Red Rock Resorts Announces Third Quarter 2026 Results
Red Rock Resorts, Inc. (RRR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Red Rock Resorts Announces Third Quarter 2026 Results LAS VEGAS, November 3, 2026 (PRNewswire) - Red Rock Resorts, Inc. (“Red Rock Resorts,” “we” or the “Company”) (NASDAQ: RRR) today reported financial results for the third quarter ended September 30, 2026. Third Qu
How this was made
The 30-second read
Why it matters
The Q3 loss and sizable share‑based compensation expense are new disclosures that could trigger a sell‑off, but the declared dividend may provide some support.
Market read
First‑report earnings release with material loss and dividend announcement; likely short‑term price impact for RRR.
What to watch
One‑time anniversary expenses are non‑recurring; future quarters could improve profitability.
Third-quarter net revenues increased 2.8% to $488.7 million, while net loss was $17.7 million following 50th anniversary stock awards and one-time expenses; Adjusted EBITDA declined 4.3% to $182.6 million.
Revenue increased across Las Vegas operations and Native American activities, but a $79.1 million 50th anniversary share-based compensation charge and $6.9 million of related one-time expenses drove a net loss, while Adjusted EBITDA declined year over year.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 casino revenueGAAP | $323.9M | – | – |
| Q3 2026 food and beverage revenueGAAP | $88.25M | – | – |
| Q3 2026 room revenueGAAP | $42.82M | – | – |
| Q3 2026 Native American management and development feesGAAP | $6.19M | – | – |
| Q3 2026 other revenueGAAP | $27.59M | – | – |
| Q3 2026 net revenuesGAAP | $488.7M | – | 2.8%, or $13.1 million |
| Q3 2026 casino operating costs and expensesGAAP | $115.5M | – | – |
| Q3 2026 food and beverage operating costs and expensesGAAP | $102.8M | – | – |
| Q3 2026 room operating costs and expensesGAAP | $21.78M | – | – |
| Q3 2026 other operating costs and expensesGAAP | $10.35M | – | – |
| Q3 2026 selling, general and administrative expenseGAAP | $146.2M | – | – |
| Q3 2026 depreciation and amortizationGAAP | $62.67M | – | – |
| Q3 2026 write-downs and other, netGAAP | $2.70M | – | – |
| Q3 2026 total operating costs and expensesGAAP | $462.0M | – | – |
| Q3 2026 operating incomeGAAP | $26.67M | – | – |
| Q3 2026 earnings from joint venturesGAAP | $737K | – | – |
| Q3 2026 operating income and earnings from joint venturesGAAP | $27.41M | – | – |
| Q3 2026 interest expense, netGAAP | −$50.89M | – | – |
| Q3 2026 change in fair value of derivative instrumentsGAAP | $4.50M | – | – |
| Q3 2026 loss before income taxGAAP | −$18.98M | – | – |
| Q3 2026 benefit (provision) for income taxGAAP | $1.25M | – | – |
| Q3 2026 net loss attributable to Red Rock Resorts, Inc.GAAP | −$9.92M | – | – |
| Q3 2026 Class A common stock loss per share, basicGAAP | $ (0.17 ) | – | – |
| Q3 2026 Class A common stock loss per share, dilutedGAAP | $ (0.17 ) | – | – |
| Q3 2026 weighted-average common shares outstanding, basicGAAP | 58,065 | – | – |
| Q3 2026 weighted-average common shares outstanding, dilutedGAAP | 58,065 | – | – |
| Q3 2026 dividends declared per common shareGAAP | $ 0.26 | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $182.6M | – | decrease of 4.3%, or $8.3 million, including $5.8 million of one-time expenses related to the 50th anniversary |
| Q3 2026 share-based compensationnon-GAAP | $89.85M | – | – |
| Q3 2026 50th anniversary share-based compensation expenseother | $79.1M | – | – |
| Q3 2026 one-time expenses related to the 50th anniversaryother | $6.9M | – | – |
| Nine months ended September 30, 2026 casino revenueGAAP | $1.00B | – | – |
| Nine months ended September 30, 2026 food and beverage revenueGAAP | $271.6M | – | – |
| Nine months ended September 30, 2026 room revenueGAAP | $135.0M | – | – |
| Nine months ended September 30, 2026 Native American management and development feesGAAP | $14.73M | – | – |
| Nine months ended September 30, 2026 other revenueGAAP | $82.28M | – | – |
| Nine months ended September 30, 2026 net revenuesGAAP | $1.51B | – | – |
| Nine months ended September 30, 2026 total operating costs and expensesGAAP | $1.20B | – | – |
| Nine months ended September 30, 2026 operating incomeGAAP | $306.3M | – | – |
| Nine months ended September 30, 2026 net incomeGAAP | $141.6M | – | – |
| Nine months ended September 30, 2026 net income attributable to Red Rock Resorts, Inc.GAAP | $72.09M | – | – |
| Nine months ended September 30, 2026 Class A common stock earnings per share, basicGAAP | $ 1.24 | – | – |
| Nine months ended September 30, 2026 Class A common stock earnings per share, dilutedGAAP | $ 1.23 | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $603.3M | – | – |
| Nine months ended September 30, 2026 dividends declared per common shareGAAP | $ 1.78 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Las Vegas operationsThe filing did not provide a specific operating driver. | $479.1M | – | 2.2%, or $10.5 million |
| Native American activitiesNative American management and development fees were $ 6,191, compared with $ 3,894. | $6.2M | – | 59.0%, or $2.3 million |
| Corporate and otherThe filing did not provide a specific operating driver. | $ 3,379 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- The Board of Directors declared a cash dividend of $0.26 per Class A common share for the fourth quarter of 2026.
