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Red Rock Resorts
Red Rock Resorts (RRR) investor relations material
Red Rock Resorts Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 net revenues reached $475.6 million, up 1.6% year-over-year, with adjusted EBITDA of $190.9 million, and net income rising as much as 45.9% year-over-year depending on calculation method.
Las Vegas operations delivered $468.6 million in net revenue and $209.4 million in adjusted EBITDA, marking record or near-record results and continued margin expansion.
The business model is centered on high-margin gaming, with 68% of revenue from gaming activities, supporting industry-leading margins.
Ongoing reinvestment in properties, robust development pipeline, and expansion at Durango and North Fork position the company for future growth.
Strong performance across gaming, hotel, and food and beverage segments, with near-record or record results despite ongoing renovations.
Financial highlights
Consolidated net revenue: $475.6M, up 1.6% year-over-year; Adjusted EBITDA: $190.9M, up 4.5%; margin: 40.1%, up 110 bps.
Las Vegas net revenue: $468.6M, up 0.8–1% year-over-year; Adjusted EBITDA: $209.4M, up 3.4%; margin: 44.7%.
Net income for Q3 2025 was reported as $76.9M or $42.3M depending on calculation method; EPS (diluted) was $0.68.
Casino revenues increased 1.7% year-over-year; food and beverage revenues grew 2.6%; room revenues declined 8% due to renovations.
Converted 67.3% of Adjusted EBITDA to operating free cash flow, generating $128.5M ($1.21/share) in Q3; TTM operating free cash flow per share was $4.46.
Outlook and guidance
Expect continued stability in core slot and table games, a return to normal sports betting hold, and ongoing reinvestment in properties and new developments.
Anticipate near-term disruption from construction at Durango, Sunset Station, and Green Valley Ranch, with estimated Q4 disruption at Green Valley Ranch around $8M and Sunset Station $1M–$1.5M.
Full-year 2025 capital spend expected at $325M–$350M, down $25M from prior guidance due to timing.
Management expects cash on hand, operations, and credit facility borrowings to cover capital and debt needs for the next 12 months.
Dividend of $0.26 per share to be paid in December 2025; equity repurchase program extended and expanded.
Share repurchase program utilization plans?
Native American development fees outlook?
Net income vs. EBITDA growth divergence drivers?
Durango Phase 3: expected operational impact?
Leverage trajectory given new project investments?
Accelerated depreciation: impact on cash taxes?
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Next Red Rock Resorts earnings date
Q4 202510 Feb, 2026
Red Rock Resorts
Next Red Rock Resorts earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Red Rock Resorts Inc. is a holding company that manages and owns equity interests in gaming and entertainment properties through its subsidiary, Station Casinos. Its operations include casino gaming, hotel accommodations, dining, and other leisure offerings primarily in the Las Vegas area. The company is headquartered in Las Vegas, Nevada, and its shares are listed on the NASDAQ.
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