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Red Rock Resorts, Inc. (RRR) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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RRR Annual Reports

  • 10-K Annual Report February 2022
  • 10-K Annual Report February 2021
    10-K Annual Report February 2020
    10-K Annual Report February 2019
    10-K Annual Report March 2018
    10-K Annual Report March 2017

Red Rock Resorts, Inc.

CIK: 1653653 Ticker: RRR
Exhibit 99.1
Red Rock Resorts Announces Fourth Quarter and Full Year 2021 Results

LAS VEGAS, Feb. 2, 2022 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the fourth quarter and full year ended December 31, 2021.

During the fourth quarter the Company continued to operate its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire Properties, while Texas Station, Fiesta Rancho and Fiesta Henderson remained closed. As previously announced, the sale of the Palms Casino Resort closed during the quarter.

Consolidated Operations

Fourth Quarter Results

  • Net revenues were $422.4 million for the fourth quarter of 2021, an increase of 23%, or $78.9 million, from $343.4 million in the same period of 2020.
  • Net income was $200.1 million for the fourth quarter of 2021, an increase of $150.5 million, from $49.6 million in the same period of 2020.
  • Adjusted EBITDA(1) was $189.7 million for the fourth quarter of 2021, an increase of 26% or $39.1 million from $150.5 million in the same period of 2020.

Full Year Results

  • Net revenues were $1.6 billion in 2021, an increase of 37%, or $435.5 million, from $1.2 billion in 2020.
  • Net income was $354.8 million in 2021, an increase of $529.4 million, from a net loss of $174.5 million in 2020.
  • Adjusted EBITDA(1) was $741.0 million in 2021, an increase of $372.5 million from $368.5 million in 2020.

Las Vegas Operations

Fourth Quarter Results

  • Net revenues from Las Vegas operations were $420.5 million for the fourth quarter of 2021, an increase of 33%, or $104.3 million, from $316.2 million in the same period of 2020.
  • Adjusted EBITDA from Las Vegas operations was $204.8 million for the fourth quarter of 2021, an increase of 49% or $67.7 million, from $137.1 million in the same period of 2020.

Full Year Results

  • Net revenues from Las Vegas operations were $1.6 billion in 2021, an increase of 46%, or $508.0 million, from $1.1 billion in 2020.
  • Adjusted EBITDA from Las Vegas operations was $785.9 million in 2021, an increase of $450.8 million, from $335.1 million in 2020.

Balance Sheet Highlights

The Company's cash and cash equivalents at December 31, 2021 were $275.3 million and total principal amount of debt outstanding at the end of the fourth quarter was $2.89 billion.

Conference Call Information

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 7263221. A replay of the call will be available from today through February 9, 2022 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com.

Presentation of Financial Information

(1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA includes net income (loss) plus depreciation and amortization, share-based compensation, write-downs and other, net, loss on sale of Palms, losses from Palms assets held for sale, interest expense, net, loss (gain) on extinguishment/modification of debt, net, change in fair value of derivative instruments, (benefit) provision for income tax and other.

Company Information and Forward Looking Statements

Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming and entertainment to the residents of Las Vegas, Nevada. Station Casinos' properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wild Wild West Gambling Hall & Hotel, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem and Wildfire Lake Mead. Station Casinos also owns Texas Station Gambling Hall & Hotel, Fiesta Rancho Casino Hotel and Fiesta Henderson Casino Hotel, which have been closed since March 2020, and owns a 50% interest in Barley's Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward looking statements can often be identified by their use of words such as "will", "might", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "would", "target", "project", "intend", "plan", "seek", "estimate", "pursue", "should", "may" and "assume", or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the extent and duration of the impact of the COVID-19 pandemic on the Company's business, financial results and liquidity; the duration of the closure of the Company's properties that have not yet reopened; the impact and cost of new operating procedures implemented at the Company's properties in response to the COVID-19 pandemic; the impact of actions that the Company has undertaken to reduce costs and improve efficiencies to mitigate losses as a result of the COVID-19 pandemic; the impact of the COVID-19 pandemic, and resulting unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies (including the current government-mandated operational restrictions); risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

View source version on http://redrockresorts.investorroom.com/:

INVESTORS:
Stephen L. Cootey
Stephen.Cootey@redrockresorts.com
(702) 495-4214

MEDIA:
Michael J. Britt
Michael.Britt@redrockresorts.com
(702) 495-3693

Red Rock Resorts, Inc.

Consolidated Statements of Operations

(amounts in thousands, except per share data)

(unaudited)










Three Months Ended
December 31,


Year Ended
December 31,


2021


2020


2021


2020

Operating revenues:








Casino

$        289,473


$       240,514


$     1,142,606


$        764,255

Food and beverage

68,881


43,728


245,432


192,899

Room

43,303


19,400


143,916


87,035

Other

20,479


13,989


76,746


56,279

Management fees

218


25,778


9,199


81,977

Net revenues

422,354


343,409


1,617,899


1,182,445

Operating costs and expenses:








Casino

70,961


60,380


275,462


232,939

Food and beverage

54,312


40,697


196,156


195,963

Room

14,473


11,141


55,336


49,363

Other

7,433


5,424


25,535


23,034

Selling, general and administrative

91,488


78,648


347,090


324,644

Depreciation and amortization

33,351


57,636


157,791


231,391

Write-downs and other, net

(20,835)


