Red Rock Resorts Reports Robust Q4 and Full Year 2023 Performance

Red Rock Resorts, a notable casino and hospitality company, has released its latest financial report, detailing its performance for the fourth quarter and full year of 2023.

The unaudited report, released on Wednesday, revealed strong growth in revenue and an increase in adjusted EBITDA for the three months ending December 31, 2023. The company reported net revenues of $462.7 million for the quarter, which marked an 8.8% increase compared to the previous quarter. Additionally, the adjusted EBITDA for the quarter reached $201.3 million, representing a 3.6% increase from the same period in 2022.

However, despite the positive growth in revenue and adjusted EBITDA, the net income for the quarter decreased by 36% to $108.9 million compared to the corresponding quarter in 2022.

Red Rock also provided insights into its Las Vegas operations, reporting a 9.5% year-over-year increase in revenue to $459.4 million for the fourth quarter of 2023. The adjusted EBITDA for the company’s Las Vegas operations also saw a 6.5% year-over-year increase, reaching $220.3 million.

The breakdown of the revenues revealed that the majority of the operating revenues for the quarter came from casino operations, with revenues of $301.7 million. The food and beverage operations contributed $85.1 million in revenues, while revenues from rooms and other operations reached $52.2 million and $23.5 million, respectively.

Looking at the full year of 2023, Red Rock reported net revenues of $1.72 billion, marking a 3.6% increase from the previous year. The adjusted EBITDA for the year reached $746 million, representing a slight 0.3% increase from 2022.

A breakdown of the $1.72 billion in revenues for 2023 showed that casino operations generated $1.13 billion in revenues, while food and beverage revenues reached $313.6 million. Additionally, room revenues and revenues from other operations in 2023 totaled $183.1 million and $94.4 million, respectively, surpassing the figures from the previous year.

Overall, Red Rock Resorts posted strong financial results for 2023, demonstrating growth in revenues and adjusted EBITDA despite a decrease in net income for the fourth quarter.