# Red Rock Resorts, Inc. (RRR)

Informational only - not investment advice.

CIK: 0001653653
SIC: 7011 Hotels & Motels
SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 70](/major-group/70/) > [SIC 7011 Hotels & Motels](/industry/7011/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1653653
Filing source: https://www.sec.gov/Archives/edgar/data/1653653/000165365326000004/rrr-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001653653-26-000004 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001653653.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,011,483,000 USD | 2025 | verified |
| Net income | 188,066,000 USD | 2025 | verified |
| Assets | 4,167,073,000 USD | 2025 | verified |
| Free cash flow | 290,505,000 USD | 2025 | computed |
| Net margin | 9.35% | 2025 | computed |
| Operating margin | 29.70% | 2025 | computed |
| Revenue YoY | +3.74% | 2025 | computed |
| ROE | 90.27% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RRR | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 9.3% | 5.8% | 59 | 18 |
| Operating margin | 29.7% | 15.8% | 100 | 15 |
| Revenue growth | 3.7% | 3.9% | 41 | 18 |
| FCF margin | 14.4% | 9.6% | 82 | 18 |
| ROE | 90.3% | 7.0% | 85 | 14 |
| ROA | 4.5% | 2.9% | 59 | 18 |
| Liabilities / equity | 18.41 | 7.36 | 100 | 14 |
| Current ratio | 0.79 | 0.80 | 31 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7011 Hotels & Motels, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2011483000 | USD | 2025 | 2026-02-20 |
| Net income | 188066000 | USD | 2025 | 2026-02-20 |
| Assets | 4167073000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001653653.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 1,642,139,000 | 1,681,030,000 | 1,856,534,000 | 1,182,445,000 | 1,617,899,000 | 1,663,786,000 | 1,724,086,000 | 1,939,011,000 | 2,011,483,000 |
| Net income | 91,952,000 | 35,423,000 | 157,541,000 | -3,351,000 | -150,397,000 | 241,850,000 | 205,457,000 | 176,004,000 | 154,051,000 | 188,066,000 |
| Operating income | 309,711,000 | 331,281,000 | 372,208,000 | 186,001,000 | 88,589,000 | 401,542,000 | 561,302,000 | 558,688,000 | 568,691,000 | 597,427,000 |
| Diluted EPS | 1.03 | 0.42 | 1.77 | -0.05 | -2.13 | 2.84 | 3.36 | 2.94 | 2.53 | 3.12 |
| Operating cash flow | 346,433,000 | 289,960,000 | 346,007,000 | 316,632,000 | 212,790,000 | 609,963,000 | 542,224,000 | 494,337,000 | 548,263,000 | 609,513,000 |
| Capital expenditures | 162,377,000 | 248,427,000 | 579,287,000 | 353,269,000 | 58,496,000 | 61,295,000 | 328,589,000 | 699,516,000 | 283,871,000 | 319,008,000 |
| Dividends paid | 10,645,000 | 26,980,000 | 27,698,000 | 27,899,000 | 7,307,000 | 203,834,000 | 116,675,000 | 58,590,000 | 118,404,000 | 120,803,000 |
| Share buybacks |  |  |  | 376,000 | 0.00 | 500,167,000 | 141,507,000 | 0.00 | 3,922,000 | 79,031,000 |
| Assets | 3,526,155,000 | 3,620,121,000 | 4,009,526,000 | 4,114,187,000 | 3,739,954,000 | 3,140,333,000 | 3,345,750,000 | 3,954,512,000 | 4,045,531,000 | 4,167,073,000 |
| Liabilities | 2,892,803,000 | 2,988,409,000 | 3,192,531,000 | 3,331,590,000 | 3,135,313,000 | 3,090,300,000 | 3,313,507,000 | 3,710,625,000 | 3,738,698,000 | 3,834,789,000 |
| Stockholders' equity | 349,748,000 | 378,731,000 | 519,620,000 | 500,717,000 | 352,598,000 | 59,494,000 | 43,784,000 | 168,839,000 | 215,066,000 | 208,330,000 |
| Cash and cash equivalents | 133,776,000 | 231,465,000 | 114,607,000 | 128,835,000 | 121,176,000 | 275,281,000 | 117,289,000 | 137,586,000 | 164,383,000 | 142,471,000 |
| Free cash flow | 184,056,000 | 41,533,000 | -233,280,000 | -36,637,000 | 154,294,000 | 548,668,000 | 213,635,000 | -205,179,000 | 264,392,000 | 290,505,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 2.16% | 9.37% | -0.18% | -12.72% | 14.95% | 12.35% | 10.21% | 7.94% | 9.35% |
| Operating margin |  | 20.17% | 22.14% | 10.02% | 7.49% | 24.82% | 33.74% | 32.40% | 29.33% | 29.70% |
| Return on equity | 26.29% | 9.35% | 30.32% | -0.67% | -42.65% | 406.51% | 469.25% | 104.24% | 71.63% | 90.27% |
| Return on assets | 2.61% | 0.98% | 3.93% | -0.08% | -4.02% | 7.70% | 6.14% | 4.45% | 3.81% | 4.51% |
| Liabilities / equity | 8.27 | 7.89 | 6.14 | 6.65 | 8.89 | 51.94 | 75.68 | 21.98 | 17.38 | 18.41 |
| Current ratio | 1.01 | 1.39 | 0.79 | 1.02 | 1.12 | 1.85 | 0.75 | 0.81 | 0.91 | 0.79 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001653653.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.83 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.75 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.65 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 411,606,000 | 35,516,000 | 0.60 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 462,714,000 | 56,299,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 488,897,000 | 42,835,000 | 0.68 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 486,403,000 | 35,676,000 | 0.59 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 468,016,000 | 28,952,000 | 0.48 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 495,695,000 | 46,588,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 497,861,000 | 44,749,000 | 0.75 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 526,273,000 | 56,404,000 | 0.95 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 475,572,000 | 42,254,000 | 0.68 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 511,777,000 | 44,659,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 507,319,000 | 42,889,000 | 0.73 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 510,262,000 | 39,118,000 | 0.67 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RRR's latest 10-K: [/company/RRR/business/](/company/RRR/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RRR's latest 10-K: [/company/RRR/risk-factors/](/company/RRR/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1653653/000165365326000013/rrr-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2.    

