Fourth-quarter revenue and adjusted earnings for Red Rock Resorts rise, yet net income decreases are noted.
Red Rock Resorts Sees Q4 2024 Revenue Boost, Yet Net Income Dips
Switching gears, let's talk about Red Rock Resorts' financial performance! Despite a mild hiccup in net income, they reported a positive Q4 2024. Here's the lowdown!
Quarterly HighlightsWith a 7.1% surge, Red Rock Resorts bagged a net revenue of $495.7 million for Q4 2024 – that's an extra $33 million compared to the same timespan in 2023. However, net income saw a 19.5% slump to $87.7 million, shedding $21.2 million compared to the same period in 2023. Adjusted EBITDA clocked in at $202.4 million, stirring a paltry 0.5% growth from the $201.3 million in Q4 2023.
Las Vegas OperationsThe City of Lights played its part, too! Las Vegas operations contributed a net revenue of $492.6 million, registering a 7.2% increase over the $459.4 million in Q4 2023. Adjusted EBITDA from Vegas operations swelled by 1.6%, inching up from $220.3 million to $223.9 million.
Yearly RecapThe wider picture looked fantastic! For full-year 2024, companywide net revenue soared by 12.5%, amounting to $1.94 billion, marking a substantial $215 million increase from $1.72 billion in 2023.
What About Net Income and Adjusted EBITDA?Net income dropped by 13.8% to $291.3 million in 2024,falls $46.5 million short from the $337.8 million in 2023. Adjusted EBITDA grew by 6.7%, reaching $795.9 million, an additional $49.9 million compared to $746 million in 2023.
Breakdown of Vegas OperationsLas Vegas operations' net revenue for the full year 2024 hit $1.93 billion, scoring a 12.6% increase from $1.71 billion in 2023. Adjusted EBITDA from Vegas operations rose by 7.4%, establishing itself at $879.4 million, up by $60.5 million from $818.8 million in 2023.
Cash and DebtAs the ball dropped on 2024, Red Rock Resorts had $164.4 million in cash and cash equivalents. The total principal amount of debt outstanding at the end of Q4 2024 was a hefty $3.4 billion.
Dividend AnnouncementExciting news for shareholders! The board of directors blessed a cash dividend of $0.25 per Class A common share for Q1 2025. Stockholders of record at the close of business on March 17, 2025, will receive this sweet payout on March 31, 2025.
Interesting tidbits from the New Vegas scene: Remember, these insights are like cherry on top, not essential to understanding the article.
- In Q1 2025, Red Rock Resorts' consolidated net revenue clocked in at $497.9 million, whereas analysts expected $499.25 million. Despite the slight miss, Las Vegas operations enjoyed a 1.9% year-over-year increase in net revenue[1].
- Financial analysts showed confidence by bumping up Red Rock Resort's stock rating to "outperform" in 2025, setting a new price target of $50.00. This move reflects optimism about potential earnings growth, particularly from the North Fork management agreement[1].
- Red Rock Resorts has been focused on capital projects, taking on a $750 million tribal casino development – an indicator of their strategic focus on expansion and renovation[1].
For an exhaustive look into Red Rock Resorts' 2024 financials, you'll need to check out their annual reports or financial statements from that period, which might be available elsewhere. Happy gambling!
In the realm of finance and banking-and-insurance, Red Rock Resorts' strategic partnership for the North Fork management agreement might attract optimism among financial analysts who have recently upgraded the company's stock rating to "outperform" in 2025. Additionally, the industry of hospitality and gaming, which Red Rock Resorts operates in, could be looking forward to potential growth as the company is currently engaged in a $750 million tribal casino development project, signifying their focus on expansion and renovation.
