Red Rock Resorts (RRR) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 net revenue and adjusted EBITDA in Las Vegas operations, with Durango Casino Resort ramping up and attracting over 95,000 new customers, contributing to strong performance and near-record margins.

• Net revenues for Q1 2025 reached $497.9 million, up 1.8% year-over-year, with adjusted EBITDA rising 2.8% to $215.1 million.

• Net income attributable to Red Rock Resorts, Inc. increased 4.5% to $44.7 million, while overall net income rose 9.7% to $86.0 million.

• Continued reinvestment in core properties and expansion projects, including upgrades at Durango, Sunset Station, and Green Valley Ranch.

• Maintained strong customer engagement and spend per visit, offsetting economic headwinds in the Las Vegas market.

Financial highlights

• Las Vegas Q1 net revenue: $495M, up 1.9% year-over-year; adjusted EBITDA: $235.9M, up 2.7%; adjusted EBITDA margin: 47.7%.

• Casino revenues grew 5.2% year-over-year to $333.2M, with table games drop up 4.2% and slot handle up 2.0%.

• Consolidated Q1 net revenue: $497.9M, up 1.8% year-over-year; adjusted EBITDA: $215.1M, up 2.8%; adjusted EBITDA margin: 43.2%.

• Net income margin approximately 17.3% for Q1 2025; EPS (diluted) $0.75.

• Converted 43% of adjusted EBITDA to operating free cash flow, generating $93M ($0.88/share).

Outlook and guidance

• Full-year 2025 capital spend expected between $307M–$400M, down $25M from prior guidance due to timing.

• North Fork Project construction underway, with completion targeted for mid-2026.

• Continued confidence in business prospects, with stable trends in core slot and table business and strong group bookings for the remainder of 2025 and into 2026.