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of the Financial Condition and Results of Operations (the “MD&A”) of Red Rock Resorts, Inc. (“we,” “our,” “us,” “Red Rock” or the “Company”) is intended to help the reader understand the Company’s financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and related notes (the “Condensed Consolidated Financial Statements”) included in Part I, Item 1 of this Quarterly Report on Form 10-Q, and with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Overview

Red Rock was formed as a Delaware corporation in 2015 to own an indirect equity interest in and manage Station Casinos LLC (“Station LLC”), a Nevada limited liability company. Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming and entertainment facilities and 16 smaller gaming properties (three of which are 50% owned) in the Las Vegas regional market.

We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability company interests in Station Holdco LLC (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At June 30, 2026, we held 59% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC, and conduct all of our operations through these entities. Other than assets and liabilities related to income taxes and the tax receivable agreement, our only material assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC.

Our Condensed Consolidated Financial Statements reflect the consolidation of Station LLC and its consolidated subsidiaries, and Station Holdco. The financial position and results of operations attributable to LLC Units we do not own are reported separately as noncontrolling interest.

Our principal source of revenue and operating income is gaming. Our non-gaming offerings include restaurants, hotels and other entertainment amenities. Approximately 80% of our casino revenue is generated from slot play. The majority of our revenue is cash-based and as a result, fluctuations in our revenues have a direct impact on our cash flows from operations. Because our business is capital intensive, we rely heavily on the ability of our properties to generate operating cash flow to repay debt financing and fund capital expenditures.

A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. In June 2026, the unemployment rate in the Las Vegas metropolitan area was 5.2% as compared to 5.8% in June 2025. Statewide, the unemployment rate for June 2026 was 5.1% as compared to 5.4% in June 2025. In June 2026, the median price of an existing single-family home in Las Vegas according to the Las Vegas Realtors® was $490,000, up 1.0% from $485,000 in June 2025. Given the ongoing economic uncertainty driven by inflation, heightened interest rates, increased geo-political and regional uncertainty and conflicts, and the current administration’s approach to regulation and oversight, it is difficult to predict whether the trends in unemployment or housing prices in the Las Vegas area will continue.

