Red Rock Resorts reported a 2.8% increase in net revenue to $488.7 million for the third quarter of 2026, although anniversary-related expenses contributed to a consolidated net loss during the period.
The US casino operator generated $475.6 million in revenue during the corresponding quarter of 2025, representing a year-on-year increase of $13.1 million. Despite the revenue growth, the company recorded a consolidated net loss of $17.7 million, compared with net income of $76.9 million a year earlier.
Anniversary expenses contribute to decline in quarterly earnings
Red Rock Resorts attributed much of the decline in profitability to expenses associated with its 50th anniversary celebrations.
The company recognised $79.1 million in share-based compensation expenses after awarding stock to substantially all full-time and part-time employees. It also incurred $6.9 million in additional one-time anniversary expenses during the quarter.
Adjusted EBITDA fell by 4.3% to $182.6 million, compared with $190.9 million in Q3 2025. The figure included $5.8 million in one-time anniversary-related expenses. The company reported that these costs had a substantial effect on its quarterly earnings despite the increase in overall revenue.
Las Vegas operations generate $479.1m in quarterly revenue
Red Rock Resorts’ Las Vegas operations remained its largest revenue contributor, generating $479.1 million during the quarter. This represented a 2.2% increase from the $468.6 million recorded during the same period last year.
However, adjusted EBITDA from the Las Vegas business declined by 2.3% to $204.6 million, compared with $209.4 million in Q3 2025. The figures showed that revenue growth across the company’s principal operating market did not translate into higher adjusted earnings during the reporting period.
Native American business records stronger revenue and EBITDA growth
The company’s Native American operations reported net revenue of $6.2 million, representing a 59% increase from $3.9 million in the corresponding quarter of 2025.
Adjusted EBITDA from the segment also increased by 30.8% to $5.1 million, compared with $3.9 million a year earlier. Although the segment contributed a relatively small proportion of consolidated revenue, it recorded stronger percentage growth than the company’s Las Vegas operations.
Red Rock Resorts confirms debt position and fourth-quarter dividend
As of 30 September 2026, Red Rock Resorts held $128.3 million in cash and cash equivalents, while its outstanding principal debt totalled approximately $3.7 billion. Its board also declared a fourth-quarter cash dividend of $0.26 per Class A common share.
The dividend is scheduled for payment on 31 December 2026 to shareholders of record at the close of business on 15 December. Before this payment, Station Holdco LLC will distribute around $29.2 million to its unit holders, including Red Rock Resorts, at a rate of $0.26 per unit.
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