Red Rock Resorts released year-end financial results Tuesday that showed an increase in net revenue and adjusted earnings in the fourth quarter, topping off a positive bottom line for the year for the casino operator.
Net revenue was $511.8 million for the fourth quarter of 2025, an increase of 3.2% or $16.1 million from $495.7 million in the same period of 2024. Net income was $84.6 million for the fourth quarter of 2025, a decrease of 3.5% or $3.1 million from $87.7 million in the same period of 2024.
Adjusted EBITDA was $213.3 million for the fourth quarter of 2025, an increase of 5.4% or $10.9 million from $202.4 million in the same period of 2024.
Net revenue from Las Vegas operations was $505 million for the fourth quarter, an increase of 2.5% or $12.4 million from $492.6 million in the same period of 2024.
Adjusted EBITDA from Las Vegas operations was $231.1 million for the fourth quarter, an increase of 3.2% or $7.2 million from $223.9 million in the same period of 2024.
Net revenue and adjusted EBITDA from Native American activities were $3.7 million for the fourth quarter, representing revenue related to development fees.
Net revenue was $2.01 billion in 2025, an increase of 3.7% or $72.5 million from $1.94 billion in 2024. Net income was $355.7 million in 2025, an increase of 22.1% or $64.4 million from $291.3 million in 2024.
Adjusted EBITDA was $848.6 million in 2025, an increase of 6.6% or $52.7 million from $795.9 million in 2024.
Net revenue from Las Vegas operations was $1.98 billion in 2025, an increase of 2.9% or $55.7 million from $1.93 billion in 2024.
Adjusted EBITDA from Las Vegas operations was $915.9 million in 2025, an increase of 4.2% or $36.5 million from $879.4 million in 2024.
Net revenue and adjusted EBITDA from Native American activities were $17.6 million in 2025, representing revenue related to development fees.
The company’s cash and cash equivalents on December 31 were $142.5 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.4 billion.
The company’s Board of Directors has declared a cash dividend of $0.26 per Class A common share for the first quarter of 2026. The dividend will be payable on March 31 to all stockholders of record as of the close of business on March 16.
Prior to the payment of such dividend, Station Holdco LLC will make a cash distribution to all unit holders of record, including the company, of $0.26 per unit for a total distribution of approximately $28.9 million, approximately $16.9 million of which is expected to be distributed to the company and approximately $12 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 February 27 to all stockholders of record as of the close of business on February 20th.
Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the company, of $1 per unit for a total distribution of approximately $111.0 million, approximately $65.1 million of which is expected to be distributed to the company and approximately $45.9 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
