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Can Red Rock Resorts Sustain Growth As Renovations And New Supply Intensify Pressure?

Red Rock Resorts reported its fourth quarter and full-year 2025 financial results, reflecting continued operational strength in its Las Vegas and broader portfolio. The company’s Las Vegas operations achieved record net revenue and adjusted EBITDA for both the quarter and full year, with the fourth quarter net revenue reaching $505 million—an increase of 2.5% year-over-year—and adjusted EBITDA rising 3.2% to $231 million. Full-year Las Vegas net revenue nearly hit $2 billion, up 2.9%, while adjusted EBITDA surpassed $915 million, marking the fifth consecutive year of record adjusted EBITDA. These results underscore steady growth and consistent profitability, with adjusted EBITDA margins remaining near record levels at 45.8% for the quarter and 46.2% for the year. Beyond Las Vegas, consolidated results including the North Fork project showed net revenue of $511.8 million in the fourth quarter, up 3.2%, and adjusted EBITDA of $213 million, a 5.4% increase.