Last updated on August 6th, 2023 at 03:24 am
Red Rock Resorts released its second quarter report that showed strong net income for the three months ending on June 30. However, it slightly dropped year-over-year from $422 million in the second quarter of 2022 to $416 million in the same quarter this year.
Fortunately, its net income increased 131 percent to $75 million from $32 million in the second quarter of 2022. According to bookie pay per head reports, the adjusted EBITDA for the quarter was $175 million. It was a decrease from $189 million year-over-year in 2022.
Red Rock Resorts also shared some numbers on its Vegas operations in a press release, including $412.6 million in net sales. Although this implies a decrease of 1.8%, it demonstrates that the company’s Vegas operations contribute significantly to overall earnings.
Red Rock Resorts with Strong Net Income in Second Quarter
For the second quarter of 2023, the operator’s Las Vegas businesses generated $193.1 million in adjusted EBITDA. It is down from Q2 2022’s $207.8 million, a reduction of 7.1% year-over-year.
After a lackluster fourth-quarter report in January, Red Rock Resorts released its full-year 2022 results in February. The annual report was upbeat despite the challenges. In addition, the company attributed its success to a strong business strategy and strict management.
On June 30, 2023, Red Rock Resorts reported having $100.9 million in cash and short-term investments. After the second quarter, the company’s total debt was estimated to be $3.2 billion.
According to pay per head blog sources, the firm’s board of directors approved a cash dividend of $0.25 per Class A common share for the 2Q of 2023, the company stated. All shareholders of record as of September 15 will receive payment on September 29.
Station Holdco will distribute $0.25 per unit in cash to all unitholders of record, including the firm, before the payment. According to PayPerHeadKing.com reports, the transaction will disperse $27.1 million, with about $15.6 million going to the firm. The remainder will be divided among the remaining Station Holdco unitholders of record. Red Rock Resorts held a conference call on August 3 to review the company’s financial performance.
