Red Rock Resorts turns a profit in 3rd quarter

Net income was up while net revenue declined

Mitch Kelly
October 28, 2020 - 5:54 am
Snow falls outside the Red Rock Casino during a winter storm on February 20, 2019 in Las Vegas, Nevada.

Ethan Miller/Getty Images

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LAS VEGAS, NV (KXNT/PRNewswire) - Red Rock Resorts, Inc reported its financial results for the third quarter ending September 30, 2020 on Tuesday.

During the third quarter the parebt company of Station Casinos continued to execute on its phased reopening program, and operated its first-to-reopen properties of Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station, together with its Wildfire properties and the Graton Casino Resort. 4 of Red Rock's properties remain closed. 

Third Quarter Results:

Net revenues were $353.2 million for the third quarter of 2020, a decrease of 24.2%, or $112.7 million, from $465.9 million for the same period of 2019, primarily due to the ongoing impacts of the COVID-19 pandemic. 

Net income was $72.0 million for the third quarter of 2020, an increase of $98.8 million, from a net loss of $26.8 million for the same period of 2019. 

Las Vegas Operations 

Net revenues from Las Vegas operations were $320.8 million for the third quarter of 2020, a decrease of 27.2%, or $119.9 million, from $440.7 million in the same period of 2019, primarily due to the ongoing impacts of the COVID-19 pandemic. 

Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) from Las Vegas operations was $141.7 million for the third quarter of 2020, an increase of 38.6%, or $39.4 million, from $102.2 million in the same period of 2019.