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Red Rock Hints At Potential New Las Vegas Casino Project

Written By Nicholaus Garcia on February 8, 2023
Q4 financials report for Red Rock Resorts

On Tuesday, Red Rock Resorts reported fourth-quarter financials, which showed a slight decline in the company’s overall net income. The parent company of Stations Casino also spoke briefly about its next potential Las Vegas casino or world-class resort.

Red Rock reports a dip in overall net income

For the quarter ending Dec. 31, Red Rock reported a net income of $170.2 million, down 14.9% from the same period of 2021. 

President Scott Kreeger said growth is more apparent in other business verticals despite the overall decline. 

“When you look at all metrics, whether that’s food and beverage, hotel, ancillary entertainment options like bowling, salon, and spa — all of them are up double digits, and we’re really encouraged by that. When we look forward into this year, we’re seeing strength in all of those areas, specifically the return of convention guests and also strong catering revenues as we go forward.”

As for the company’s Las Vegas casinos, net revenue in Q4 was $419.6 million, down 0.2 percent year-over-year.

Red Rock executives reassured investors of the company’s growth strategies. They said the company is in a position to double its real estate portfolio over the next several years. 

New Las Vegas casinos coming in 2023

Speaking of the company portfolio, the new 21,000-square-foot Wildfire on Fremont Casino will open in downtown Las Vegas on Friday. Red Rock is also on track to open the $750 million Durango Resort Casino in fall 2023. 

As for the location of its next major investment, Chairman Frank Fertitta III said it all depends on how the Durango casino performs. “We want to see continued stability in the Las Vegas market,” Fertitta told the Las Vegas Review-Journal

“Everything we see right now continues to back up our long-term thesis of the macro environment, with population migrating into Las Vegas continuing to grow, limitations on supply, where all the rooftops are being built, which is part of the thesis. Inspirada fits right into that.”

Additional Red Rock Q4 financials include:

  • Net Revenue (Las Vegas) – $1.65 billion, up 3%
  • Adjusted EBITDA (Las Vegas) – $812.8 million, up 1.6%
  • $0.25 cash dividend Class A common share Q1 2023
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Nicholaus Garcia

Nick Garcia is a senior reporter for PlayUSA. Garcia provides analysis and in-depth coverage of the gambling industry with a key focus on online casinos, sports betting and financial markets. Garcia has been covering the US gambling market since 2017. He attended Texas Tech University as an undergrad and received a Master of Arts in Journalism from Columbia College Chicago.

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