Red Rock Resorts Reverses First-Quarter Revenue Gain
Net revenues were $510.3 million in the second quarter, down 3.0% from a year earlier, after a 1.9% year-over-year increase in the first quarter.
Red Rock Resorts, Inc. (RRR), the holding company that owns an indirect equity interest in and manages Station Casinos, reversed a first-quarter year-over-year revenue gain in the second quarter ended June 30, 2026. Consolidated net revenues were $510.3 million, down 3.0%, or $16.0 million, from $526.3 million a year earlier, after rising 1.9% to $507.3 million in the first quarter.
Net income fell 29.3%, or $31.7 million, to $76.6 million, a much steeper drop than the 3.8% year-over-year decline to $82.7 million in the first quarter. Adjusted EBITDA decreased 9.3%, or $21.4 million, to $208.0 million, after a 1.2% year-over-year decrease to $212.6 million in the first quarter.
Las Vegas operations, the core of the Station Casinos portfolio of regional hotels, casinos and entertainment venues, accounted for $503.2 million of net revenues, down 2.0%, or $10.1 million, from $513.3 million a year earlier. That reversed a 0.9% year-over-year increase to $499.5 million in the first quarter. Adjusted EBITDA from Las Vegas operations was $227.5 million, down 5.0%, or $11.9 million, from $239.4 million a year earlier, after a 1.5% year-over-year decrease to $232.4 million in the first quarter.
Native American activities contributed $3.8 million of net revenues, down 62.0%, or $6.2 million, from $10.0 million a year earlier, with Adjusted EBITDA of $2.8 million, down 72.0%, or $7.2 million, from $10.0 million a year earlier. First-quarter 2026 Native American net revenues were $4.7 million and Adjusted EBITDA was $2.9 million.
Casino operating revenues were $338.3 million, down from $344.8 million a year earlier. Room revenues were $46.7 million versus $51.2 million a year earlier. Food and beverage revenues were $93.0 million versus $94.4 million a year earlier. Native American management and development fees were $3.8 million versus $10.0 million a year earlier. Other revenues were $28.5 million versus $25.9 million a year earlier.
Operating income was $136.0 million, down from $168.0 million a year earlier. Net income attributable to Red Rock Resorts was $39.1 million versus $56.4 million a year earlier. Diluted earnings per Class A share were $0.67 versus $0.95 a year earlier.
Cash and cash equivalents were $136.5 million at June 30, 2026, with total principal debt outstanding of $3.6 billion.
The board declared a cash dividend of $0.26 per Class A common share for the second quarter of 2026, matching the $0.26 quarterly dividend declared in the first-quarter release. The dividend is payable on September 30, 2026, to stockholders of record as of the close of business on September 15, 2026. Prior to that payment, Station Holdco LLC will make a cash distribution of $0.26 per unit to all unit holders of record, including the company, for a total of approximately $29.0 million, of which about $17.1 million is expected to go to the company and about $11.9 million to other unit holders.
Station Casinos operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Durango Resort & Casino, Palace Station, Boulder Station, Sunset Station, Santa Fe Station, and the Wildfire and Seventy Six properties across the Las Vegas valley, as well as a 50% interest in Barley’s Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.
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