Red Rock Resorts Inc has reported its financial results for the third quarter of 2021, declaring only a 17% increase in net revenue year-over-year as some of its properties remained closed during the measuring period.
The firm noted that during Q3, it continued to operate its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire Properties, while its Palms Casino Resort, Texas Station, Fiesta Rancho and Fiesta Henderson properties remained closed.
For the quarter, ending September 30, 2021, Red Rock recorded net revenues of $414.8m, a 17% growth on Q3 2020’s $353.2m. Its net income was $117.9m, a 64% improvement (Q3 2020: $72m), while its adjusted EBITDA was $184.5m, a 15% increase (Q3 2020: $160.9m).
Net revenues from Red Rock’s Las Vegas operations were $412.7m for the third quarter of 2021, an increase of 29% from the $320.8 million earned in the same period of 2020. Adjusted EBITDA from Las Vegas operations was $197.9m, up 40% (Q3 2020: $141.7m).
Red Rock’s Native American operations recorded net revenues of $205,000 during the quarter, down significantly from the $30.7m declared in the same quarter last year. Adjusted EBITDA for these operations was only $205,000 (Q3 2020: $29.8m).
The firm’s cash and cash equivalents at the end of the quarter were $89.9m, and the total principal amount of debt outstanding was $2.68bn.
Red Rock’s board of directors has authorized an increase in its share repurchase program from $150m to $300m, giving itself over $173m of repurchase capacity.
Last month, it was reported that internet gaming software provider GAN Limited had signed a binding terms sheet with Red Rock Resorts to build and deploy its sportsbook infrastructure in the state of Nevada.