We have continued to experience favorable customer trends in carded slot play, spend per visit and net theoretical win across the majority of our properties. These trends, in combination with our operational discipline and our focus on our core local guests, as well as regional and out of town guests, continued to drive consistent operating results in 2026. However, we cannot predict whether these trends will continue, nor can we predict the extent to which impacts of inflation, interest rate fluctuations and other economic uncertainties may affect our business in the future.

Information about our results of operations is included herein and in the notes to our Condensed Consolidated Financial Statements.

25

Table of Contents    

Key Performance Indicators

We use certain key indicators to measure our performance.

Gaming revenue measures:

•Slot handle, table game drop and race and sports write are measures of volume. Slot handle represents the dollar amount wagered in slot machines, and table game drop represents the total amount of cash and net markers issued that are deposited in table game drop boxes.

•Win represents the amount of wagers retained by us.

•Hold represents win as a percentage of slot handle, table game drop or race and sports write.

As our customers are primarily Las Vegas residents, our hold percentages are generally consistent from period to period. Fluctuations in our casino revenue are primarily due to the volume and spending levels of customers at our properties.

Food and beverage revenue measures:

•Average guest check is a measure of food sales volume and product offerings at our restaurants, and represents the average amount spent per customer visit.

•Number of guests served is an indicator of volume.

Room revenue measures:

•Occupancy is calculated by dividing occupied rooms, including complimentary rooms, by rooms available.

•Average daily rate (“ADR”) is calculated by dividing room revenue, which includes the retail value of complimentary rooms, by rooms occupied, including complimentary rooms.

•Revenue per available room is calculated by dividing room revenue by rooms available.

26

Table of Contents    

Results of Operations

Information about our results of operations is presented below (amounts in thousands):

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Percent change","","Six Months Ended June 30,","","Percent change"],["","2026","","2025","","","2026","","2025"],["Net revenues","$","510,262","","","$","526,273","","","(3.0)","%","","$","1,017,581","","","$","1,024,134","","","(0.6)","%"],["Operating income","135,996","","","168,028","","","(19.1)","%","","279,672","","","322,381","","","(13.2)","%"],["Casino revenues","338,305","","","344,796","","","(1.9)","%","","678,827","","","678,041","","","0.1","%"],["Casino expenses","90,239","","","93,862","","","(3.9)","%","","181,469","","","183,275","","","(1.0)","%"],["Margin","73.3","%","","72.8","%","","","","73.3","%","","73.0","%"],["Food and beverage revenues","93,033","","","94,374","","","(1.4)","%","","183,356","","","183,646","","","(0.2)","%"],["Food and beverage expenses","78,699","","","75,894","","","3.7","%","","152,886","","","149,655","","","2.2","%"],["Margin","15.4","%","","19.6","%","","","","16.6","%","","18.5","%"],["Room revenues","46,658","","","51,187","","","(8.8)","%","","92,172","","","101,357","","","(9.1)","%"],["Room expenses","15,845","","","15,941","","","(0.6)","%","","31,449","","","31,930","","","(1.5)","%"],["Margin","66.0","%","","68.9","%","","","","65.9","%","","68.5","%"],["Other revenues","28,460","","","25,908","","","9.9","%","","54,683","","","51,082","","","7.0","%"],["Other expenses","9,983","","","8,519","","","17.2","%","","17,683","","","15,762","","","12.2","%"],["Native American management and development fees","3,806","","","10,008","","","(62.0)","%","","8,543","","","10,008","","","(14.6)","%"],["Selling, general and administrative expenses","117,936","","","112,031","","","5.3","%","","232,293","","","216,742","","","7.2","%"],["Percent of net revenues","23.1","%","","21.3","%","","","","22.8","%","","21.2","%"],["Depreciation and amortization","58,985","","","47,988","","","22.9","%","","114,840","","","96,319","","","19.2","%"],["Write-downs and other, net","2,579","","","4,010","","","n/m","","7,289","","","8,070","","","n/m"],["Interest expense, net","49,645","","","50,632","","","(1.9)","%","","99,149","","","101,742","","","(2.5)","%"],["Change in fair value of derivative instruments","(3,087)","","","2,305","","","n/m","","(4,053)","","","7,499","","","n/m"],["Gain on Native American development","\u2014","","","8,476","","","n/m","","\u2014","","","8,476","","","n/m"],["Net income attributable to noncontrolling interests","37,474","","","51,849","","","(27.7)","%","","77,305","","","93,050","","","(16.9)","%"],["Provision for income tax","13,483","","","15,924","","","(15.3)","%","","26,608","","","28,735","","","(7.4)","%"],["Net income attributable to Red Rock","39,118","","","56,404","","","(30.6)","%","","82,007","","","101,153","","","(18.9)","%"]]
[[/GREPCENT_TABLE]]

