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Red Rock Resorts, Inc. (RRR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Red Rock Resorts, Inc.

CIK: 1653653 Ticker: RRR
Exhbit 99.1

Red Rock Resorts Announces Third Quarter 2021 Results

LAS VEGAS, Nov. 2, 2021 /PRNewswire/ -- Red Rock Resorts, Inc. ("Red Rock Resorts," "we" or the "Company") (NASDAQ: RRR) today reported financial results for the third quarter ended September 30, 2021.

During the third 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 Palms Casino Resort, Texas Station, Fiesta Rancho and Fiesta Henderson remained closed during the quarter.

Third Quarter Results

  • Net revenues were $414.8 million for the third quarter of 2021, an increase of 17%, or $61.6 million, from $353.2 million for the same period of 2020.
  • Net income was $117.9 million for the third quarter of 2021, an increase of 64% or $45.9 million, from $72.0 million for the same period of 2020.
  • Adjusted EBITDA(1) was $184.5 million for the third quarter of 2021, an increase of 15% or $23.6 million from $160.9 million in the same period of 2020. 

Las Vegas Operations

  • Net revenues from Las Vegas operations were $412.7 million for the third quarter of 2021, an increase of 29%, or $91.9 million, from $320.8 million in the same period of 2020.
  • Adjusted EBITDA from Las Vegas operations was $197.9 million for the third quarter of 2021, an increase of 40% or $56.2 million, from $141.7 million in the same period of 2020.

Balance Sheet Highlights

The Company's cash and cash equivalents at September 30, 2021 were $89.9 million and total principal amount of debt outstanding at the end of the third quarter was $2.68 billion.

Share Repurchase Program

The Company's Board of Directors has authorized an increase in the Company's share repurchase program from $150 million to $300 million, which gives the Company over $173 million of repurchase capacity.

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: 8613587. A replay of the call will be available from today through November 9, 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. Adjusted EBITDA includes net income (loss) plus depreciation and amortization, share-based compensation, write-downs and other charges, net, asset impairment, losses from assets held for sale, interest expense, net, (gain) loss on extinguishment/modification of debt, net, change in fair value of derivative instruments, 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 Palms Casino Resort, 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, our ability to consummate the sale of the Palms, 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.

Condensed Consolidated Statements of Operations

(amounts in thousands, except per share data)

(unaudited)










Three Months Ended September 30,


Nine Months Ended September 30,


2021


2020


2021


2020

Operating revenues:








Casino

$            288,983


$            239,866


$            853,133


$            523,741

Food and beverage

64,794


45,855


176,551


149,171

Room

39,519


22,068


100,613


67,635

Other

21,070


14,487


56,267


42,290

Management fees

403


30,902


8,981


56,199

Net revenues

414,769


353,178


1,195,545


839,036

Operating costs and expenses:








Casino

70,985


57,659


204,501


172,559

Food and beverage

51,908


40,356


141,844


155,266

Room

15,122


11,147


40,863


38,222

Other

6,769


4,918


18,102


17,610

Selling, general and administrative

92,602


79,491


255,602


245,996

Depreciation and amortization

34,025


57,297


124,440


173,755

Write-downs and other charges, net

463


1,400


2,158


25,673

Asset impairment

-


-


167,777


-


271,874


252,268


955,287


829,081

Operating income

142,895


100,910


240,258


9,955

Earnings from joint ventures

774


658


2,397


288

Operating income and earnings from joint ventures

143,669


101,568


242,655


10,243









Other (expense) income:








Interest expense, net

(25,311)


(29,798)


(78,192)


(99,836)

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

-


482


(8,140)


235

Change in fair value of derivative instruments

(1)


(108)


(215)


(21,368)

Other

(67)


(100)


(233)


(262)


(25,379)


(29,524)


(86,780)


(121,231)

Income (loss) before income tax

118,290


72,044


155,875


(110,988)

Provision for income tax

(354)


-


(1,152)


(113,185)

Net income (loss)

117,936


72,044


154,723


(224,173)

