8-K
Red Rock Resorts, Inc. (RRR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): February 10, 2026
RED ROCK RESORTS, INC.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 001-37754 | 47-5081182 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification Number) |
1505 South Pavilion Center Drive, Las Vegas, Nevada 89135
(Address of Principal Executive Offices) (Zip Code)
702-495-3000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br> <br>Symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Class A Common Stock, $0.01 par value | RRR | NASDAQ Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
|---|
On February 10, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
Exhibit 99.1. Press release dated February 10, 2026
Exhibit 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RED ROCK RESORTS, INC. | ||
|---|---|---|
| Date: February 10, 2026 | By: | /s/ Stephen L. Cootey |
| Stephen L. Cootey | ||
| Executive Vice President, Chief Financial Officer and Treasurer |
EX-99.1
Exhibit 99.1
Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results
LAS VEGAS, February 10, 2026 (PRNewswire)—Red Rock Resorts, Inc. (“Red Rock Resorts,” “we” or the “Company”) (NASDAQ: RRR) today reported financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter Results
Consolidated Operations
| • | Net revenues were $511.8 million for the fourth quarter of 2025, an increase of 3.2%, or $16.1 million,<br>from $495.7 million in the same period of 2024. |
|---|---|
| • | Net income was $84.6 million for the fourth quarter of 2025, a decrease of 3.5%, or $3.1 million, from<br>$87.7 million in the same period of 2024. |
| --- | --- |
| • | Adjusted EBITDA^(1)^ was $213.3 million for the fourth<br>quarter of 2025, an increase of 5.4%, or $10.9 million, from $202.4 million in the same period of 2024. |
| --- | --- |
Las VegasOperations
| • | Net revenues from Las Vegas operations were $505.0 million for the fourth quarter of 2025, an increase of<br>2.5%, or $12.4 million, from $492.6 million in the same period of 2024. |
|---|---|
| • | Adjusted EBITDA from Las Vegas operations was $231.1 million for the fourth quarter of 2025, an increase of<br>3.2%, or $7.2 million, from $223.9 million in the same period of 2024. |
| --- | --- |
Native American
| • | Net revenues and Adjusted EBITDA from Native American activities were $3.7 million for the fourth quarter of<br>2025, representing revenue related to development fees. |
|---|
Full Year Results
Consolidated Operations
| • | Net revenues were $2.01 billion in 2025, an increase of 3.7%, or $72.5 million, from $1.94 billion<br>in 2024. |
|---|---|
| • | Net income was $355.7 million in 2025, an increase of 22.1%, or $64.4 million, from $291.3 million<br>in 2024. |
| --- | --- |
| • | Adjusted EBITDA was $848.6 million in 2025, an increase of 6.6%, or $52.7 million, from<br>$795.9 million in 2024. |
| --- | --- |
Las Vegas Operations
| • | Net revenues from Las Vegas operations were $1.98 billion in 2025, an increase of 2.9%, or<br>$55.7 million, from $1.93 billion in 2024. |
|---|---|
| • | Adjusted EBITDA from Las Vegas operations was $915.9 million in 2025, an increase of 4.2%, or<br>$36.5 million, from $879.4 million in 2024. |
| --- | --- |
Native American
| • | Net revenues and Adjusted EBITDA from Native American activities were $17.6 million in 2025, representing<br>revenue related to development fees. |
|---|
Balance Sheet Highlights
The Company’s cash and cash equivalents at December 31, 2025 were $142.5 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.4 billion.
Quarterly Dividend
The Company’s Board of Directors has declared a cash dividend of $0.26 per Class A common share for the first quarter of 2026. The dividend will be payable on March 31, 2026 to all stockholders of record as of the close of business on March 16, 2026.
Prior to the payment of such dividend, Station Holdco LLC (“Station Holdco”) will make a cash distribution to all unit holders of record, including the Company, of $0.26 per unit for a total distribution of approximately $28.9 million, approximately $16.9 million of which is expected to be distributed to the Company and approximately $12.0 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
Special Dividend
The Company’s Board of Directors has declared a special dividend of $1.00 per Class A common share. The dividend will be payable on February 27, 2026 to all stockholders of record as of the close of business on February 20, 2026.
Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the Company, of $1.00 per unit for a total distribution of approximately $111.0 million, approximately $65.1 million of which is expected to be distributed to the Company and approximately $45.9 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
Conference Call Information
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 4242029. A replay of the call will be available from today through February 17, 2026 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com.
Presentation of Financial Information
(1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the years ended December 31, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, loss on extinguishment/modification of debt, gain on Native American development and provision for income tax.
