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Red Rock Resorts, Inc. (RRR) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Red Rock Resorts, Inc.

CIK: 1653653 Ticker: RRR

Exhibit 99.1

Red Rock Resorts Announces Fourth Quarter and Year End 2018 Results

LAS VEGAS, February 12, 2019 (GLOBE NEWSWIRE)—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, 2018. The Company adopted FASB’s new revenue recognition standard (“ASC 606”), effective January 1, 2018. Certain prior period amounts have been adjusted to reflect the full retrospective adoption of ASC 606, with no material impact on operating income, net income or Adjusted EBITDA

(1).

Net revenues were $431.5 million for the fourth quarter of 2018, an increase of 7.8%, or $31.2 million, from $400.3 million for the same period of 2017. The increase in net revenues was primarily due to an increase in Las Vegas operations, partially offset by a decrease in Native American management fees due to the expiration of the Gun Lake management agreement in February of 2018.

Net income was $13.2 million for the fourth quarter of 2018, a decrease of 71.3%, or $32.8 million, from $46.0 million for the same period of 2017. The decrease in net income was primarily due to an after-tax decrease in the fair value of derivative instruments of $23.9 million. These results also reflect an out-of-period, one-time, non-cash adjustment related to a lease obligation regarding our corporate office building that increased interest expense by $9.3 million and decreased net income by $8.6 million.

Adjusted EBITDA was $135.1 million for the fourth quarter of 2018, an increase of 10.1%, or $12.4 million, from $122.7 million in the same period of 2017. The increase in Adjusted EBITDA was primarily due to an increase in Las Vegas operations, partially offset by a decrease in Native American management fees due to the Gun Lake expiration.

For the full year, net revenues were $1.68 billion in 2018, an increase of 2.4%, or $38.9 million, from $1.64 billion for the same period of 2017. The increase in net revenues was primarily due to a $69.6 million increase in Las Vegas operations, partially offset by a $31.0 million decrease in Native American operations due to the Gun Lake expiration.

For the full year, net income was $219.5 million in 2018, compared to $63.5 million for the same period of 2017. The increase in net income was primarily due to a gain associated with the extinguishment of tax receivable liabilities, as well as a prior year loss associated with the acquisition of the leases at Boulder Station and Texas Station.

For the full year, Adjusted EBITDA was $509.0 million in 2018, an increase of 2.4%, or $11.7 million, from $497.2 million in 2017, primarily due to a $23.7 million increase in Las Vegas operations, partially offset by a $15.1 million decrease in Native American operations due to the Gun Lake expiration.

Las Vegas Operations

Net revenues from Las Vegas operations were $409.5 million for the fourth quarter of 2018, an increase of 10.4%, or $38.5 million, from $371.0 million in the same period of 2017. Adjusted EBITDA from Las Vegas operations was $121.0 million for the fourth quarter of 2018, an increase of 14.4%, or $15.2 million, from $105.8 million in the same period of 2017.


The following information was filed by Red Rock Resorts, Inc. (RRR) on Tuesday, February 12, 2019 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
Consolidated Statements Of Income
Consolidated Statements Of Stockholders'/Members' 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 (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Future Operating Lease Payments) (Details)
Commitments And Contingencies (Tables)
Derivative Instruments
Derivative Instruments (Details)
Derivative Instruments (Tables)
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)
Investments In Variable Interest Entities And Joint Ventures (Details)
Investments In Variable Interest Entities And Joint Ventures (Notes)
Land Held For Development
Land Held For Development (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - 5.00% Senior Notes (Details)
Long-Term Debt - Corporate Office Lease (Details)
Long-Term Debt - Credit Facility (Details)
Long-Term Debt - Principal Maturities (Details)
Long-Term Debt - Schedule Of Long-Term Instruments (Details)
Management Agreements
Management Agreements (Details)
Native American Development
Native American Development (Details)
Native American Development (Tables)
Noncontrolling Interest In Station Holdco
Noncontrolling Interest In Station Holdco (Details)
Noncontrolling Interest In Station Holdco (Tables)
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)
Quarterly Financial Information
Quarterly Financial Information (Details)
Quarterly Financial Information (Tables)
Recently Issued And Adopted Accounting Standards (Details)
Related Party Transactions
Related Party Transactions (Details)
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 Share Unit Awards Activity (Details)
Share-Based Compensation Text (Details)
Share-Based Compensation Weighted Average Assumptions (Details)
Stockholders'/Members' Equity
Stockholders'/Members' Equity (Aoci) (Details)
Stockholders'/Members' Equity (Details)
Stockholders'/Members' Equity (Tables)
Stockholders'/Members' Equity Net Income Attributable To Red Rock Resorts, Inc. And Transfers (To) From Noncontrolling Interests (Details)
Ticker: RRR
CIK: 1653653
Form Type: 10-K Annual Report
Accession Number: 0001653653-19-000005
Submitted to the SEC: Tue Feb 26 2019 5:25:14 PM EST
Accepted by the SEC: Tue Feb 26 2019
Period: Monday, December 31, 2018
Industry: Hotels And Motels

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