Less: net income (loss) attributable to noncontrolling interests

46,688


28,410


61,539


(44,066)

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

$              71,248


$              43,634


$              93,184


$           (180,107)









Earnings (loss) per common share:








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

$                  1.03


$                  0.62


$                  1.33


$                 (2.56)

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

$                  0.93


$                  0.56


$                  1.21


$                 (2.56)









Weighted-average common shares outstanding:








Basic

69,042


70,824


69,988


70,436

Diluted

116,436


117,044


117,232


70,436









Dividends declared per common share

$                     -


$                     -


$                     -


$                  0.10

Red Rock Resorts, Inc.

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

(amounts in thousands)

(unaudited)










Three Months Ended September 30,


Nine Months Ended September 30,


2021


2020


2021


2020

Net revenues








Las Vegas operations

$            412,694


$            320,765


$          1,181,921


$            778,250

Native American management

205


30,718


8,292


55,872

Reportable segment net revenues

412,899


351,483


1,190,213


834,122

Corporate and other

1,870


1,695


5,332


4,914

Net revenues

$            414,769


$            353,178


$          1,195,545


$            839,036









Net income (loss)

$            117,936


$              72,044


$            154,723


$           (224,173)

Adjustments








Depreciation and amortization

34,025


57,297


124,440


173,755

Share-based compensation

3,325


633


9,439


8,275

Write-downs and other charges, net

463


1,400


2,158


25,673

Asset impairment

-


-


167,777


-

Losses from assets held for sale

2,990


-


4,431


-

Interest expense, net

25,311


29,798


78,192


99,836

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

-


(482)


8,140


(235)

Change in fair value of derivative instruments

1


108


215


21,368

Provision for income tax

354


-


1,152


113,185

Other

118


99


662


262

Adjusted EBITDA

$            184,523


$            160,897


$            551,329


$            217,946









Adjusted EBITDA








Las Vegas operations

$            197,905


$            141,670


$            581,174


$            198,060

Native American management

205


29,826


7,809


52,634

Corporate and other

(13,587)


(10,599)


(37,654)


(32,748)

Adjusted EBITDA

$            184,523


$            160,897


$            551,329


$            217,946




The following information was filed by Red Rock Resorts, Inc. (RRR) on Tuesday, November 2, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Condensed Consolidated Statements Of Stockholders' Equity
Assets Held For Sale
Assets Held For Sale (Details)
Assets Held For Sale (Policies)
Assets Held For Sale (Tables)
Commitments And Contingencies
Derivative Instruments
Derivative Instruments (Details)
Derivative Instruments (Policies)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Antidilutive Shares Excluded From Computation Of Diluted (Details)
Earnings (Loss) Per Share - Reconciliation Of Numerators And Denominators (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Details)
Income Taxes (Policies)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Schedule Of Long-Term Instruments (Details)
Native American Development
Native American Development (Tables)
Native American Development - North Fork (Details)
Noncontrolling Interest In Station Holdco
Noncontrolling Interest In Station Holdco (Details)
Noncontrolling Interest In Station Holdco (Tables)
Organization, Basis Of Presentation And Significant Accounting Policies
Organization, Basis Of Presentation And Significant Accounting Policies (Details)
Organization, Basis Of Presentation And Significant Accounting Policies (Policies)
Other Accrued Liabilities
Other Accrued Liabilities (Details)
Other Accrued Liabilities (Tables)
Segment Reporting (Details)
Segment Reporting (Tables)
Segments
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation Awards Under Equity Incentive Plan (Details)
Share-Based Compensation Narrative (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Changes In Ownership Of Station Holdco Llc (Details)
Stockholders' Equity - Narrative (Details)

Material Contracts, Statements, Certifications & more

Red Rock Resorts, Inc. provided additional information to their SEC Filing as exhibits

Ticker: RRR
CIK: 1653653
Form Type: 10-Q Quarterly Report
Accession Number: 0001653653-21-000017
Submitted to the SEC: Fri Nov 05 2021 3:23:02 PM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Hotels And Motels

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