Red Rock Resorts Inc has reported financial results for the fourth quarter and the full year 2021, declaring year-over-year net revenue increases in both measurement periods.
During Q4, which ended December 31, 2021, the company 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.
However, its Texas Station, Fiesta Rancho, and Fiesta Henderson properties remained closed. The sale of the Palms Casino Resort also closed during the quarter.
Net revenues during the quarter rose to $422.4m, up 23%/$78.9m YoY from Q4 2020’s $343.4m. Net income came in at $200.1m, an increase of $150.5m YoY from Q4 2020’s $49.6m, while adjusted EBITDA was $189.7m, a 26%/$39.1m improvement YoY from Q4 2020’s $150.5m.
In terms of full year results, Red Rock’s 2021 net revenues were $1.6bn, up 37%/$435.5m YoY on 2020’s $1.2bn. Net income came in at $354.8m, an increase of $529.4m YoY on the previous year’s net loss of $174.5m, while adjusted EBITDA was $741.0m in 2021, a $372.5m improvement YoY on 2020’s $368.5m.
Red Rock’s Las Vegas operations achieved net revenues of $420.5m for Q4 2021 (up 33%/ $104.3m YoY on Q4 2020’s $316.2m) and $1.6bn over the entire year (up 46%/$508.0m YoY on 2020’s $1.1bn).
Adjusted EBITDA from its Las Vegas operations came in at $204.8m for Q4 2021 (up 49%/$67.7m YoY from Q4 2020’s $137.1m) and $785.9m over the entire year (up $450.8m YoY from 2020’s $335.1m).
Examining its casino vertical, Red Rock declared an operating income of $289,473 in Q4 2021, an improvement on the $240,514 reported during the same period in the previous year, with an operating cost and expenses of $70,961 (Q4 2020: $60,380).
Over the full year, the casino vertical’s operating income came in at $1,142,606, up significantly on 2020’s $764,255, with an operating cost and expenses of $275,462 (2020: $232,939).
The company’s cash and cash equivalents at December 31, 2021, were $275.3m and the total principal amount of debt outstanding at the end of Q4 was $2.89bn.
