NASDAQ: RRR
Red Rock Resorts, Inc.CIK 0001653653 · SIC 7011 · Hotels & Motels
Red Rock Resorts, Inc. (“we,” “our,” “us,” “Red Rock” or the “Company”) is a holding company that owns an indirect equity interest in and manages Station Casinos LLC (“Station LLC”), through which we conduct all of our operations. Station LLC is a gaming, development and management company… About this business →
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revenue $510.3M, net income $39.1M. Red Rock Q2 2026: Net income falls 30.6% to as operating income drops 19% on lower revenue
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Red Rock Resorts appoints new General Counsel with $1.2M salary, $4.8M equity grant
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Red Rock Resorts shareholders approve all proposals at 2026 annual meeting
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revenue $507.3M, net income $42.9M. Red Rock resumes buybacks, adds Native American revenue; operating income falls 6.9%
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Red Rock Resorts reports Q1 2026 financial results in earnings release
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Latest financial statements
From 10-Q filed Aug 7, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(amounts in thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating revenues: | ||||
| Casino | 338,305 | 344,796 | 678,827 | 678,041 |
| Food and beverage | 93,033 | 94,374 | 183,356 | 183,646 |
| Room | 46,658 | 51,187 | 92,172 | 101,357 |
| Native American management and development fees | 3,806 | 10,008 | 8,543 | 10,008 |
| Other | 28,460 | 25,908 | 54,683 | 51,082 |
| Net revenues | 510,262 | 526,273 | 1,017,581 | 1,024,134 |
| Operating costs and expenses: | ||||
| Casino | 90,239 | 93,862 | 181,469 | 183,275 |
| Food and beverage | 78,699 | 75,894 | 152,886 | 149,655 |
| Room | 15,845 | 15,941 | 31,449 | 31,930 |
| Other | 9,983 | 8,519 | 17,683 | 15,762 |
| Selling, general and administrative | 117,936 | 112,031 | 232,293 | 216,742 |
| Depreciation and amortization | 58,985 | 47,988 | 114,840 | 96,319 |
| Write-downs and other, net | 2,579 | 4,010 | 7,289 | 8,070 |
| 374,266 | 358,245 | 737,909 | 701,753 | |
| Operating income | 135,996 | 168,028 | 279,672 | 322,381 |
| Earnings from joint ventures | 637 | 610 | 1,344 | 1,322 |
| Operating income and earnings from joint ventures | 136,633 | 168,638 | 281,016 | 323,703 |
| Other (expense) income: | ||||
| Interest expense, net | (49,645) | (50,632) | (99,149) | (101,742) |
| Change in fair value of derivative instruments | 3,087 | (2,305) | 4,053 | (7,499) |
| Gain on Native American development | — | 8,476 | — | 8,476 |
| (46,558) | (44,461) | (95,096) | (100,765) | |
| Income before income tax | 90,075 | 124,177 | 185,920 | 222,938 |
| Provision for income tax | (13,483) | (15,924) | (26,608) | (28,735) |
| Net income | 76,592 | 108,253 | 159,312 | 194,203 |
| Less: net income attributable to noncontrolling interests | 37,474 | 51,849 | 77,305 | 93,050 |
| Net income attributable to Red Rock Resorts, Inc. | 39,118 | 56,404 | 82,007 | 101,153 |
| Earnings per common share (Note 11): | ||||
| Earnings per share of Class A common stock, basic | 0.68 | 0.96 | 1.41 | 1.71 |
| Earnings per share of Class A common stock, diluted | 0.67 | 0.95 | 1.40 | 1.69 |
| Weighted-average common shares outstanding: | ||||
| Basic | 57,888 | 58,960 | 58,045 | 59,081 |
| Diluted | 58,805 | 102,730 | 59,086 | 103,060 |
Condensed Consolidated Balance Sheets
(amounts in thousands, except share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 136,451 | 142,471 |
| Receivables, net | 66,732 | 73,904 |
| Inventories | 17,548 | 17,946 |
| Prepaid gaming tax | 31,845 | 29,158 |
| Prepaid expenses and other current assets | 28,610 | 23,286 |
| Total current assets | 281,186 | 286,765 |
| Property and equipment, net of accumulated depreciation of $1,667,766 and $1,597,591 at June 30, 2026 and December 31, 2025, respectively | 3,171,320 | 2,971,799 |
| Goodwill | 195,676 | 195,676 |
| Intangible assets, net of accumulated amortization of $23,721 and $22,951 at June 30, 2026 and December 31, 2025, respectively | 79,330 | 80,100 |
| Land held for development | 469,422 | 469,422 |
| Deferred tax asset, net | 26,437 | 34,917 |
| Finance lease right-of-use assets, net | 47,239 | 38,561 |
| Other assets, net | 94,579 | 89,833 |
| Total assets | 4,365,189 | 4,167,073 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 19,982 | 21,645 |
