Red Rock Resorts, Inc. (RRR): Results of Operations and Financial Condition
Red Rock Resorts, Inc. (RRR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Red Rock Resorts Announces Second Quarter 2026 Results LAS VEGAS, August 4, 2026 (PRNewswire)—Red Rock Resorts, Inc. (“Red Rock Resorts,” “we” or the “Company”) (NASDAQ: RRR) today reported financial results for the second quarter ended June 30, 2026. Second Quarter
How this was made
The 30-second read
Why it matters
Traders can reassess near-term earnings power and leverage optics based on the reported revenue, net income, adjusted EBITDA, and cash/debt snapshot, and then refine expectations after the scheduled call.
Market read
Fresh quarterly financials and a dividend declaration can move the stock and options pricing, especially given the year-over-year declines in net income and adjusted EBITDA.
What to watch
The release highlights cash ($136.5M) and a declared dividend ($0.26/share), which may matter more for income/credit-focused positioning than headline net income declines.
Red Rock Resorts Announces Second Quarter 2026 Results
Second-quarter net revenues, net income and Adjusted EBITDA all declined from the same period of 2025, with substantial declines in Native American activities. Las Vegas operations remained the dominant contributor and reported a more limited revenue and Adjusted EBITDA decline. The company declared a $0.26 per Class A common share dividend.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenuesGAAP | $510.3 million | – | decrease of 3.0%, or $16.0 million |
| Casino revenueGAAP | $ 338,305 (amounts in thousands) | – | – |
| Food and beverage revenueGAAP | $ 93,033 (amounts in thousands) | – | – |
| Room revenueGAAP | $ 46,658 (amounts in thousands) | – | – |
| Native American management and development feesGAAP | $ 3,806 (amounts in thousands) | – | – |
| Other revenueGAAP | $ 28,460 (amounts in thousands) | – | – |
| Casino operating costs and expensesGAAP | $ 90,239 (amounts in thousands) | – | – |
| Food and beverage operating costs and expensesGAAP | $ 78,699 (amounts in thousands) | – | – |
| Room operating costs and expensesGAAP | $ 15,845 (amounts in thousands) | – | – |
| Other operating costs and expensesGAAP | $ 9,983 (amounts in thousands) | – | – |
| Selling, general and administrative expenseGAAP | $ 117,936 (amounts in thousands) | – | – |
| Depreciation and amortizationGAAP | $ 58,985 (amounts in thousands) | – | – |
| Write-downs and other, netGAAP | $ 2,579 (amounts in thousands) | – | – |
| Operating incomeGAAP | $ 135,996 (amounts in thousands) | – | – |
| Earnings from joint venturesGAAP | $ 637 (amounts in thousands) | – | – |
| Operating income and earnings from joint venturesGAAP | $ 136,633 (amounts in thousands) | – | – |
| Interest expense, netGAAP | $ 49,645 (amounts in thousands) | – | – |
| Change in fair value of derivative instrumentsGAAP | $ 3,087 (amounts in thousands) | – | – |
| Gain on Native American developmentGAAP | — | – | – |
| Income before income taxGAAP | $ 90,075 (amounts in thousands) | – | – |
| Provision for income taxGAAP | $ 13,483 (amounts in thousands) | – | – |
| Net incomeGAAP | $76.6 million | – | decrease of 29.3%, or $31.7 million |
| Net income attributable to noncontrolling interestsGAAP | $ 37,474 (amounts in thousands) | – | – |
| Net income attributable to Red Rock Resorts, Inc.GAAP | $ 39,118 (amounts in thousands) | – | – |
| Earnings per share of Class A common stock, basicGAAP | $ 0.68 | – | – |
| Earnings per share of Class A common stock, dilutedGAAP | $ 0.67 | – | – |
| Weighted-average common shares outstanding, basicGAAP | 57,888 | – | – |
| Weighted-average common shares outstanding, dilutedGAAP | 58,805 | – | – |
| Dividends declared per common shareGAAP | $ 0.26 | – | – |
