Exhibit 99.1

Red Rock Resorts Announces Fourth Quarter and Year End 2020 Results

LAS VEGAS, Feb. 9, 2021 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the fourth quarter and year ended December 31, 2020.

During the fourth quarter the Company continued to execute on its phased reopening program, and operated its first-to-reopen properties of Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station, together with its Wildfire properties and the Graton Casino Resort.

Fourth Quarter Results:

  • Net revenues were $343.4 million for the fourth quarter of 2020, a decrease of 25.5%, or $117.4 million, from $460.8 million for the same period of 2019, primarily due to the on-going impacts of the COVID-19 pandemic.
  • Net income was $49.6 million for the fourth quarter of 2020, an increase of $42.8 million, from $6.8 million for the same period of 2019.
  • Adjusted EBITDA(1) was $150.5 million for the fourth quarter of 2020, an increase of 9.4%, or $12.9 million, from $137.6 million in the same period of 2019.

Full Year Results:

For the full year, net revenues were $1.2 billion in 2020, a decrease of 36.3% or $674.1 million, from $1.9 billion in 2019, primarily due to the ongoing impacts of the COVID-19 pandemic.

For the full year, net loss was $174.5 million in 2020, compared to a net loss of $6.7 million in 2019, primarily due to the ongoing impacts of the COVID-19 pandemic.

For the full year, Adjusted EBITDA was $368.5 million in 2020, compared to $509.0 million in 2019. The decrease in year-over-year Adjusted EBITDA was primarily due to the ongoing impacts of the COVID-19 pandemic.

Las Vegas Operations

  • Net revenues from Las Vegas operations were $316.2 million for the fourth quarter of 2020, a decrease of 27.8%, or $121.8 million, from $437.9 million in the same period of 2019, primarily due to the ongoing impacts of the COVID-19 pandemic.
  • Adjusted EBITDA from Las Vegas operations was $137.1 million for the fourth quarter of 2020, an increase of 5.5%, or $7.1 million, from $129.9 million in the same period of 2019.

Native American Management

Adjusted EBITDA from Native American operations was $24.8 million for the fourth quarter of 2020, a 24.9% increase from $19.9 million in the same period of 2019.

Balance Sheet Highlights

The Company's cash and cash equivalents at December 31, 2020 were $121.2 million and total principal amount of debt outstanding at the end of the fourth quarter was $2.9 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: 9879257. A replay of the call will be available from today through February 16, 2021 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 excluding non-cash expenses, financing costs, and other non-operational or non-recurring items. Adjusted EBITDA includes net (loss) income plus depreciation and amortization, share-based compensation, write-downs and other charges, net (including net losses on asset disposals, severance, redevelopment and preopening expenses, business innovation and technology enhancements), interest expense, net, (gain) loss 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 owns a majority 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, Palms Casino Resort, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Texas Station Gambling Hall & Hotel, Fiesta Rancho Casino Hotel, Fiesta Henderson Casino Hotel, 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 a 50% interest in Barley's Casino & Brewing Company, Wildfire Casino & Lanes and The Greens. In addition, Station Casinos managed Graton Resort & Casino in northern California through February 5, 2021.

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, 2019, 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

Rodney S. Atamian
Rod.Atamian@redrockresorts.com
(702) 495-3411

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

Red Rock Resorts, Inc.

Condensed Consolidated Statements of Operations

(amounts in thousands, except per share data)

(unaudited)










Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019

Operating revenues:








Casino

$240,514


$255,783


$ 764,255


$ 984,253

Food and beverage

43,728


110,818


192,899


481,558

Room

19,400


46,750


87,035


192,305

Other

13,989


26,123


56,279


106,773

Management fees

25,778


21,312


81,977


91,645

Net revenues

343,409


460,786


1,182,445


1,856,534

Operating costs and expenses:








Casino

60,380


91,182


232,939


351,043

Food and beverage

40,697


104,738


195,963


465,505

Room

11,141


20,030


49,363


81,064

Other

5,424


12,719


23,034


52,329

Selling, general and administrative

78,648


98,932


324,644


416,355

Depreciation and amortization

57,636


57,598


231,391


222,211

Write-downs and other charges, net

10,849


15,455


36,522


82,026


264,775


400,654


1,093,856


1,670,533

Operating income

78,634


60,132


88,589


186,001

Earnings from joint ventures

809


447


1,097


1,928

Operating income and earnings from joint ventures

79,443


60,579


89,686


187,929









Other (expense) income:








Interest expense, net

(28,629)


(37,743)


(128,465)


(156,679)

Gain (loss) on extinguishment/modification of debt, net

5


(19,637)


240


(19,939)

Change in fair value of derivative instruments

(222)


1,868


(21,590)


(19,467)

Other

(71)


(81)


(333)


(315)


(28,917)


(55,593)


(150,148)


(196,400)

Income (loss) before income tax

50,526


4,986


(60,462)


(8,471)

(Provision) benefit for income tax

(896)


1,858


(114,081)


1,734

Net income (loss)

49,630


6,844


(174,543)


(6,737)

Less: net income (loss) attributable to noncontrolling interests

19,920


2,015


(24,146)


(3,386)

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

$  29,710


$    4,829


$(150,397)


$    (3,351)









Earnings (loss) per common share:








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

$     0.42


$     0.07


$     (2.13)


$     (0.05)

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

$     0.39


$     0.05


$     (2.13)


$     (0.05)









Weighted-average common shares outstanding:








Basic

70,856


69,685


70,542


69,565

Diluted

117,149


116,778


70,542


69,565









Dividends declared per common share

$         -


$     0.10


$      0.10


$      0.40

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,


2020


2019


2020


2019

Net revenues








Las Vegas operations

$316,192


$437,942


$1,094,442


$1,758,760

Native American management

25,568


21,173


81,440


91,074

Reportable segment net revenues

341,760


459,115


1,175,882


1,849,834

Corporate and other

1,649


1,671


6,563


6,700

Net revenues

$343,409


$460,786


$1,182,445


$1,856,534









Net income (loss)

$  49,630


$    6,844


$  (174,543)


$     (6,737)

Adjustments








Depreciation and amortization

57,636


57,598


231,391


222,211

Share-based compensation

2,611


3,999


10,886


16,848

Write-downs and other charges, net

10,849


15,455


36,522


82,026

Interest expense, net

28,629


37,743


128,465


156,679

(Gain) loss on extinguishment/modification of debt, net

(5)


19,637


(240)


19,939

Change in fair value of derivative instruments

222


(1,868)


21,590


19,467

Provision (benefit) for income tax

896


(1,858)


114,081


(1,734)

Other

71


82


333


316

Adjusted EBITDA

$150,539


$137,632


$   368,485


$   509,015









Adjusted EBITDA








Las Vegas operations

$137,074


$129,946


$   335,134


$   472,921

Native American management

24,806


19,863


77,440


85,562

Corporate and other

(11,341)


(12,177)


(44,089)


(49,468)

Adjusted EBITDA

$150,539


$137,632


$   368,485


$   509,015




The following information was filed by Red Rock Resorts, Inc. (RRR) on Tuesday, February 9, 2021 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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