Las Vegas-based Red Rock Resorts reported first quarter results Tuesday that showed an increase in net revenue of 12.7% and adjusted earnings 7.7%. The company reported $488.9 million in revenue in January through March, up $55.3 million or 12.7% higher than the $433.6 million in the first quarter of 2023. Adjusted EBITDA was $209.1 million for the first quarter, an increase of 7.7% or $15 million from $194.2 million last year.
Net income was $78.4 million for first-quarter 2024, a decrease of 8.4% or $7.2 million from $85.5 million in the same period of 2023.
For Las Vegas operations, net revenue was $485.6 million for the first quarter, an increase of 12.9% or $55.5 million from $430 million in the first quarter of 2023. Adjusted EBITDA from Las Vegas operations was $229.8 million for the first quarter of 2024, an increase of 7.3% or $15.7 million from $214.1 million.
Casino revenue rose 10% during the first quarter compared to the first three months of 2023. Food and beverage rose 19.3% and room revenue grew 20%.
The company’s cash and cash equivalents on March 31 were $129.7 million and total principal amount of debt outstanding at the end of the first quarter was $3.5 billion.
The board of directors declared a cash dividend of $0.25 per Class A common share for the second quarter of 2024. The dividend will be payable on June 28 to all stockholders of record as of the close of business on June 14.
Red Rock Resorts’ stock closed at $55 on Tuesday, but fell to $52.01 in after-hours trading.