_______________________________________________________________

n/m = Not meaningful

We view each of our Las Vegas casino properties as an individual operating segment. We aggregate all of our Las Vegas operating segments into one reportable segment because all of our Las Vegas properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing programs, are directed by a centralized management structure and have similar economic characteristics. We also aggregate our Native American arrangements into one reportable segment. The results of operations for our Native American segment are discussed in the

27

Table of Contents    

section entitled “Native American Management and Development Fees” and “Gain on Native American Development” below. The results for our Las Vegas operations are discussed in the remaining sections below.

Net Revenues. Net revenues for the three months ended June 30, 2026 were $510.3 million, a decrease of 3.0% as compared to $526.3 million for the prior year period. For the six months ended June 30, 2026, net revenues were $1.0 billion, remaining consistent as compared to the prior year period. For the three months ended June 30, 2026, our other revenues increased by 9.9%, while our casino, food and beverage and room revenues decreased by 1.9%, 1.4% and 8.8%, respectively, as compared to the same quarter in 2025. For the six months ended June 30, 2026, our other revenues increased by 7.0%, while our casino and food and beverage revenues remained consistent and our room revenues decreased by 9.1%, all as compared to the prior year period. Certain of our properties experienced construction disruption associated with renovations and build out of new amenities. In addition, our Native American management and development fees revenue for the three months ended June 30, 2026, were $3.8 million, a decrease of 62.0% as compared to $10.0 million for the prior year period which included a $6.1 million cumulative revenue catch-up related to prior years. For the six months ended June 30, 2026, we recognized Native American management and development fees revenue of $8.5 million, a decrease of 14.6% as compared to $10.0 million for the prior year period which included a $6.1 million cumulative revenue catch-up related to prior years. Our Native American management and development fees revenue represents fees earned from our agreements with a Native American tribe to develop and manage the North Fork Project.

Operating Income. For the three and six months ended June 30, 2026, our operating income was $136.0 million and $279.7 million, respectively. For the three and six months ended June 30, 2025, our operating income was $168.0 million and $322.4 million, respectively. Additional information about factors impacting our operating income is included below.

Casino. Casino revenues decreased by 1.9% for

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1653653/000165365326000004/rrr-20251231.htm
Complete FY 2025 MD&A: /company/RRR/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Item 8. Financial Statements and Supplementary Data within this Annual Report on Form 10-K.

Overview

Red Rock was formed as a Delaware corporation in 2015 to own an indirect equity interest in, and manage, Station Casinos LLC, a Nevada limited liability company (“Station LLC”). Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming and entertainment facilities and 13 smaller casinos (three of which are 50% owned) in the Las Vegas regional market. As of December 31, 2025, we offered 16,553 slot machines, 328 table games and 2,734 hotel rooms in the Las Vegas market.

We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability company interests in Station Holdco (“LLC Units”), which owns all of the economic interests in Station LLC. At December 31, 2025, we held 59% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC, and conduct all of our operations through these entities. Other than assets and liabilities related to income taxes and the tax receivable agreement, our only material assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC.

Our Consolidated Financial Statements reflect the consolidation of Station LLC and its consolidated subsidiaries, and Station Holdco. The financial position and results of operations attributable to LLC Units we do not own are reported separately as noncontrolling interest.

Our principal source of revenue and operating income is gaming. Our non-gaming offerings include restaurants, hotels and other entertainment amenities. Approximately 80% of our casino revenue is generated from slot play. The majority of our revenue is cash-based and, as a result, fluctuations in our revenues have a direct impact on our cash flows from operations. Because our business is capital intensive and we utilize debt to fund many of our capital initiatives, we rely heavily on the ability of our properties to generate operating cash flow to repay debt financing and fund capital expenditures.