| Adjusted EBITDAnon-GAAP | $208.0 million | – | decrease of 9.3%, or $21.4 million |
| Six months ended June 30 net revenuesGAAP | $ 1,017,581 (amounts in thousands) | – | – |
| Six months ended June 30 operating incomeGAAP | $ 279,672 (amounts in thousands) | – | – |
| Six months ended June 30 net incomeGAAP | $ 159,312 (amounts in thousands) | – | – |
| Six months ended June 30 net income attributable to Red Rock Resorts, Inc.GAAP | $ 82,007 (amounts in thousands) | – | – |
| Six months ended June 30 earnings per share of Class A common stock, basicGAAP | $ 1.41 | – | – |
| Six months ended June 30 earnings per share of Class A common stock, dilutedGAAP | $ 1.40 | – | – |
| Six months ended June 30 Adjusted EBITDAnon-GAAP | $ 420,672 (amounts in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Las Vegas operationsAdjusted EBITDA from Las Vegas operations was $227.5 million, a decrease of 5.0%, or $11.9 million, from $239.4 million in the same period of 2025. | $503.2 million | – | decrease of 2.0%, or $10.1 million |
| Native AmericanAdjusted EBITDA from Native American activities was $2.8 million, a decrease of 72.0%, or $7.2 million, from $10.0 million in the same period of 2025. | $3.8 million | – | decrease of 62.0%, or $6.2 million |
| Corporate and otherNo operating driver was provided. | $ 3,298 (amounts in thousands) | – | – |
Capital returns
- The Company’s Board of Directors has declared a cash dividend of $0.26 per Class A common share for the second quarter of 2026.
- The dividend will be payable on September 30, 2026 to all stockholders of record as of the close of business on September 15, 2026.
- Prior to the payment of such dividend, Station Holdco LLC will make a cash distribution to all unit holders of record of $0.26 per unit for a total distribution of approximately $29.0 million.
- Approximately $17.1 million of the Station Holdco distribution is expected to be distributed to the Company and approximately $11.9 million is expected to be distributed to the other unit holders of record of Station Holdco.
What drove it
- Las Vegas operations net revenues were $503.2 million, compared with $513.3 million in the same period of 2025.
- Casino revenue was $ 338,305 (amounts in thousands), compared with $ 344,796 (amounts in thousands).
- Room revenue was $ 46,658 (amounts in thousands), compared with $ 51,187 (amounts in thousands).
- Other revenue was $ 28,460 (amounts in thousands), compared with $ 25,908 (amounts in thousands).
- Adjusted EBITDA from Las Vegas operations was $227.5 million, compared with $239.4 million in the same period of 2025.
Concerns
- Native American net revenues were $3.8 million, a decrease of 62.0%, or $6.2 million, from $10.0 million in the same period of 2025.
- Native American Adjusted EBITDA was $2.8 million, a decrease of 72.0%, or $7.2 million, from $10.0 million in the same period of 2025.
- Selling, general and administrative expense was $ 117,936 (amounts in thousands), compared with $ 112,031 (amounts in thousands).
- Depreciation and amortization was $ 58,985 (amounts in thousands), compared with $ 47,988 (amounts in thousands).
- The prior-year quarter included a $ 8,476 (amounts in thousands) gain on Native American development, while the current-quarter line item was —.
- Total principal amount of debt outstanding at the end of the second quarter was $3.6 billion.
What to watch
- Las Vegas operations net revenues and Adjusted EBITDA in subsequent periods.
- Native American management and development fees and Native American Adjusted EBITDA.
- Selling, general and administrative expense and depreciation and amortization.
- Cash and cash equivalents of $136.5 million and total principal amount of debt outstanding of $3.6 billion.
- The September 30, 2026 payment of the $0.26 per Class A common share dividend.
