Red Rock Resorts has revealed its 2023 Q1 report, reporting net revenue of $433.6m – 8% up on Q1 2022.
Meanwhile, its adjusted EBITDA increased from $178.7m in Q1 2022 to $194.1m.
Red Rock was keen to highlight that it had cash and cash equivalents, as of March 31, of $107.7m – though it also noted it had outstanding principal debts of $3.1bn.
Red Rock's Las Vegas operations made most of its revenue, totalling $430m. This represents an increase of 7.6% on 2022’s $399.7m.
The same was true in Q1 2022, with Red Rock’s Las Vegas again responsible for its rise in revenue. Furthermore, in Q1 2022, the company’s results saw it return to profitability after the impact of Covid in the years prior.
At the time, its CFO, Stephen Cootey, said the quarter had “presented some headwinds;” however, he added that the company was resilient in continuing its core strategy, saying: “Moving forward, while we remain vigilant to these trends, we will continue to stay disciplined and focused on executing and investing in our core strategy, including offering new amenities to our guest.”
In recent news, Red Rock sold a 100-acre site of land in Las Vegas, which has now been earmarked as the future 35,000-seater baseball stadium home for the Oakland Athletics.
The plan has been backed by Governor Joe Lombardo, who said of the stadium: “Welcoming the A’s to Las Vegas would be great news for Southern Nevada as well as our entire state.
“The prospect of bringing new jobs, more economic development and a historic MLB franchise to Las Vegas is exciting on many levels.”