| Accrued interest payable | 23,765 | 23,752 |
| Construction payable | 158,910 | 103,972 |
| Other accrued liabilities | 169,603 | 183,280 |
| Income tax payable | 11,967 | 2,281 |
| Current portion of payable pursuant to tax receivable agreement | 1,245 | 1,195 |
| Current portion of finance lease liabilities | 12,804 | 9,810 |
| Current portion of long-term debt | 17,247 | 17,247 |
| Total current liabilities | 415,523 | 363,182 |
| Long-term debt, less current portion | 3,562,609 | 3,378,501 |
| Other long-term liabilities | 40,906 | 42,571 |
| Long-term finance lease liabilities, less current portion | 36,115 | 31,123 |
| Payable pursuant to tax receivable agreement, less current portion | 18,167 | 19,412 |
| Total liabilities | 4,073,320 | 3,834,789 |
| Commitments and contingencies (Note 13) | ||
| Stockholders’ equity: | ||
| Preferred stock, par value $0.01 per share, 100,000,000 shares authorized; none issued and outstanding | — | — |
| Class A common stock, par value $0.01 per share, 500,000,000 shares authorized; 59,130,385 and 59,090,847 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 591 | 591 |
| Class B common stock, par value $0.00001 per share, 100,000,000 shares authorized; 45,885,804 shares issued and outstanding at June 30, 2026 and December 31, 2025 | 1 | 1 |
| Additional paid-in capital | 4,556 | — |
| Retained earnings | 165,922 | 207,738 |
| Total Red Rock Resorts, Inc. stockholders’ equity | 171,070 | 208,330 |
| Noncontrolling interest | 120,799 | 123,954 |
| Total stockholders’ equity | 291,869 | 332,284 |
| Total liabilities and stockholders’ equity | 4,365,189 | 4,167,073 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(amounts in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 159,312 | 194,203 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 114,840 | 96,319 |
| Write-downs and other, net | 2,394 | 181 |
| Amortization of debt discount and debt issuance costs | 3,652 | 3,519 |
| Share-based compensation | 17,527 | 16,347 |
| Change in fair value of derivative instruments | (4,053) | 7,499 |
| Gain on Native American development | — | (8,476) |
| Deferred income tax | 8,480 | (21) |
| Changes in assets and liabilities: | ||
| Receivables, net | 7,172 | (3,806) |
| Inventories and prepaid expenses | (7,440) | (7,365) |
| Accounts payable | (1,663) | (2,225) |
| Accrued interest payable | (245) | (3,591) |
| Income tax receivable/payable | 9,686 | 8,358 |
| Other accrued liabilities | (13,206) | (4,558) |
| Other, net | 1,314 | (11,717) |
| Net cash provided by operating activities | 297,770 | 284,667 |
| Cash flows from investing activities: | ||
| Capital expenditures, net of related payables | (257,007) | (146,406) |
| Acquisition of land held for development | — | (1,639) |
| Proceeds from repayment of Native American development costs | — | 110,500 |
| Native American development costs | — | (34,518) |
| Other, net | (1,757) | (398) |
| Net cash used in investing activities | (258,764) | (72,461) |
| Cash flows from financing activities: | ||
| Borrowings under credit agreements with original maturity dates greater than three months | 315,000 | 270,000 |
| Payments under credit agreements with original maturity dates greater than three months | (132,850) | (277,850) |
| Distributions to noncontrolling interests | (82,284) | (94,930) |
| Repurchases of Class A common stock | (38,341) | (30,855) |
| Withholding tax on share-based compensation | (7,255) | (5,220) |
| Dividends paid | (90,641) | (90,496) |
| Payments on finance leases | (6,687) | — |
| Payments on tax receivable agreement liability | (1,195) | (1,355) |
| Other, net | (773) | (682) |
| Net cash used in financing activities | (45,026) | (231,388) |
| Decrease in cash and cash equivalents | (6,020) | (19,182) |
| Balance, beginning of period | 142,471 | 164,383 |
| Balance, end of period | 136,451 | 145,201 |
| Supplemental cash flow disclosures: | ||
| Cash paid for interest, net of $2,669 and $827 capitalized, respectively | 95,797 | 101,902 |
| Cash paid for income taxes | 8,342 | 20,300 |
| Non-cash investing and financing activities: | ||
| Capital expenditures incurred but not yet paid | 153,023 | 47,256 |
Amounts as printed on the EDGAR/iXBRL face — (amounts in thousands, except per share data); (amounts in thousands, except share data); (amounts in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About Red Rock Resorts, Inc.
