Red Rock Resorts, the first casino operator to release second-quarter earnings, reported Tuesday gains in revenue, income, and adjusted earnings.
Red Rock’s net revenue was $486.4 million for the second quarter, an increase of 16.9%, or $70.3 million, from $416.1 million in the same period of 2023. Net income was $69.8 million for the second quarter, a decrease of 6.8%, or $5.1 million, from $74.9 million. Adjusted EBITDA was $201.7 million for the second quarter, an increase of 15.0%, or $26.4 million, from $175.3 million.
Net revenue from Las Vegas operations was $483.2 million for the second quarter, an increase of 17.1%, or $70.6 million, from $412.6 million in the same period of 2023. Adjusted EBITDA from Las Vegas operations was $223.1 million for the second quarter, an increase of 15.6%, or $30.1 million, from $193.1 million.
The company’s cash and cash equivalents on June 30 were $136.4 million and total principal amount of debt outstanding at the end of the second quarter was $3.5 billion.
The company’s board of directors has declared a cash dividend of $0.25 per Class A common share for the third quarter. The dividend will be payable on September 30 to all stockholders of record as of the close of business on September 16.
Red Rock Resorts stock closed at $60.71 on Tuesday, just below its 52-week high of $63.28.