A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. As of December 2025, the unemployment rate in the Las Vegas metropolitan area was 5.2%, down from 5.9% in December 2024. Statewide, the unemployment rate for December 2025 was 5.2%, as compared to 5.7% in December 2024. The median price of an existing single-family home in Las Vegas was $470,000 at December 31, 2025, down 1.1% as compared to December 31, 2024, according to the Las Vegas Realtors®. In addition, the Las Vegas metropolitan area population continues to grow, posting a 1.6% growth rate in 2025 over the prior year. In light of uncertainty in the economic outlook stemming from inflation, higher interest rates, increased geo-political and regional conflicts, and the current administration’s view of the regulatory environment and agencies, we cannot predict whether the trends in unemployment, housing prices or population growth in the Las Vegas area will continue.

We have continued to experience favorable customer trends, including strong carded slot play and robust visitation and net theoretical win across the majority of our properties. These trends, in combination with our operational discipline and our focus on our core local guests, as well as regional and out of town guests, continued to drive strong operating results in 2025. However, we cannot predict whether these trends will continue, nor can we predict the extent to which the impacts of inflation and interest rate fluctuations may affect our business in the future.

41

Table of Contents                

Our Key Performance Indicators

We use certain key indicators to measure our performance.

Gaming revenue measures:

•Slot handle, table game drop and race and sports write are measures of volume. Slot handle represents the dollar amount wagered in slot machines, and table game drop represents the total amount of cash and net markers issued that are deposited in table game drop boxes.

•Win represents the amount of wagers retained by us.

•Hold represents win as a percentage of slot handle, table game drop or race and sports write.

As our customers are primarily Las Vegas residents, our hold percentages are generally consistent from period to period. Fluctuations in our casino revenue are primarily due to the volume and spending levels of customers at our properties.

Food and beverage revenue measures:

•Average guest check is a measure of food sales volume and product offerings at our restaurants, and represents the average amount spent per customer visit.

•Number of guests served is an indicator of volume.

Room revenue measures:

•Occupancy is calculated by dividing occupied rooms, including complimentary rooms, by rooms available.

•Average daily rate (“ADR”) is calculated by dividing room revenue, which includes the retail value of complimentary rooms, by rooms occupied, including complimentary rooms.

•Revenue per available room is calculated by dividing room revenue by rooms available.

42

Table of Contents                

Information about our results of operations is included herein and in the notes to our Consolidated Financial Statements.

Results of Operations

The following table presents information about our results of operations for the year ended December 31, 2025 compared to 2024 (dollars in thousands). Information about our results of operations for the year ended December 31, 2024 compared to 2023 can be found in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025.

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Percent change"],["Net revenues","$","2,011,483","","","$","1,939,011","","","3.7%"],["Operating income","597,427","","","568,691","","","5.1%"],["Casino revenues","1,340,529","","","1,277,249","","","5.0%"],["Casino expenses","361,663","","","354,597","","","2.0%"],["Margin","73.0","%","","72.2","%"],["Food and beverage revenues","362,424","","","360,388","","","0.6%"],["Food and beverage expenses","299,634","","","295,193","","","1.5%"],["Margin","17.3","%","","18.1","%"],["Room revenues","190,128","","","200,517","","","(5.2)%"],["Room expenses","63,684","","","63,768","","","(0.1)%"],["Margin","66.5","%","","68.2","%"],["Other revenues","100,770","","","100,857","","","(0.1)%"],["Other expenses","31,327","","","30,669","","","2.1%"],["Development fees","17,632","","","\u2014","","","n/m"],["Selling, general and administrative expenses","441,324","","","432,276","","","2.1%"],["Percent of net revenues","21.9","%","","22.3","%"],["Depreciation and amortization","197,405","","","187,112","","","5.5%"],["Write-downs and other, net","19,019","","","6,705","","","n/m"],["Interest expense, net","201,876","","","228,804","","","(11.8)%"],["Loss on extinguishment/modification of debt","25","","","14,402","","","n/m"],["Change in fair value of derivative instruments","4,288","","","(274)","","","n/m"],["Gain on Native American development","8,476","","","\u2014","","","n/m"],["Net income attributable to noncontrolling interests","167,604","","","137,241","","","22.1%"],["Provision for income tax","46,650","","","36,914","","","26.4%"],["Net income attributable to Red Rock","188,066","","","154,051","","","22.1%"]]
[[/GREPCENT_TABLE]]

________________________________________________

n/m = not meaningful

43

Table of Contents                

We view each of our Las Vegas casino properties as an individual operating segment. We aggregate all of our Las Vegas operating segments into one reportable segment because all of our Las Vegas properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing programs, are directed by a centralized management structure and have similar economic characteristics. We also aggregate our Native American arrangements into one reportable segment. The results of operations for our Native American segment are discussed in the sections titled “Development Fees” and “Gain on Native American Development” below. The results of operations of our Las Vegas operations segment are discussed in the remaining sections below.

