니다.
이사회는 클래스 A 보통주에 대해 주당 0.25달러의 분기 배당금을 선언했으며, 2024년 9월 30일에 지급될 예정입니다. 오늘 오후 4시 30분 동부 표준시(Eastern Time)에 결과를 논의하기 위한 컨퍼런스 콜이 예정되어 있습니다.
Red Rock Resorts (NASDAQ: RRR) a publié ses résultats financiers pour le deuxième trimestre 2024, affichant des performances mitigées. Les revenus nets ont augmenté de 16,9 % pour atteindre 486,4 millions de dollars, tandis que le résultat net a diminué de 6,8 % pour s'établir à 69,8 millions de dollars par rapport au deuxième trimestre 2023. L'EBITDA ajusté a augmenté de 15,0 % pour atteindre 201,7 millions de dollars.
Les opérations à Las Vegas ont connu une croissance significative, les revenus nets ayant augmenté de 17,1 % pour s'élever à 483,2 millions de dollars et l'EBITDA ajusté ayant crû de 15,6 % pour atteindre 223,1 millions de dollars. La trésorerie et les équivalents de trésorerie de l'entreprise s'élevaient à 136,4 millions de dollars, avec une dette totale de 3,5 milliards de dollars.
Le Conseil a déclaré un dividende trimestriel de 0,25 dollar par action ordinaire de Classe A, payable le 30 septembre 2024. Une conférence téléphonique pour discuter des résultats est prévue pour aujourd'hui à 16h30, heure de l'Est.
Red Rock Resorts (NASDAQ: RRR) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und dabei gemischte Leistungen gezeigt. Die netto Einnahmen stiegen um 16,9 % auf 486,4 Millionen Dollar, während der netto Gewinn im Vergleich zum zweiten Quartal 2023 um 6,8 % auf 69,8 Millionen Dollar zurückging. Das bereinigte EBITDA stieg um 15,0 % auf 201,7 Millionen Dollar.
Die Geschäfte in Las Vegas verzeichneten ein erhebliches Wachstum, wobei die netto Einnahmen um 17,1 % auf 483,2 Millionen Dollar stiegen und das bereinigte EBITDA um 15,6 % auf 223,1 Millionen Dollar anstieg. Die liquiden Mittel und Zahlungsmitteläquivalente des Unternehmens beliefen sich auf 136,4 Millionen Dollar, bei einer Gesamtschuld von 3,5 Milliarden Dollar.
Der Vorstand erklärte eine Vierteljahresdividende von 0,25 Dollar pro Klasse A Stammaktie, die am 30. September 2024 ausgezahlt wird. Eine Telefonkonferenz zur Diskussion der Ergebnisse ist für heute um 16:30 Uhr Eastern Time angesetzt.
- Net revenues increased 16.9% year-over-year to $486.4 million
- Adjusted EBITDA rose 15.0% to $201.7 million
- Las Vegas operations net revenues grew 17.1% to $483.2 million
- Las Vegas operations Adjusted EBITDA increased 15.6% to $223.1 million
- Quarterly dividend of $0.25 per Class A common share declared
- Net income decreased 6.8% year-over-year to $69.8 million
- Total principal amount of debt outstanding at $3.5 billion
Insights
The second-quarter results for Red Rock Resorts show a remarkable increase in net revenues, rising by
The adjusted EBITDA also saw a significant increase of
Another key highlight is the company's dividend announcement of
Analyzing the detailed performance of Red Rock Resorts' Las Vegas operations, the net revenues increased by
The dividend declaration and the subsequent cash distribution reflect positively on the company's cash flow management and its commitment to returning value to shareholders. However, the company's debt level stands at
Given these factors, Red Rock Resort's performance in the Las Vegas market is a important driver for investor sentiment and long-term value. The significant revenue growth paired with high leverage suggests a potentially high-risk, high-reward scenario for investors.
Interestingly, the company's mention of 'business innovation and technology enhancements' within the adjusted EBITDA calculation highlights the importance of technological investments in their financial strategy. While details are sparse, the inclusion of such costs suggests a strategic focus on modernizing operations and potentially enhancing customer experiences through technology.
Adopting new technologies in the gaming and hospitality industry can lead to significant operational efficiencies, increased customer satisfaction and new revenue streams. For instance, leveraging data analytics, IoT and advanced customer management systems can optimize resource allocation and personalize guest services.
Investors should pay attention to any further announcements regarding specific tech initiatives. The long-term benefits of such enhancements could provide a competitive edge and drive sustainable growth, albeit at the cost of initial investments reflected in the financials.
Second Quarter Results
Consolidated Operations
- Net revenues were
for the second quarter of 2024, an increase of$486.4 million 16.9% , or , from$70.3 million in the same period of 2023.$416.1 million
- Net income was
for the second quarter of 2024, a decrease of$69.8 million 6.8% , or , from$5.1 million in the same period of 2023.$74.9 million
- Adjusted EBITDA(1) was
for the second quarter of 2024, an increase of$201.7 million 15.0% , or , from$26.4 million in the same period of 2023.$175.3 million
Las Vegas Operations
- Net revenues from
Las Vegas operations were for the second quarter of 2024, an increase of$483.2 million 17.1% , or , from$70.6 million in the same period of 2023.$412.6 million
- Adjusted EBITDA from
Las Vegas operations was for the second quarter of 2024, an increase of$223.1 million 15.6% , or , from$30.1 million in the same period of 2023.$193.1 million
Balance Sheet Highlights
The Company's cash and cash equivalents at June 30, 2024 were
Quarterly Dividend
The Company's Board of Directors has declared a cash dividend of
Prior to the payment of such dividend, Station Holdco LLC ("Station Holdco") will make a cash distribution to all unit holders of record, including the Company, of
Conference Call Information
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 8857354. A replay of the call will be available from today through August 6, 2024 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com.
