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RRR

Red Rock Resorts, Inc.

RRR

Red Rock Resorts, Inc. • NASDAQ
$58.57 ▼ -0.44% (-0.26)
Market Cap $3.47 B
52w High $63.59
52w Low $35.09
Dividend Yield 1.00%
P/E 18.71
Volume 280.33K
Outstanding Shares 59.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $475.572M ▼ $164.265M ▲ $42.254M ▼ 8.885% ▼ $0.72 ▼ $182.961M ▼
Q2-2025 $526.273M ▲ $164.029M ▲ $56.404M ▲ 10.718% ▲ $0.96 ▲ $222.797M ▲
Q1-2025 $497.861M ▲ $157.102M ▼ $44.749M ▼ 8.988% ▼ $0.76 ▼ $198.202M ▼
Q4-2024 $495.695M ▲ $160.232M ▲ $46.588M ▲ 9.399% ▲ $0.79 ▲ $202.853M ▲
Q3-2024 $468.016M $153.828M $28.952M 6.186% $0.49 $168.816M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $129.76M ▼ $4.096B ▲ $3.765B ▲ $219.611M ▲
Q2-2025 $145.201M ▼ $4.032B ▼ $3.735B ▲ $203.4M ▼
Q1-2025 $150.634M ▼ $4.086B ▲ $3.716B ▼ $247.071M ▲
Q4-2024 $164.383M ▲ $4.046B ▲ $3.739B ▼ $215.066M ▲
Q3-2024 $117.496M $3.995B $3.755B $175.539M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $76.88M ▼ $168.289M ▲ $-93.844M ▼ $-89.886M ▲ $-15.441M ▼ $74.577M ▼
Q2-2025 $108.253M ▲ $158.44M ▲ $20.069M ▲ $-183.942M ▼ $-5.433M ▲ $78.623M ▲
Q1-2025 $44.749M ▼ $126.227M ▼ $-92.53M ▼ $-47.446M ▲ $-13.749M ▼ $33.826M ▼
Q4-2024 $46.588M ▼ $148.225M ▲ $-35.791M ▲ $-65.547M ▼ $46.887M ▲ $112.325M ▲
Q3-2024 $55.389M $131.035M $-100.93M $-49.058M $-18.953M $37.664M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Casino
Casino
 $330.00M ▲$330.00M ▲$340.00M ▲$320.00M ▼
Food and Beverage
Food and Beverage
 $90.00M ▲$90.00M ▲$90.00M ▲$90.00M ▲
Hotel Other
Hotel Other
 $20.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Management Service
Management Service
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Occupancy
Occupancy
 $50.00M ▲$50.00M ▲$50.00M ▲$40.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the past several years, showing a healthy recovery from the pandemic and then continued growth. Profitability at the operating level looks solid, with margins that appear stable to slightly improving. However, net income and earnings per share have drifted down from their peak, even as sales rise. That often signals higher interest costs, heavier depreciation from new properties, or elevated development and renovation spending flowing through the income statement. In short: the core business seems strong and efficient, but bottom‑line profit is under some pressure from financing and growth costs.

Balance Sheet

Balance Sheet The company runs with a heavy debt load and a relatively thin equity base, which means it is quite leveraged. Total assets have grown as new properties and projects are added, but cash on hand is modest relative to the debt level. Ownership of much of its real estate is a strategic strength, yet the capital structure leaves less cushion in a severe downturn or if new projects underperform. Financial flexibility is there, but it depends on steady cash generation and ongoing access to financing markets.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been strong and consistent in recent years, supporting the view that the underlying business throws off solid cash. Free cash flow, however, has swung around because of large investment projects. Heavy spending on new resorts and upgrades recently pushed free cash flow negative, then back into positive territory as openings occurred and spending slowed. This pattern is typical of a growth and development phase: strong cash earnings, but lumpy and sometimes strained free cash flow while big projects are being built.

Competitive Edge

Competitive Edge Red Rock holds a powerful position in the Las Vegas locals market. Its casinos and resorts are placed directly in the neighborhoods where people live, offering easy access, free parking, and a full suite of amenities that make them community hubs rather than tourist destinations. The company has spent decades building loyalty with local customers, and its market share in this niche is hard for new entrants to challenge. On top of that, it owns a large portfolio of entitled land in desirable areas, which both limits where competitors can build and gives Red Rock room to expand on its own terms. The main trade‑off is geographic concentration: the business is heavily tied to the health of the Las Vegas local economy.

Innovation and R&D

Innovation and R&D Innovation is focused on data, loyalty, and digital convenience rather than traditional lab‑style R&D. The Boarding Pass loyalty program and in‑house analytics tools give Red Rock deep insight into player behavior, allowing finely targeted offers and efficient management of the casino floor. The STN Mobile app extends that ecosystem, bringing loyalty, cashless gaming, digital wallets, reservations, and entertainment bookings into one experience. Behind the scenes, proprietary systems help optimize slot performance, staffing, and profitability. Future innovation looks centered on expanding cashless, enhancing personalization, and integrating new properties into this digital and data‑driven platform.

Summary

Overall, Red Rock combines a strong, focused operating franchise with a leveraged balance sheet and an active development pipeline. The Las Vegas locals niche, owned real estate, and large land bank provide a meaningful competitive moat and long runway for future projects. Operating performance and cash generation from the existing portfolio appear robust, but headline net earnings have softened as interest, depreciation, and development costs have risen. Key things to watch include: how new resorts ramp up, whether debt remains manageable through the investment cycle, and how effectively the company continues to use technology and data to deepen customer loyalty and support profitable growth.

NEWS

October 28, 2025 · 4:01 PM UTC

Red Rock Resorts Announces Third Quarter 2025 Results

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September 26, 2025 · 6:45 PM UTC

Red Rock Resorts Announces Date of Third Quarter 2025 Conference Call and Earnings Release Date

Read more