Q4 2024 Red Rock Resorts Inc Earnings Call Transcript
Key Points
- Red Rock Resorts Inc (RRR) achieved its highest fourth-quarter net revenue and adjusted EBITDA in its history for Las Vegas operations.
- The Durango Casino Resort continues to grow the Las Vegas locals market, signing up over 85,000 new customers and is on track to become one of the highest margin properties.
- The company successfully opened new amenities, including a Yard House restaurant and China Mama, which have been well-received by guests.
- RRR's Hotel and Food and Beverage divisions experienced record revenue and near-record profitability in the fourth quarter.
- The company returned approximately $224 million to shareholders in 2024 through share repurchases and dividends.
- Adjusted EBITDA margin decreased by 250 basis points in the fourth quarter compared to the previous year.
- Cannibalization from the Durango property is affecting the Red Rock property, with revenue backfill expected to take two to three years.
- The company anticipates disruption during the construction of the Durango expansion and renovations at Sunset Station and Green Valley Ranch.
- Sports betting experienced unfavorable hold impacts, with a reported $8 million loss in October and an additional $6 million in December year over year.
- Labor costs increased by 3.1% on a same-store sales basis, impacting overall expenses.
Good afternoon, and welcome to the Red Rock Resorts' fourth-quarter and full-year 2024 conference call. (Operator Instructions)
Please note, this conference is being recorded.
I would now like to turn the conference over to Stephen Cootey, Executive Vice President, Chief Financial Officer and Treasurer of Red Rock Resorts. Please go ahead.
Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Red Rock Resorts' fourth-quarter and full-year 2024 earnings conference call. Joining me on the call today are Frank and Lorenzo Fertitta, Scott Kreeger, and our executive management team.
I'd like to remind everyone that our call today will include forward-looking statements under the safe harbor provisions of the United States federal securities laws. Developments and results may differ from those projected.
During this call, we will also discuss non-GAAP financial measures. Definitions and complete
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