- The dividend will be payable on December 31, 2026 to stockholders of record as of the close of business on December 15, 2026.
- Station Holdco will make a cash distribution of $0.26 per unit for a total distribution of approximately $29.2 million, of which approximately $17.3 million is expected to be distributed to the Company and approximately $11.9 million to other Station Holdco unit holders.
What drove it
- Q3 2026 net revenues increased 2.8%, or $13.1 million, to $488.7 million.
- Las Vegas operations net revenues increased 2.2%, or $10.5 million, to $479.1 million.
- Native American activities net revenues increased 59.0%, or $2.3 million, to $6.2 million.
- The Company recognized $79.1 million of share-based compensation expense related to 50th anniversary stock awards granted to substantially all full-time and part-time employees.
- The Company recognized $6.9 million of one-time expenses related to its 50th anniversary.
Concerns
- Q3 2026 Adjusted EBITDA decreased 4.3%, or $8.3 million, to $182.6 million, including $5.8 million of one-time 50th anniversary expenses.
- Las Vegas operations Adjusted EBITDA decreased 2.3%, or $4.8 million, to $204.6 million.
- Q3 2026 net loss was $17.7 million, compared with net income of $76.9 million in the same period of 2025.
- Total principal amount of debt outstanding was $3.7 billion.
What to watch
- Las Vegas operations Adjusted EBITDA was $204.6 million in Q3 2026 versus $209.4 million in Q3 2025.
- Native American Adjusted EBITDA was $5.1 million in Q3 2026 versus $3.9 million in Q3 2025.
- The impact of the $79.1 million 50th anniversary share-based compensation expense and $6.9 million of related one-time expenses on reported earnings and expenses.
- Fourth-quarter 2026 cash dividend of $0.26 per Class A common share, payable December 31, 2026.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026 were $128.3 million.
- Total principal amount of debt outstanding at the end of the third quarter was $3.7 billion.
Analysis
Red Rock Resorts reported modest top-line growth in the third quarter ended September 30, 2026. Net revenues increased 2.8%, or $13.1 million, to $488.7 million. Las Vegas operations generated $479.1 million of revenue, up 2.2%, or $10.5 million, while Native American activities revenue increased 59.0%, or $2.3 million, to $6.2 million. Within the consolidated revenue table, casino, food and beverage, room, Native American management and development fees, and other revenue were all higher than the prior-year quarter.
Reported profitability was materially affected by the Company's 50th anniversary employee awards and related expenses. The Company recognized $79.1 million of share-based compensation expense from the awards and $6.9 million of one-time 50th anniversary expenses. Q3 operating income was $ 26,668 compared with $ 131,484 in the prior-year quarter, and the Company recorded a net loss of $17.7 million compared with net income of $76.9 million. Net loss attributable to Red Rock Resorts, Inc. was $ (9,918 ), and diluted Class A common stock loss per share was $ (0.17 ).
The non-GAAP profitability measure also declined. Adjusted EBITDA was $182.6 million, down 4.3%, or $8.3 million, from $190.9 million, with the Company noting that the result included $5.8 million of one-time 50th anniversary expenses. Las Vegas operations Adjusted EBITDA declined 2.3%, or $4.8 million, to $204.6 million. Native American Adjusted EBITDA increased 30.8%, or $1.2 million, to $5.1 million, but Corporate and other Adjusted EBITDA was $ (27,045 ) compared with $ (22,433 ).
For the nine months ended September 30, 2026, net revenues were $ 1,506,282 compared with $ 1,499,706, while operating income was $ 306,340 compared with $ 453,865. Net income was $ 141,574 compared with $ 271,083, and Adjusted EBITDA was $ 603,294 compared with $ 635,307. The year-to-date results include $ 107,373 of share-based compensation compared with $ 23,664 in the prior-year period.
Liquidity and capital allocation items disclosed in the release include $128.3 million of cash and cash equivalents and $3.7 billion of total principal debt outstanding at September 30, 2026. The Board declared a $0.26 per Class A common share cash dividend for the fourth quarter of 2026, payable December 31, 2026. The release provided no operating or financial outlook, so there is no new management guidance to assess.
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- GAAP and non-GAAP cash flow from operations were not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Forward financial guidance was not reported.
- Prior-quarter comparisons were not reported.
- Q3 2026 detailed nine-month operating-cost line-item metrics were reported in the filing but no percentage changes were reported for those rows.
- Named executive commentary and executive quotes were not provided.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
Red Rock Resorts is a holding company for Station Casinos, a major Las Vegas gaming operator.
Ticker impact
Red Rock Resorts reported Q3 2026 results, showing a net loss of $17.7M and a $0.26 dividend declaration.
downward pressure as investors price in the loss and one‑time anniversary costs
The disclosed loss and $79.1M share‑based expense are material new facts that can move the share price.
Market effects
Gaming and casino sector may see broader scrutiny of cost structures after the loss.
Las Vegas‑based casino operators could face short‑term sentiment drag.
Limited to U.S. casino and entertainment stocks.
Counterpoint
The dividend declaration may support the stock if investors focus on cash returns despite the loss.
Key entities
- CompanyRed Rock Resorts, Inc.
NASDAQ‑listed gaming operator reporting Q3 2026 results.
- AffiliateStation Holdco LLC
Entity making a cash distribution to unit holders, including Red Rock Resorts.
