Casino operator Red Rock Resorts Inc has published its financial results for the second quarter ended June 30, 2018. Net revenues were $416.2m for Q2 2018, an increase of 1.5%, or $6.1m, from $410.1m for the same period of 2017. The increase in net revenues was primarily due to an increase in Las Vegas operations, partially offset by a decrease in Native American management fees.
Q2 net income was $99.1m, ahead by $149.3m from a net loss of $50.2m for the same period of 2017. The increase arose from a $57.8m after-tax gain associated with the extinguishment of a tax receivable liability, as well as a prior year after-tax loss of $78.1m associated with the acquisition of leases at Boulder Station and Texas Station.
Net revenues from Las Vegas operations were $393.7m, up 4.1% from $378.1m in the same period of 2017. Adjusted EBITDA from Las Vegas operations was $112.6m for the second quarter of 2018, a 7.1% increase from $105.1m in the same period of 2017. “The increase in both net revenues and adjusted EBITDA was primarily due to solid performance in our non-disrupted Las Vegas operations, partially offset by construction disruption at Palace Station and the Palms,” said the firm.
Adjusted EBITDA from Native American operations, meanwhile, was $19.8m for the second quarter of 2018, a 12.8% decrease from $22.7m in the same period of 2017, due to the expiration of the Gun Lake management agreement in February of 2018.