Presentation of Financial Information
(1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements, demolition costs and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments and provision for income tax.
Company Information and Forward Looking Statements
Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as "will", "might", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "would", "target", "project", "intend", "plan", "seek", "estimate", "pursue", "should", "may" and "assume", or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company's business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
View source version on http://redrockresorts.investorroom.com/:
INVESTORS:
Stephen L. Cootey
Stephen.Cootey@redrockresorts.com
(702) 495-4214
MEDIA:
Michael J. Britt
Michael.Britt@redrockresorts.com
(702) 495-3693
Red Rock Resorts, Inc. | |||||||
Condensed Consolidated Statements of Income | |||||||
(amounts in thousands, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating revenues: | |||||||
Casino | $ 319,629 | $ 269,507 | $ 636,483 | $ 557,747 | |||
Food and beverage | 91,718 | 77,623 | 184,996 | 155,770 | |||
Room | 50,142 | 44,892 | 103,030 | 88,831 | |||
Other | 24,914 | 24,108 | 50,791 | 47,418 | |||
Net revenues | 486,403 | 416,130 | 975,300 | 849,766 | |||
Operating costs and expenses: | |||||||
Casino | 87,853 | 69,583 | 172,822 | 141,294 | |||
Food and beverage | 74,267 | 60,883 | 147,714 | 120,995 | |||
Room | 16,075 | 13,473 | 31,946 | 27,080 | |||
Other | 7,760 | 8,994 | 15,027 | 16,706 | |||
Selling, general and administrative | 111,318 | 93,480 | 216,123 | 185,985 | |||
Depreciation and amortization | 46,703 | 32,738 | 91,576 | 63,833 | |||
Write-downs and other, net | 2,193 | 10,066 | 4,334 | 29,685 | |||
346,169 | 289,217 | 679,542 | 585,578 | ||||
Operating income | 140,234 | 126,913 | 295,758 | 264,188 | |||
Earnings from joint ventures | 721 | 754 | 1,444 | 1,653 | |||
Operating income and earnings from joint ventures | 140,955 | 127,667 | 297,202 | 265,841 | |||
Other expense: | |||||||
Interest expense, net | (57,434) | (44,340) | (114,635) | (86,796) | |||
Loss on extinguishment/modification of debt, net | — | — | (14,402) | — | |||
Change in fair value of derivative instruments | (1,923) | — | (1,923) | — | |||
Income before income tax | 81,598 | 83,327 | 166,242 | 179,045 | |||
Provision for income tax | (11,788) | (8,417) | (18,061) | (18,608) | |||
Net income | 69,810 | 74,910 | 148,181 | 160,437 | |||
Less: net income attributable to noncontrolling interests | 34,134 | 35,397 | 69,670 | 76,248 | |||
Net income attributable to Red Rock Resorts, Inc. | $ 35,676 | $ 39,513 | $ 78,511 | $ 84,189 | |||
Earnings per common share: | |||||||
Earnings per share of Class A common stock, basic | $ 0.60 | $ 0.68 | $ 1.33 | $ 1.46 | |||
Earnings per share of Class A common stock, diluted | $ 0.59 | $ 0.65 | $ 1.29 | $ 1.40 | |||
Weighted-average common shares outstanding: | |||||||
Basic | 59,069 | 57,828 | 58,935 | 57,741 | |||
Diluted | 60,748 | 103,329 | 103,720 | 103,260 | |||
Dividends declared per common share |
Red Rock Resorts, Inc. | |||||||
Segment Information and Reconciliation of Net Income to Adjusted EBITDA | |||||||
(amounts in thousands) | |||||||
(unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net revenues | |||||||
$ 483,209 | $ 412,578 | $ 968,776 | $ 842,627 | ||||
Corporate and other | 3,194 | 3,552 | 6,524 | 7,139 | |||
Net revenues | $ 486,403 | $ 416,130 | $ 975,300 | $ 849,766 | |||
Net income | $ 69,810 | $ 74,910 | $ 148,181 | $ 160,437 | |||
Adjustments | |||||||
Depreciation and amortization | 46,703 | 32,738 | 91,576 | 63,833 | |||
Share-based compensation | 11,806 | 4,829 | 17,681 | 10,125 | |||
Write-downs and other, net | 2,193 | 10,066 | 4,334 | 29,685 | |||
Interest expense, net | 57,434 | 44,340 | 114,635 | 86,796 | |||
Loss on extinguishment/modification of debt, net | — | — | 14,402 | — | |||
Change in fair value of derivative instruments | 1,923 | — | 1,923 | — | |||
Provision for income tax | 11,788 | 8,417 | 18,061 | 18,608 | |||
Adjusted EBITDA | $ 201,657 | $ 175,300 | $ 410,793 | $ 369,484 | |||
Adjusted EBITDA | |||||||
$ 223,147 | $ 193,051 | $ 452,906 | $ 407,140 | ||||
Corporate and other | (21,490) | (17,751) | (42,113) | (37,656) | |||
Adjusted EBITDA | $ 201,657 | $ 175,300 | $ 410,793 | $ 369,484 |
View original content:https://www.prnewswire.com/news-releases/red-rock-resorts-announces-second-quarter-2024-results-302204340.html
SOURCE Red Rock Resorts, Inc.
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