RRRNasdaqHotels & MotelsUS GAAP · USD

Red Rock Resorts, Inc.

Red Rock Resorts, Inc. is a U.S. holding company that owns and manages Station Casinos LLC, a Nevada gaming and entertainment operator. Through Station LLC, the company operates casino resorts and smaller local casinos across the Las Vegas valley, combining gaming with hotels, restaurants, bars, and entertainment amenities.

Kysy yhtiöstä
Liikevaihto2 011milj. USD
+3,7 %v/v
Liikevoitto (EBIT)597milj. USD
+5,1 %v/v
EBIT-marginaali29,7%
+0,4 %-yks.v/v
Nettotulos188milj. USD
+22,1 %v/v
Vapaa kassavirta610milj. USD
+11,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

05001 0001 5002 0002 500milj. USD2020: 1 182 milj. USD2020: EBIT 89 milj. USD20202021: 1 618 milj. USD2021: EBIT 402 milj. USD20212022: 1 664 milj. USD2022: EBIT 561 milj. USD20222023: 1 724 milj. USD2023: EBIT 559 milj. USD20232024: 1 939 milj. USD2024: EBIT 569 milj. USD20242025: 2 011 milj. USD2025: EBIT 597 milj. USD20252 011597
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Red Rock Resorts, Inc.

Liiketoiminta

Osuus liikevaihdosta
Gaming80 %

Slot machines, video poker, table gaming, and other casino play across its properties.

Hotel and resort operations10 %

Room revenue and resort stays at casino-hotel properties such as Durango.

Food and beverage6 %

Restaurants, bars, and dining outlets located within the company’s properties.

Entertainment and other non-gaming amenities4 %

Live entertainment, events, and other guest amenities that support visitation.

Tuotteet

Raportoitu · osuus liikevaihdosta
66,6%18,0%9,5%FY2025100 %
  • Casino66,6 %
  • Food and Beverage18,0 %
  • Occupancy9,5 %
  • Hotel Other5,0 %
  • Management Service0,9 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

The company serves primarily Las Vegas residents and local workers who visit its neighborhood casinos regularly. It also attracts regional visitors, out-of-town guests, and convention-related customers who use the resorts for gaming, lodging, dining, and entertainment. The business depends on repeat visitation and on customers choosing its properties for convenience, value, and a broad amenity mix.

Las Vegas residents

Core local customers who visit neighborhood casinos for frequent gaming and dining.

Local workers and nearby households

Customers living or working in the Las Vegas metro area who value convenience and parking.

Out-of-town visitors

Regional and destination guests who use the resorts for gaming, lodging, and entertainment.

Convention and event guests

Visitors drawn by hotel, restaurant, and entertainment offerings tied to events and meetings.

Strategia

The company’s strategy is built around attracting and retaining repeat local customers through convenient locations, strong service, and value-oriented gaming experiences. It also uses hotel, dining, entertainment, and promotional offerings to increase visit frequency and broaden spend per customer. Master-planned properties and controlled development sites support incremental expansion as demand grows.

Retain and grow repeat local visitationLyhyt aikaväli

The business depends heavily on nearby customers who choose properties based on convenience and value.

Differentiate properties through amenity mix and technologyKeskipitkä aikaväli

Gaming, lodging, dining, and entertainment help increase customer spend and visitation frequency.

Expand capacity through controlled development sitesPitkä aikaväli

Master-planned properties and entitled land allow the company to add capacity as demand warrants.

Maantiede

Red Rock Resorts is concentrated in the Las Vegas regional market, with all of its operating properties located in the Las Vegas valley. The company’s customer base is heavily tied to the local metropolitan area, which makes local population trends, employment, housing, and tourism important to demand. Durango Casino & Resort is a major property in the southwest Las Vegas valley, and the company also controls additional gaming-entitled development sites in Las Vegas.

Riskit

The company is highly concentrated in the Las Vegas regional market, so local economic conditions, competition, and tourism trends can materially affect demand. Its capital-intensive model and substantial indebtedness increase sensitivity to cash flow swings, while gaming operations also face cybersecurity, technology, and regulatory risks. Seasonal patterns, impairment risk on long-lived assets, and dependence on repeat customers add further volatility.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Las Vegas market concentration1Competitive pressure in local gaming2Indebtedness and distribution restrictions3Asset impairment4Cybersecurity and information systems disruption5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Las Vegas market concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Most demand comes from local residents and visitors to one regional market, limiting diversification.

    Kohdistuu: All operating properties are in the Las Vegas valley

  2. Competitive pressure in local gamingVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company competes with large casino resorts and smaller gaming-only properties for the same customers.

    Kohdistuu: Las Vegas regional market

  3. Indebtedness and distribution restrictionsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Debt service and upstream distributions from Station LLC/Station Holdco affect liquidity at the parent level.

    Kohdistuu: Holding company structure and intercompany distributions

  4. Asset impairmentVaikutus: KeskitasoTodennäköisyys: Korkea

    Goodwill, indefinite-lived intangibles, and long-lived assets depend on future cash flow assumptions.

    KohdistuuCasino resortsDevelopment sitesBrand-related assets
  5. Cybersecurity and information systems disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Gaming, customer data, and operational systems could be interrupted or compromised.

    KohdistuuCustomer dataService provider systemsProperty operations
Kysy Clarifolta: Red Rock Resorts, Inc.

Kirjanpito

Harkinnanvaraiset erät
Seasonality

Operating cash flows are strongest in the fourth quarter and weakest in the third quarter, affecting quarterly comparisons.

Vaikutus: Revenue and cash flow timing

Goodwill and indefinite-lived intangible impairment

Annual and triggering-event tests rely on projected cash flows and market conditions.

Vaikutus: Potential non-cash impairment charges

Long-lived asset impairment

Casino resorts and development assets must be recoverable from expected future cash flows.

Vaikutus: Property-level carrying values and earnings

Noncontrolling interests

Station LLC units not owned by Red Rock are reported separately in consolidated results.

Vaikutus: Net income attributable to Red Rock shareholders

Tax receivable agreement

The holding company records TRA-related liabilities and depends on distributions to fund obligations.

Vaikutus: Parent-level liabilities and cash requirements

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Päivitetty: 24.9.2026