Red Rock Resorts


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Red Rock Resorts, Inc.: Increasing Portfolio Size & Capitalizing on Demographics!


In the first quarter of 2024, Red Rock Resorts showcased a strong performance underscored by record-breaking net revenue and adjusted EBITDA for its Las Vegas operations. This period marked historical highs for the company in terms of first-quarter achievements, although it was not without its set of challenges such as cannibalization effects from new openings. The revenue for Red Rock Resorts’ Las Vegas operations reached $485.6 million, marking an increase of 12.9% year-over-year, while its adjusted EBITDA was $229.8 million, a 7.3% increase. Despite these positive growth indicators, the adjusted EBITDA margin decreased by 247 basis points to 47.3%. On a consolidated basis, the company’s net revenue was $488.9 million, a 12.7% annual increase, with a total adjusted EBITDA of $209.1 million, rising 7.7%. The decrease in EBITDA margin, which was 42.8%, down 200 basis points from the previous year, may indicate some operational challenges impacting profitability.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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