Balance sheet and cash flow
- Cash and cash equivalents at June 30, 2026 were $136.5 million.
- Total principal amount of debt outstanding at the end of the second quarter was $3.6 billion.
Analysis
Red Rock Resorts reported a weaker second quarter relative to the same period of 2025. Net revenues were $510.3 million, a decrease of 3.0%, or $16.0 million, while net income was $76.6 million, a decrease of 29.3%, or $31.7 million. Adjusted EBITDA was $208.0 million, down 9.3%, or $21.4 million. Operating income was $ 135,996 (amounts in thousands), compared with $ 168,028 (amounts in thousands).
Las Vegas operations remained the principal reported business contributor. Las Vegas operations generated net revenues of $503.2 million, down 2.0%, or $10.1 million, and Adjusted EBITDA of $227.5 million, down 5.0%, or $11.9 million. Casino revenue, food and beverage revenue, and room revenue were each below their respective prior-year amounts, while other revenue was above its prior-year amount.
Native American activities were the largest reported area of decline. Native American net revenues were $3.8 million, a decrease of 62.0%, or $6.2 million, and Native American Adjusted EBITDA was $2.8 million, a decrease of 72.0%, or $7.2 million. The comparison also includes a prior-year $ 8,476 (amounts in thousands) gain on Native American development that was not present in the current quarter.
Expense trends warrant attention. Selling, general and administrative expense was $ 117,936 (amounts in thousands), versus $ 112,031 (amounts in thousands), and depreciation and amortization was $ 58,985 (amounts in thousands), versus $ 47,988 (amounts in thousands). Interest expense, net was $ 49,645 (amounts in thousands), compared with $ 50,632 (amounts in thousands). The company reported cash and cash equivalents of $136.5 million and total principal debt outstanding of $3.6 billion at quarter end.
Capital allocation included a declared $0.26 cash dividend per Class A common share for the second quarter of 2026, payable September 30, 2026 to stockholders of record on September 15, 2026. No financial outlook was provided in the filing. For the six months ended June 30, 2026, net revenues were $ 1,017,581 (amounts in thousands), net income was $ 159,312 (amounts in thousands), and Adjusted EBITDA was $ 420,672 (amounts in thousands).
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expense, tax-rate, or other financial guidance
- Previous-release outlook and prior-guidance comparison
- Gross profit and gross margin
- Operating cash flow
- Free cash flow
- Share repurchases
- Cash-flow statement details
- Management or CFO commentary
- Named executive quotes
- Quarter-over-quarter comparisons for reported metrics
- Detailed operating drivers for Corporate and other segment
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This SEC 8-K includes the company’s Q2 2026 results (Item 2.02) and related exhibit with operating metrics, balance-sheet highlights, and dividend details.
Ticker impact
Red Rock Resorts reported Q2 2026 results, including net revenues of $510.3M and adjusted EBITDA of $208.0M, both down year over year.
Moderate downside bias versus prior expectations, unless investors focus on dividend continuity and cash levels.
Net income (-29.3%) and adjusted EBITDA (-9.3%) declined year over year, while debt remains sizable ($3.6B). The dividend declaration adds some support, but the core earnings power deterioration is the dominant signal.
Market effects
Gaming operators may see read-across on Las Vegas demand and margin pressure if EBITDA weakness reflects broader trends.
Could influence sentiment toward Las Vegas regional casino peers via operating performance comparisons.
Limited direct global impact; primarily affects US gaming equity and credit sentiment.
Counterpoint
Investors may discount the year-over-year declines if they believe the Native American segment weakness is temporary and Las Vegas operations remain the core earnings engine.
Key entities
- public_companyRed Rock Resorts, Inc.
NASDAQ-listed gaming operator reporting Q2 2026 results and declaring a quarterly cash dividend.
- entityStation Holdco LLC
Entity referenced for the mechanics of the $0.26 per unit distribution that precedes the company’s dividend payment.
