Red Rock Resorts navigated its way through Q1 of 2022 despite three site closures during the period to record revenue, income and EBITDA growth.
Publishing its First Quarter 2022 results, Red Rock recorded $401.6m in net revenues, up 14% YoY, despite its Texas Station, Fiesta Rancho and Fiesta Henderson sites remaining closed.
The rest of Red Rock’s sites were open with Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire Properties, all operational throughout the period.
This resulted in net income swinging to $92.2m from a $106.6m net loss in Q1 of 2021, while adjusted EBITDA increased 14% YoY up to $178.7m in Q1.
Breaking down its Las Vegas performance, Red Rock noted that the division’s net revenues amounted to $399.7m, up 17% YoY compared to Q1 2021 result of $342.8m.
Similarly, Adjusted EBITDA for its Las Vegas division stood at $194.6m, up 21% YoY.
Concluding its financial update, Red Rock disclosed that its cash and cash equivalents at the end of the quarter stood at $336.6m and its outstanding debt was $2.89bn.
