Red Rock Resorts Enjoys Strong Q4 and Full Year 2023 Results

The leading casino and hospitality company, Red Rock Resorts, published its latest results, uncovering details regarding its performance for the fourth quarter and full year 2023.

On Wednesday, the company released its unaudited report, pointing to strong growth in revenue as well as an increase in adjusted EBITDA for the three months ended December 31, 2023. Overall, Red Rock posted net revenues of $462.7 million for the period. This result, compared to Q3 2022, marked an increase of $37.2 million or 8.8%.

On the other hand, adjusted EBITDA in Q4 2023 marked an increase as well. Compared to the $194.4 million in adjusted EBITDA posted in Q4 2022, for the same period in 2023, it increased by 3.6% to $201.3 million.

In contrast to the increase in net revenues and adjusted EBITDA, the net income in Q4 2023 marked a decrease. Overall, Red Rock posted $108.9 million in net income for the latest trading period, a result that represented a 36% decrease when compared to the corresponding quarter in 2022.

The company uncovered details regarding its Las Vegas operations. Red Rock’s Sin City operations saw an uptick of 9.5% year-over-year in revenue to $459.4 million for Q4 2023. Similarly, adjusted EBITDA for the company’s Las Vegas operations increased by 6.5% year-over-year, hitting $220.3 million.

A breakdown provided by Red Rock reveals that its casino operations were responsible for the lion’s share of the operating revenues in Q4 2023. Overall, casino revenues hit $301.7 million, while its food and beverage operations posted $85.1 million in revenues. Red Rock’s revenue from rooms and other hit $52.2 and $23.5 million respectively.

The Company Posted Strong Results for 2023

Focusing on the bigger picture, the company posted net revenues of $1.72 billion for 2023. This result, compared to the 2022 figure showed an increase of $60.3 million or 3.6%.

Not unexpectedly, adjusted EBITDA in 2023 increased as well. The recent trading update reveals that adjusted EBITDA for the period hit $746 million, a result that marked a slight 0.3% increase when compared to 2022.

Red Rock provided a breakdown of the $1.72 billion in revenues for 2023, revealing that its revenue from casino operations hit $1.13 billion, a result that was on par with the 2022 figures. Yet, food and beverage revenues for 2023 hit $313.6 million, representing an increase when compared to the $283.1 million result in 2022. Last but not least, room revenues and revenues from other operations in 2023 hit $183.1 million and $94.4 million respectively. Both results surpassed the figures posted a year earlier.