Red Rock Resorts sees revenue jump 16.3% in Q1 2017

Vegas casino resort chain Red Rock Resorts has reported year-on-year net revenue growth of 16.3% for the first quarter of 2017.

Its net revenue grew from $359m in Q1 2016 to $417.7m for the same quarter in 2017 and represents the company's 16th consecutive period of revenue growth.

However, its net income decreased 24% from $59.5m to $45.2m in the first quarter of 2017.

Net revenue from its Las Vegas operations, which include the Palms casino resort, increased by $54.8m (16.5%) from Q1 2016 net revenue of $331.5m to Q1 2017 net revenue of $386.2m.

Red Rock's tribal casinos generated year-on-year net revenue growth of 13.6% with Q1 2017 net revenue figures of $30.1m.

Marc J. Falcone, Executive Vice President, Chief Financial Officer and Treasurer of Red Rock Resorts said in a statement: “We believe these results are directly correlated to the ongoing expansion of the Las Vegas economy, which continues to see strong population growth, robust employment numbers, increasing wages, an improving housing market, and a large pipeline of planned and under construction development projects, all of which attract new residents and businesses to the Las Vegas market.”

The company also confirmed that it had completed a series of debt transactions that enhanced its balance sheet and reduced its annual interest expenditure by approximately $22.8m.