Source: Item 1 (Business) from the 10-K filed February 20, 2026. Description as filed by the company with the SEC.
ITEM 1.BUSINESS
Introduction
Red Rock Resorts, Inc. (“we,” “our,” “us,” “Red Rock” or the “Company”) is a holding company that owns an indirect equity interest in and manages Station Casinos LLC (“Station LLC”), through which we conduct all of our operations. Station LLC is a gaming, development and management company established in 1976 that develops and operates strategically-located casino and entertainment properties. Station LLC owns and operates seven major gaming and entertainment facilities, including Durango Casino & Resort (“Durango”), and 13 smaller casinos (three of which are 50% owned). Durango opened in December of 2023 on approximately 50 acres of land at the intersection of Interstate 215 and Durango Drive in the southwest Las Vegas valley.
We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability interests in Station Holdco LLC (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At December 31, 2025, we held 59% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC. Other than tax-related assets and liabilities, our only assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC.
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Our Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K (the “Consolidated Financial Statements”) reflect the consolidation of Station LLC and its consolidated subsidiaries and Station Holdco. The financial position and results of operations attributable to LLC Units we do not own are reported separately as noncontrolling interest.
Our casino properties are conveniently located throughout the Las Vegas valley and provide our customers a wide variety of entertainment and dining options. Over 90% of the Las Vegas population is located within five miles of one of our gaming facilities. We provide friendly service and exceptional value in a comfortable environment. We believe we surpass our competitors in offering casino patrons the newest and most popular slot and video games featuring the latest technology. We also believe the high-quality entertainment experience we provide our customers differentiates us from our competitors.
Most of our major properties are master-planned for expansion, enabling us to incrementally expand our facilities as demand dictates. We also control six highly desirable gaming-entitled development sites in Las Vegas.
Our principal source of revenue and operating income is gaming. Our non-gaming offerings include restaurants, hotels and other entertainment amenities. Approximately 80% of our casino revenue is generated from slot play. The majority of our revenue is cash-based. As a result, fluctuations in our revenues have a direct impact on our cash flows from operations. Because our business is capital intensive, we rely heavily on the ability of our properties to generate operating cash flow to repay debt financing and fund capital expenditures.
Our principal executive offices are located at 1505 South Pavilion Center Drive, Las Vegas, Nevada 89135. The telephone number for our executive offices is (702) 495-3000. We maintain a website at www.redrockresorts.com, the contents of which are expressly not incorporated by reference into this filing.
Impact of Economic Conditions
A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. The Las Vegas metropolitan area population continues to grow, posting a 1.6% growth rate in 2025. As of December 2025, the unemployment rate in the Las Vegas metropolitan area was 5.2%, down from 5.9% in December 2024 and 5.3% in December 2023. Statewide, the unemployment rate for December 2025 was 5.2%, as compared to 5.7% in December 2024 and 5.4% in December 2023. The median price of an existing single-family home in Las Vegas was $470,000 at December 31, 2025, down 1.1% as compared to December 31, 2024, according to the Las Vegas Realtors®. Given the ongoing economic uncertainty driven by inflation, heightened interest rates, increased geo-political and regional uncertainty and conflicts, and the current administration’s approach to regulation and oversight, it is difficult to predict whether the trends in unemployment, population growth and housing prices in the Las Vegas area will continue.
