Red Rock Resorts reports strong earnings

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ed Rocks is starting to make a quick recovery after amid the economic storm caused by COVID-19. 

During the second quarter the Company continued to operate its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire Properties, while Palms Casino Resort, Texas Station, Fiesta Rancho and Fiesta Henderson remained closed during the quarter.

While second quarter 2019 results are included below for comparative purposes, the 2019 results include, among other things, the results of our four currently closed properties in addition to the properties which operated in the second quarter 2021.

Second Quarter Results

  • Net revenues were $428.2 million for the second quarter of 2021, an increase of 295%, or $319.7 million, from $108.5 million for the same period of 2020, primarily due to the closure of our properties during most of the second quarter in 2020 due to the COVID-19 pandemic. Compared to the same period of 2019, net revenues were down 11% or $54.7 million from net revenue of $482.9 million.
  • Net income was $143.4 million for the second quarter of 2021, an improvement of $261.8 million, from a loss of $118.4 million for the same period of 2020. Compared to the same period of 2019, net income increased by $150.4 million from a loss of $7.1 million.
  • Adjusted EBITDA(1) was $210.2 million for the second quarter of 2021, an increase of $227.4 million from negative $17.3 million in the same period of 2020. Compared to the same period of 2019, Adjusted EBITDA increased 82% or $94.9 million from $115.2 million.

Las Vegas Operations

  • Net revenues from Las Vegas operations were $426.4 million for the second quarter of 2021, an increase of 322%, or $325.4 million, from $101.0 million in the same period of 2020, primarily due to the closure of our properties during most of the second quarter in 2020 due to the COVID-19 pandemic. Compared to the same period of 2019, net revenues were down 7% or $31.3 million from net revenue of $457.8 million.
  • Adjusted EBITDA from Las Vegas operations was $222.6 million for the second quarter of 2021, an increase of $234.7 million, from negative $12.1 million in the same period of 2020. Compared to the same period of 2019, Adjusted EBITDA increased 110% or $116.6 million from $106.0 million.

Balance Sheet Highlights

The Company’s cash and cash equivalents at June 30, 2021 were $91.0 million and total principal amount of debt outstanding at the end of the second quarter was $2.7 billion.

Source

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