Net Revenues. Net revenues for the year ended December 31, 2025 increased by $72.5 million to $2.01 billion as compared to $1.94 billion for the year ended December 31, 2024. Certain of our properties experienced construction disruption associated with renovations and build out of new amenities. For the year ended December 31, 2025, we achieved year over year growth of 5.0% for casino revenues, while our food and beverage and other revenues remained consistent and our room revenues decreased by 5.2%, all as compared to the prior year period. In addition, during the year ended December 31, 2025, we recognized development fee revenues of $17.6 million, representing fees earned from our agreement with a Native American tribe to develop the North Fork Project.

Operating Income. For the year ended December 31, 2025 our operating income was $597.4 million. For the year ended December 31, 2024 our operating income was $568.7 million. Additional information about factors impacting our operating income is discussed below.

Casino.  As described under Net Revenues above, our casino revenues increased by 5.0% for the year ended December 31, 2025 as compared to 2024. For 2025, slot handle increased by 3.9%, while table games drop and race and sports write each decreased by 3.2%, all as compared to 2024. Our slot hold and table games hold for 2025 was consistent compared to 2024, while our race and sports hold increased 2.0%, as compared to 2024. Casino expenses increased by 2.0% for the year ended December 31, 2025 as compared to the prior year, primarily due to higher gaming taxes and employee-related costs, partially offset by bad debt recoveries and lower participation fees as a result of our finance leases.

Food and Beverage.  Food and beverage includes revenue and expenses from restaurants, bars and catering. For the year ended December 31, 2025, food and beverage revenues were consistent as compared to 2024. For 2025, the number of restaurant guests served increased by 5.2% while the average guest check decreased by 4.4%, both as compared to 2024. Food and beverage expenses increased 1.5% for the year ended December 31, 2025 as compared to the prior year, primarily due to employee-related costs.

Room. For the year ended December 31, 2025 as compared to 2024, room revenues decreased by 5.2% primarily due to hotel renovations at Green Valley Ranch. Room expenses for the year ended December 31, 2025 were in line with the prior year.

Information about our hotel operations is presented below:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024"],["Occupancy","89.4","%","","87.8","%"],["Average daily rate","$","197.91","","","$","204.00"],["Revenue per available room","$","176.90","","","$","179.19"]]
[[/GREPCENT_TABLE]]

Our ADR decreased by 3.0% and our revenue per available room decreased by 1.3% for 2025 as compared to 2024. Our occupancy rate for the year e

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RRR/mda/fy2025/
All MD&A years: /company/RRR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RRR/mda/fy2024/): filed 2025-02-21; accession 0001653653-25-000004 (https://www.sec.gov/Archives/edgar/data/1653653/000165365325000004/rrr-20241231.htm)
- [FY 2023 MD&A](/company/RRR/mda/fy2023/): filed 2024-02-21; accession 0001653653-24-000004 (https://www.sec.gov/Archives/edgar/data/1653653/000165365324000004/rrr-20231231.htm)
- [FY 2022 MD&A](/company/RRR/mda/fy2022/): filed 2023-02-24; accession 0001653653-23-000004 (https://www.sec.gov/Archives/edgar/data/1653653/000165365323000004/rrr-20221231.htm)
- [FY 2021 MD&A](/company/RRR/mda/fy2021/): filed 2022-02-25; accession 0001653653-22-000004 (https://www.sec.gov/Archives/edgar/data/1653653/000165365322000004/rrr-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7011 Hotels & Motels) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RRR.md · JSON record: /company/RRR.json · verified financials: /company/RRR/financials.json / /company/RRR/financials.csv · machine TOC for the whole site: /llms.txt