While many of the operator’s principal properties are now open, including its flagship Red Rock Resort in Las Vegas, as well as its Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station operations, the company’s Palms Casino Resort, Texas Station, Fiesta Rancho and Fiesta Henderson sites all remained closed during the quarter.
Nevertheless, Red Rock’s up-and-running properties supported a mild comeback from Covid, with its Las Vegas business segment leading the way. Net revenues from Red Rock’s operations in the US gambling hub totalled $412.7m for the quarter, up by $91.9m from $320.8m in 2020.
In addition, Adjusted EBITDA for the whole company amounted to $184.5m, up by 15% from the same time last year, while the Adjusted EBITDA for its Vegas operations experienced a 40% increase from $141.7m to $197.9m.
However, it’s net revenues are still down from pre-pandemic levels, remaining 11% lower than the $465.9m figure Red Rock posted for Q3 2019. Moreover, the operator’s outstanding debt at the end of the quarter sits at $2.68bn, a sizeable sum, though lower than the over $3bn outstanding at the end of Q3 2019.
Red Rock has also taken measures to address its financial situation, with the company’s Board of Directors authorising an increase in its share repurchase program from $150m to $300m, expanding Red Rock’s repurchase capacity to over $173m.
Despite this, the operator’s performance continues to improve, with a net revenue for the nine months of 2021 up to 30 September of nearly $1.2bn.
