Red Rock Resorts reported year-over-year gains in net revenue, income, and adjusted earnings during a first-quarter conference call Thursday
Net revenue was $497.9 million for the first quarter of 2025, an increase of 1.8% or $9 million, from $488.9 million in the same period of 2024. Net income was $86 million for the first quarter of 2025, an increase of 9.7% or $7.6 million from $78.4 million in the same period of 2024. Adjusted EBITDA was $215.1 million for the first quarter of 2025, an increase of 2.8% or $5.9 million from $209.1 million in the same period of 2024. Margins were 43%.
In Las Vegas, net revenue was $495 million for the first quarter of 2025, an increase of 1.9% or $9.4 million from $485.6 million in the same period of 2024. Adjusted EBITDA from Las Vegas operations was $235.9 million for the first quarter of 2025, an increase of 2.7% or $6.1 million from $229.8 million in the same period of 2024.
The company’s cash and cash equivalents at March 31 were $150.6 million and total principal amount of debt outstanding at the end of the first quarter was $3.4 billion.
The company’s Board of Directors has declared a cash dividend of $0.25 per Class A common share for the second quarter of 2025. The dividend will be payable on June 30 to all stockholders of record as of the close of business on June 16.
Prior to the payment of the dividend, Station Holdco LLC will make a cash distribution to all unit holders of record of $0.25 per unit for a total distribution of approximately $27.6 million, approximately $16.1 million of which is expected to be distributed to the company and approximately $11.5 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
The company’s Board of Directors has declared a special dividend of $1 per Class A common share. The dividend will be payable on May 21 to all stockholders of record as of the close of business on May 14.
Prior to the payment of that dividend, Station Holdco will make a cash distribution to all unit holders of record of $1 per unit for a total distribution of approximately $110.4 million, approximately $64.4 million of which is expected to be distributed to the company and approximately $46 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