Our properties have continued to experience favorable customer trends in 2025, including strong carded slot play and robust visitation and net theoretical win across the majority of our properties. These trends, in combination with our operational
discipline and our focus on our core local guests, as well as regional and out of town guests, have continued to drive strong operating results for our company. However, we cannot predict whether these trends will continue, nor can we predict the extent to which the impacts of inflation and other economic uncertainties on the United States and Las Vegas economies may affect our business in the future.
Business Strategy
Our primary operating strategy emphasizes attracting and retaining customers, primarily Las Vegas residents and, to a lesser extent, out-of-town visitors. Our properties attract customers through:
•convenient locations with best-in-class assets;
•offering our customers the latest in slot and video poker technology;
•a variety of non-gaming amenities such as hotel resorts, restaurants, bars and entertainment options;
•focused marketing efforts targeting our extensive customer database;
•innovative, frequent promotional programs; and
•convention business.
The Las Vegas regional market is very competitive, and we compete with both large hotel casinos in Las Vegas and smaller gaming-only establishments throughout the Las Vegas valley.
Provide a high quality, value-oriented gaming and entertainment experience. We are committed to providing a high-value entertainment experience for our guests, as our significant level of repeat visitors demand exceptional service, variety and quality in their overall experience. We offer a broad array of gaming options, including the most popular slot and video poker products, and the latest technological innovations in slots, table games and sports wagering. We believe that providing a wide variety of entertainment options is also a significant factor in attracting guests. In particular, we feature multiple dining options at all of our major properties, which is a significant motivation for casino visits. We are dedicated to ensuring a high level of guest satisfaction and loyalty by providing attentive guest service in a convenient, friendly and casual atmosphere. As part of our commitment to providing a high-value entertainment experience and to stimulate visitation, we regularly refresh and enhance our gaming and non-gaming amenities.
Generate revenue growth through targeted marketing and promotional programs. Our advertising programs generate consistent brand awareness and promotional visibility. Our ability to advertise under a single brand across our portfolio also allows us to achieve economies of scale. While we advertise through traditional media such as television, radio and newspaper to reach our core guests, we continue to expand our focus and spend on social, digital and mobile platforms to respond to the evolving trends in methods through which guests receive information.
We employ an innovative marketing strategy that utilizes our frequent promotional programs to attract and retain guests, while also establishing and maintaining a high level of brand recognition. Through our analytical approach to promotional development, we are also able to optimize reinvestment in those guests who deliver stronger results. Our proprietary customer relationship management systems are highly attuned to how guests interact with our properties and products. This information allows us to focus on targeting guests based on their preferences.
We have installed technology on all of our slot machines which permits us to provide “on device” marketing, bonusing and guest communication, including real-time customized promotions and incentives. We believe that this investment in technology has resulted in an increase in guest loyalty and enhanced the value of our loyalty program. As we continue to introduce new features and brand titles for customized promotional incentives, the technology should continue to help drive participation in our my|Rewards Boarding Pass loyalty program.
Maximize business profitability. During our almost 50-year history, we have developed a culture that focuses on operational excellence and cost management. We believe that this focus has contributed to adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) margins that compare favorably to our public peers over the past several years. Our analytical tools provide us with the ability to closely monitor revenues and operational expenses and provide real-time information to management. Benchmarking across our properties also allows us to create and take advantage of best practices in all functional areas of our business. We believe our existing cost structure, which has low variable costs, can support significant incremental revenue growth while maximizing the flow-through of revenue to Adjusted EBITDA.
Utilize flexible capital structure to drive growth and equityholder returns. We maintain a flexible capital structure that we believe allows us to pursue a balance of new growth opportunities and a disciplined return of capital to our equityholders. We believe our scalable platform and extensive development and management expertise provide us the ability to build master-planned expansions, pursue acquisitions and/or seek new development opportunities in an effort to maximize equityholder returns.
Maintain strong employee relations. Station LLC began as a family-run business in 1976 and has maintained close-knit relationships among our management, and we endeavor to instill this same sense of loyalty among our employees. Toward this end, we take a hands-on approach through active and direct involvement with employees at all levels. We believe we have excellent employee relations. See “Human Capital” for more information on our employee relations. In addition, see