Net revenue

Red Rock Announces Increase in Net Revenue Year-Over-Year in Fourth Quarter and Fiscal Year 2021

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Red Rock Resorts Inc. released financial results for the fourth quarter and full year 2021, reporting an increase in net revenue year-over-year in both measurement periods.

During the fourth quarter, which ended December 31, 2021, the Company continued to operate its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, as well as its Wildfire properties. .

However, its Texas Station, Fiesta Rancho and Fiesta Henderson properties remained closed. The sale of the Palms Casino Resort was also completed during the quarter.

Net revenue during the quarter reached $422.4 million, up 23%/$78.9 million year-over-year from $343.4 million in the fourth quarter of 2020. Net income increased was set at $200.1 million, an increase of $150.5 million year-on-year from $49.6 million in the fourth quarter of 2020, while Adjusted EBITDA was $189.7 million dollars, a 26%/$39.1 million year-over-year improvement from $150.5 million in Q4 2020.

In terms of annual results, Red Rock’s 2021 net revenue was $1.6 billion, up 37%/$435.5 million year-over-year from $1.2 billion in 2020. Net income was $354.8 million, an increase of $529.4 million year-on-year from a net loss of $174.5 million a year earlier, while the Adjusted EBITDA was $741.0 million in 2021, an improvement of $372.5 million year-over-year from $368.5 million in 2020.

Red Rock’s Las Vegas operations achieved net revenue of $420.5 million for the fourth quarter of 2021 (up 33%/$104.3 million year-on-year from $316.2 million Q4 2020) and $1.6 billion for the full year (up 46%/$508.0 million year-over-year from $1.1 billion in 2020).

Adjusted EBITDA from its Las Vegas operations was $204.8 million for the fourth quarter of 2021 (up 49%/$67.7 million year-on-year from $137.1 million). Q4 2020 dollars) and $785.9 million for the full year (up $450.8 million year-over-year from $335.1 million in 2020).

Looking at its casino vertical, Red Rock reported operating income of $289,473 in Q4 2021, an improvement from $240,514 reported in the same prior year period, with cost and operating expenses of $70,961 (Q4 2020: $60,380).

Full-year vertical casino operating profit was $1,142,606, up significantly from $764,255 in 2020, with operating costs and expenses of $275,462. $ (2020: $232,939).

The company’s cash and cash equivalents as of December 31, 2021 were $275.3 million and total debt outstanding at the end of the fourth quarter was $2.89 billion.