Red Rock announces Q4 and full year 2022 results

(PRESS RELEASE) -- Red Rock Resorts, Inc. reported financial results for the fourth quarter and full year ended 31 December 2022. Red Rock Casino, Resort & Spa is located in Las Vegas.

Fourth Quarter Results

Consolidated Operations

• Net revenues were $425.5 million for the fourth quarter of 2022, an increase of 0.7%, or $3.1 million, from $422.4 million in the same period of 2021.
• Net income was $170.2 million for the fourth quarter of 2022, a decrease of 14.9%, or $29.9 million, from $200.1 million in the same period of 2021.
• Adjusted EBITDA was $194.4 million for the fourth quarter of 2022, an increase of 2.5%, or $4.7 million, from $189.7 million in the same period of 2021.

Las Vegas Operations

• Net revenues from Las Vegas operations were $419.6 million for the fourth quarter of 2022, a decrease of 0.2%, or $0.9 million, from $420.5 million in the same period of 2021.
• Adjusted EBITDA from Las Vegas operations was $206.9 million for the fourth quarter of 2022, a decrease of 0.9%, or $1.9 million, from $208.7 million in the same period of 2021.

Full Year Results

Consolidated Operations

• Net revenues were $1.66 billion in 2022, an increase of 2.8%, or $45.9 million, from $1.62 billion in 2021.
• Net income was $390.4 million in 2022, an increase of 10.0%, or $35.5 million, from $354.8 million in 2021.
• Adjusted EBITDA was $743.9 million in 2022, an increase of 0.4%, or $2.9 million from $741.0 million in 2021.

Las Vegas Operations

• Net revenues from Las Vegas operations were $1.65 billion in 2022, an increase of 3.0%, or $48.6 million, from $1.60 billion in 2021.
• Adjusted EBITDA from Las Vegas operations was $812.8 million in 2022, an increase of 1.6%, or $13.0 million, from $799.8 million in 2021.

Balance Sheet Highlights
The Company's cash and cash equivalents at 31 December 2022 were $117.3 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.0 billion.

Quarterly Dividend
The Company's Board of Directors has declared a cash dividend of $0.25 per Class A common share for the first quarter of 2023. The dividend will be payable on 31 March 2023 to all stockholders of record as of the close of business on 15 March 2023.

Prior to the payment of such dividend, Station Holdco LLC will make a cash distribution to all unit holders of record, including the Company, of $0.25 per unit for a total distribution of approximately $27.0 million, approximately $15.5 million of which is expected to be distributed to the Company and approximately $11.5 million of which is expected to be distributed to the other unit holders of record of Station Holdco.