10,849


(18,677)


36,522

Loss on sale of Palms

9,887


-


177,664


-


261,070


264,775


1,216,357


1,093,856

Operating income

161,284


78,634


401,542


88,589

Earnings from joint ventures

896


809


3,293


1,097

Operating income and earnings from joint ventures

162,180


79,443


404,835


89,686









Other (expense) income:








Interest expense, net

(25,014)


(28,629)


(103,206)


(128,465)

(Loss) gain on extinguishment/modification of debt, net

(5,352)


5


(13,492)


240

Change in fair value of derivative instruments

-


(222)


(215)


(21,590)

Other

(2,146)


(71)


(2,379)


(333)


(32,512)


(28,917)


(119,292)


(150,148)

Income (loss) before income tax

129,668


50,526


285,543


(60,462)

Benefit (provision) for income tax

70,439


(896)


69,287


(114,081)

Net income (loss)

200,107


49,630


354,830


(174,543)

Less: net income (loss) attributable to noncontrolling interests

51,441


19,920


112,980


(24,146)

Net income (loss) attributable to Red Rock Resorts, Inc.

$        148,666


$         29,710


$        241,850


$       (150,397)









Earnings (loss) per common share:








Earnings (loss) per share of Class A common stock, basic

$             2.24


$            0.42


$             3.50


$            (2.13)

Earnings (loss) per share of Class A common stock, diluted

$             1.66


$            0.39


$             2.84


$            (2.13)









Weighted-average common shares outstanding:








Basic

66,349


70,856


69,071


70,542

Diluted

114,164


117,149


116,452


70,542









Dividends declared per common share

$             3.00


$                -


$             3.00


$             0.10









Red Rock Resorts, Inc.

Segment Information and Reconciliation of Net Income (Loss) to Adjusted EBITDA

(amounts in thousands)

(unaudited)










Three Months Ended
December 31,


Year Ended
December 31,


2021


2020


2021


2020

Net revenues








Las Vegas operations

$        420,517


$        316,192


$     1,602,438


$     1,094,442

Native American management

-


25,568


8,292


81,440

Reportable segment net revenues

420,517


341,760


1,610,730


1,175,882

Corporate and other

1,837


1,649


7,169


6,563

Net revenues

$        422,354


$        343,409


$     1,617,899


$     1,182,445









Net income (loss)

$        200,107


$          49,630


$        354,830


$       (174,543)

Adjustments








Depreciation and amortization

33,351


57,636


157,791


231,391

Share-based compensation

3,289


2,611


12,728


10,886

Write-downs and other, net

(20,835)


10,849


(18,677)


36,522

Loss on sale of Palms

9,887


-


177,664


-

Losses from Palms assets held for sale

1,780


-


6,211


-

Interest expense, net

25,014


28,629


103,206


128,465

Loss (gain) on extinguishment/modification of debt, net

5,352


(5)


13,492


(240)

Change in fair value of derivative instruments

-


222


215


21,590

(Benefit) provision for income tax

(70,439)


896


(69,287)


114,081

Other

2,156


71


2,818


333

Adjusted EBITDA

$        189,662


$        150,539


$        740,991


$        368,485









Adjusted EBITDA








Las Vegas operations

$        204,758


$        137,074


$        785,932


$        335,134

Native American management

-


24,806


7,809


77,440

Corporate and other

(15,096)


(11,341)


(52,750)


(44,089)

Adjusted EBITDA

$        189,662


$        150,539


$        740,991


$        368,485












The following information was filed by Red Rock Resorts, Inc. (RRR) on Wednesday, February 2, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Red Rock Resorts, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Commitments And Contingencies
Derivative Instruments
Derivative Instruments (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Amortization Expense (Details)
Goodwill And Other Intangibles - Indefinite-Lived And Finite-Lived Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Leases
Leases (Tables)
Leases Lessee Disclosures (Details)
Leases Lessor Disclosures (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Credit Facility (Details)
Long-Term Debt - Principal Maturities (Details)
Long-Term Debt - Schedule Of Long-Term Instruments (Details)
Long-Term Debt - Senior Notes (Details)
Native American Development
Native American Development (Tables)
Native American Development - North Fork (Details)
Organization And Background
Organization And Background (Details)
Other Accrued Liabilities
Other Accrued Liabilities (Details)
Other Accrued Liabilities (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Retirement Plans
Retirement Plans (Details)
Retirement Plans (Tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Ii - Valuation And Qualifying Accounts (Tables)
Segments
Segments (Details)
Segments (Tables)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation Allocation Of Recognized Costs (Details)
Share-Based Compensation Awards Activity (Details)
Share-Based Compensation Text (Details)
Share-Based Compensation Weighted Average Assumptions (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Stockholders' Equity (Tables)
Stockholders' Equity - Accumulated Other Comprehensive Income (Details)
Stockholders' Equity - Changes In Ownership Of Station Holdco Llc (Details)
Write-Downs And Other, Net
Write-Downs And Other, Net (Details)
Write-Downs And Other, Net (Policies)
Ticker: RRR
CIK: 1653653
Form Type: 10-K Annual Report
Accession Number: 0001653653-22-000004
Submitted to the SEC: Fri Feb 25 2022 2:50:01 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: Hotels And Motels

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