The company has published its third quarter financial results, noting a slight top-line decrease. In total, Red Rock generated $414.4m in Q3 revenue, down from $414.8m year-on-year.
However, Red Rock’s profitability suffered a more significant decline. The company recorded $95.5m in net income, a 19% drop from the prior-year period when Red Rock produced $117.9m.
Adjusted EBITDA also decreased, albeit less severely. This was 1.4% lower for the third quarter of 2022 than for the same period in 2021, at $181.9m versus $184.5m.
On a sequential basis, meanwhile, Red Rock’s financial situation has stabilised somewhat. While the company’s top-line has contracted when compared with Q2’s $422.2m, its net income has rebounded.
The previous quarter saw Red Rock’s bottom-line experience a 77% decrease year-on-year falling from $143.4m to $32.4m.
Consequently, while down year-on-year, the company’s third quarter net income is nearly 200% higher on a sequential basis.
Red Rock’s Las Vegas operations were responsible for the majority of the company’s Q3 revenue. These produced $411.6m during the third quarter of 2022, 99% of Red Rock’s total revenue for the period.
But even the company’s Las Vegas operations experienced a year-on-year decline, with revenue down 0.3% from $412.7m.
On a nine-month basis, however, Red Rock has fared better, generating $1.24bn in net revenue – up from $1.2bn year-on-year.
The company’s ‘Room’ and ‘Food and Beverage’ segments experienced double-digit revenue growth, recording increases of approximately 19% for the nine months ended 30 September.
This helped to offset a modest 1.2% slump in ‘Casino’ revenue, which fell from $853.1m to $842.8m.
