Red Rock Resorts recorded mixed results in the first quarter of 2025, showing steady gains in core casino revenue while facing pressure in other segments such as food and lodging.
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- Casino revenue climbed 5.2% to $333.2 million.
- Net income rose 9.7% year-over-year, reaching $86 million.
- Room and food segments recorded lower revenue than Q1 2024.
Red Rock Resorts generated $497.9 million in total net revenue during the first quarter of 2025, up 1.8% from the same period last year. The casino segment was the main driver of that growth, with revenue increasing to $333.2 million, a 5.2% rise year-over-year.
Las Vegas operations contributed $495 million in net revenue during the quarter, up 1.9%. Adjusted EBITDA for Las Vegas properties increased by 2.7%, reaching $235.9 million, while company-wide adjusted EBITDA totaled $215.1 million, up 2.8% from Q1 2024.
Net income rose to $86 million in the quarter, a 9.7% year-over-year increase. However, operating income slipped slightly to $154.4 million, down 0.8%, due in part to higher operating costs.
Those expenses included $104.7 million for selling, general and administrative activities, $89.4 million in casino-related costs, and $73.8 million for food and beverage. Depreciation and amortization added $3.5 million to the overall total.
Food and beverage revenue dropped 4.3% to $89.3 million, while room revenue decreased by 5.1% to $50.2 million. These declines weighed on operating margins, even as core casino performance remained strong.
The company’s results suggest that growth in its casino operations helped cushion the impact of weaker performance in non-gaming segments. The modest overall revenue rise points to stable demand, particularly from gaming customers, while inflation and cost pressures likely played a role in rising expenses.
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