Red Rock Resorts recently announced its financial results for the second quarter of 2024, ending on June 30. The company reported a significant increase in net revenues and adjusted EBITDA for its consolidated operations, including its Station Casinos properties in Las Vegas.
For Q2 2024, Red Rock Resorts achieved consolidated net revenue of $486.4 million, marking a 16.9% year-over-year growth. Adjusted EBITDA rose from $175.3 million in Q2 2023 to $201.7 million in the second quarter of 2024. However, net income saw a slight decrease of 6.8%, totaling $69.8 million for Q2 2024.
Las Vegas Operations Thrive
In Las Vegas, where Red Rock Resorts manages numerous properties under the Station Casinos brand, the company also experienced impressive growth. The portfolio includes notable properties such as the newly opened Durango Casino and Resort, Red Rock Resort and Casino, Green Valley Ranch Resort and Casino, Palace Station Hotel and Casino, Boulder Station Hotel and Casino, and Sunset Station Hotel and Casino. These properties are strategically located in popular areas like Summerlin, Henderson, and Boulder City.
Net revenues from the Las Vegas operations increased by 17.1%, reaching $483.2 million for Q2 2024. Adjusted EBITDA from these operations also grew, climbing from $193.1 million to $223.1 million for the same period.
As of June 30, Red Rock Resorts reported cash equivalents of $136.4 million. The company’s total principal amount of debt outstanding at the end of the second quarter stood at $3.5 billion.
In addition to its financial achievements, Station Casinos announced plans to expand the newly opened Durango Casino and Resort property. The company intends to add a new parking garage and build an additional casino area on the existing property. This expansion underscores Red Rock Resorts’ commitment to enhancing its offerings and improving customer experiences.
These positive financial results and ambitious expansion plans highlight Red Rock Resorts’ strong position in the market and its ongoing growth trajectory. The company’s ability to increase revenues and adjusted EBITDA, despite a slight decline in net income, demonstrates its resilience and strategic focus on long-term success.
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