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Red Rock Resorts, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 29 April 2026: press release. Guidance figures: 1 lowered, 1 kept. The quarter’s numbers.

Key takeaways

  • Net revenues rose 1.9%: Consolidated net revenues were $507.3 million, up $9.4 million from $497.9 million a year earlier. Source
  • Net income fell 3.8%: Net income was $82.7 million, down $3.3 million from $86.0 million. Net income attributable to Red Rock Resorts, Inc. was $42.9 million, against $44.7 million. Source
  • Adjusted EBITDA fell 1.2%: Adjusted EBITDA was $212.6 million, down $2.5 million from $215.1 million a year earlier. Source
  • Las Vegas Adjusted EBITDA fell 1.5%: Las Vegas operations Adjusted EBITDA was $232.4 million, down $3.5 million from $235.9 million. Source
  • Room revenue fell $4.7 million: Room revenues were $45.5 million, down from $50.2 million a year earlier. Source
  • SG&A costs rose $9.6 million: Selling, general and administrative expense was $114.4 million, up from $104.7 million a year earlier. Source
  • Cash fell and debt principal rose: Cash and cash equivalents were $134.0 million at March 31, 2026, against $142.5 million at December 31, 2025. Debt principal was $3.6 billion, up from $3.4 billion at year-end. Source

“We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations.”

Red Rock Resorts, Inc., press release

Guidance

AreaPeriodFigureAgainst last quarter
Quarterly dividend Sourcesecond quarter of 2026$0.26 per Class A common shareKept
Station Holdco distribution Sourcesecond quarter of 2026, paid before the dividend$0.26 per unit; approximately $28.8 million in total, of which approximately $16.9 million to the CompanyLowered from approximately $28.9 million in total, of which approximately $16.9 million to the Company

What changed from last quarter

  • New: The Native American revenue line is now described as management and development fees. The prior release described it as development fees only. Source
  • New: Tropicana now appears in the Seventy Six by Station Casinos property list. The prior release listed three properties in that group. Source

Results and growth drivers

  • Net revenues rose 1.9%: Consolidated net revenues were $507.3 million, up $9.4 million from $497.9 million a year earlier. Source
  • Net income fell 3.8%: Net income was $82.7 million, down $3.3 million from $86.0 million. Net income attributable to Red Rock Resorts, Inc. was $42.9 million, against $44.7 million. Source
  • Adjusted EBITDA fell 1.2%: Adjusted EBITDA was $212.6 million, down $2.5 million from $215.1 million a year earlier. Source
  • Diluted EPS was $0.73: Diluted earnings per Class A share were $0.73, against $0.75 a year earlier. Source

Segments and regions

  • Las Vegas revenue rose 0.9%: Las Vegas operations generated $499.5 million of net revenues, up $4.5 million from $495.0 million. Source
  • Las Vegas Adjusted EBITDA fell 1.5%: Las Vegas operations Adjusted EBITDA was $232.4 million, down $3.5 million from $235.9 million. Source
  • Native American activities reported small figures: Native American activities reported $4.7 million of net revenues and $2.9 million of Adjusted EBITDA. Source
  • Corporate and other loss widened: Corporate and other Adjusted EBITDA was a loss of $22.7 million, against a loss of $20.8 million a year earlier. Source

“We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies.”

Red Rock Resorts, Inc., press release

Products and customers

  • Room revenue fell $4.7 million: Room revenues were $45.5 million, down from $50.2 million a year earlier. Source
  • Casino revenue increased: Casino revenues were $340.5 million, up from $333.2 million a year earlier. Source
  • Food and beverage revenue edged higher: Food and beverage revenues were $90.3 million, compared with $89.3 million a year earlier. Source
  • Other revenue rose slightly: Other operating revenues were $26.2 million, compared with $25.2 million a year earlier. Source

Costs and operating income

  • SG&A costs rose $9.6 million: Selling, general and administrative expense was $114.4 million, up from $104.7 million a year earlier. Source
  • Depreciation and amortization rose: Depreciation and amortization was $55.9 million, up from $48.3 million. Write-downs and other, net were $4.7 million, against $4.1 million. Source
  • Operating income declined: Operating income was $143.7 million, against $154.4 million. Operating income and earnings from joint ventures was $144.4 million, against $155.1 million. Source

Interest, tax and noncontrolling interests

  • Interest expense eased: Interest expense, net was $49.5 million, against $51.1 million a year earlier. Source
  • Derivative fair value turned to a gain: The change in fair value of derivative instruments was a gain of $1.0 million, against a $5.2 million loss a year earlier. Source
  • Tax provision rose slightly: The provision for income tax was $13.1 million, against $12.8 million, on income before tax of $95.8 million. Source
  • Noncontrolling interests took $39.8M: Net income attributable to noncontrolling interests was $39.8 million, against $41.2 million. Net income attributable to Red Rock Resorts, Inc. was $42.9 million. Source

Capital, cash and returns to shareholders

  • Cash fell and debt principal rose: Cash and cash equivalents were $134.0 million at March 31, 2026, against $142.5 million at December 31, 2025. Debt principal was $3.6 billion, up from $3.4 billion at year-end. Source
  • Dividends declared per share rose: Dividends declared per common share were $1.26 in the quarter, against $0.25 a year earlier. Source
  • February special dividend declared: The prior release reported a $1.00 per share special dividend, payable February 27, 2026 to holders of record as of February 20, 2026.

Coming up, as management said on 29 April 2026

  • Dividend payment date: The $0.26 dividend is payable June 30, 2026 to holders of record as of June 15, 2026. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.