second quarter 2026
Filed Aug 4, 2026Red 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
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenuesGAAP | $510.3M | – | decrease of 3.0%, or $16.0 million |
| Casino revenueGAAP | $338.3M | – | – |
| Food and beverage revenueGAAP | $93.03M | – | – |
| Room revenueGAAP | $46.66M | – | – |
| Native American management and development feesGAAP | $3.81M | – | – |
| Other revenueGAAP | $28.46M | – | – |
| Casino operating costs and expensesGAAP | $90.24M | – | – |
| Food and beverage operating costs and expensesGAAP | $78.70M | – | – |
| Room operating costs and expensesGAAP | $15.85M | – | – |
| Other operating costs and expensesGAAP | $9.98M | – | – |
| Selling, general and administrative expenseGAAP | $117.9M | – | – |
| Depreciation and amortizationGAAP | $58.98M | – | – |
| Write-downs and other, netGAAP | $2.58M | – | – |
| Operating incomeGAAP | $136.0M | – | – |
| Earnings from joint venturesGAAP | $637K | – | – |
| Operating income and earnings from joint venturesGAAP | $136.6M | – | – |
| Interest expense, netGAAP | $49.65M | – | – |
| Change in fair value of derivative instrumentsGAAP | $3.09M | – | – |
| Gain on Native American developmentGAAP | — | – | – |
| Income before income taxGAAP | $90.08M | – | – |
| Provision for income taxGAAP | $13.48M | – | – |
| Net incomeGAAP | $76.6M | – | decrease of 29.3%, or $31.7 million |
| Net income attributable to noncontrolling interestsGAAP | $37.47M | – | – |
| Net income attributable to Red Rock Resorts, Inc.GAAP | $39.12M | – | – |
| 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 | $208M | – | decrease of 9.3%, or $21.4 million |
| Six months ended June 30 net revenuesGAAP | $1.02B | – | – |
| Six months ended June 30 operating incomeGAAP | $279.7M | – | – |
| Six months ended June 30 net incomeGAAP | $159.3M | – | – |
| Six months ended June 30 net income attributable to Red Rock Resorts, Inc.GAAP | $82.01M | – | – |
| 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 | $420.7M | – | – |
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. | $503.2M | – | 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. | $3.8M | – | decrease of 62.0%, or $6.2 million |
| Corporate and otherNo operating driver was provided. | $3.30M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
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
AlphAI 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.