Company Information and Forward Looking Statements
Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC (“Station Casinos”). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of Las Vegas, Nevada. Station Casinos’ properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include hotels as well as various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Durango Resort & Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem, Wildfire Lake Mead, Wildfire on Fremont and Seventy Six by Station Casinos (North Lamb, Aliante & Union Village). Station Casinos also owns a 50% interest in Barley’s Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as “will”, “might”, “predict”, “continue”, “forecast”, “expect”, “believe”, “anticipate”, “outlook”, “could”, “would”, “target”, “project”, “intend”, “plan”, “seek”, “estimate”, “pursue”, “should”, “may” and “assume”, or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company’s business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market
competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company’s other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
View source version on http://redrockresorts.investorroom.com/:
Investors:
Stephen L. Cootey
Stephen.Cootey@redrockresorts.com
(702) 495-4214
Media:
Michael J. Britt
Michael.Britt@redrockresorts.com
(702) 495-3693
Red Rock Resorts, Inc.
Consolidated Statements of Income
(amounts in thousands, except per share data)
(unaudited)
| Three Months EndedDecember 31, | Year EndedDecember 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Operating revenues: | ||||||||||||
| Casino | $ | 342,998 | $ | 326,541 | $ | 1,340,529 | $ | 1,277,249 | ||||
| Food and beverage | 93,255 | 92,065 | 362,424 | 360,388 | ||||||||
| Room | 47,203 | 52,322 | 190,128 | 200,517 | ||||||||
| Development fees | 3,730 | — | 17,632 | — | ||||||||
| Other | 24,591 | 24,767 | 100,770 | 100,857 | ||||||||
| Net revenues | 511,777 | 495,695 | 2,011,483 | 1,939,011 | ||||||||
| Operating costs and expenses: | ||||||||||||
| Casino | 95,125 | 93,634 | 361,663 | 354,597 | ||||||||
| Food and beverage | 76,990 | 75,590 | 299,634 | 295,193 | ||||||||
| Room | 16,197 | 16,320 | 63,684 | 63,768 | ||||||||
| Other | 7,551 | 7,629 | 31,327 | 30,669 | ||||||||
| Selling, general and administrative | 111,729 | 107,112 | 441,324 | 432,276 | ||||||||
| Depreciation and amortization | 52,110 | 48,164 | 197,405 | 187,112 | ||||||||
| Write-downs and other, net | 8,513 | 4,956 | 19,019 | 6,705 | ||||||||
| 368,215 | 353,405 | 1,414,056 | 1,370,320 | |||||||||
| Operating income | 143,562 | 142,290 | 597,427 | 568,691 | ||||||||
| Earnings from joint ventures | 629 | 454 | 2,606 | 2,447 | ||||||||
| Operating income and earnings from joint ventures | 144,191 | 142,744 | 600,033 | 571,138 | ||||||||
| Other (expense) income: | ||||||||||||
| Interest expense, net | (49,648 | ) | (56,171 | ) | (201,876 | ) | (228,804 | ) | ||||
| Loss on extinguishment/modification of debt | (25 | ) | — | (25 | ) | (14,402 | ) | |||||
| Change in fair value of derivative instruments | 1,365 | 11,945 | (4,288 | ) | 274 | |||||||
| Gain on Native American development | — | — | 8,476 | — | ||||||||
| Income before income tax | 95,883 | 98,518 | 402,320 | 328,206 | ||||||||
| Provision for income tax | (11,296 | ) | (10,796 | ) | (46,650 | ) | (36,914 | ) | ||||
| Net income | 84,587 | 87,722 | 355,670 | 291,292 | ||||||||
| Less: net income attributable to noncontrolling interests | 39,928 | 41,134 | 167,604 | 137,241 | ||||||||
| Net income attributable to Red Rock Resorts, Inc. | $ | 44,659 | $ | 46,588 | $ | 188,066 | $ | 154,051 | ||||
| Earnings per common share: | ||||||||||||
| Earnings per share of Class A common stock, basic | $ | 0.76 | $ | 0.79 | $ | 3.19 | $ | 2.61 | ||||
| Earnings per share of Class A common stock, diluted | $ | 0.75 | $ | 0.76 | $ | 3.12 | $ | 2.53 | ||||
| Weighted-average common shares outstanding: | ||||||||||||
| Basic | 58,680 | 59,136 | 58,964 | 59,025 | ||||||||
| Diluted | 101,626 | 103,536 | 102,595 | 103,666 | ||||||||
| Dividends declared per common share | $ | 0.26 | $ | 0.25 | $ | 2.01 | $ | 2.00 |
Red Rock Resorts, Inc.
Segment Information and Reconciliation of Net Income to Adjusted EBITDA
(amounts in thousands)
(unaudited)
| Three Months EndedDecember 31, | Year EndedDecember 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net revenues | ||||||||||||
| Las Vegas operations | $ | 504,991 | $ | 492,638 | $ | 1,981,782 | $ | 1,926,128 | ||||
| Native American | 3,730 | — | 17,632 | — | ||||||||
| Reportable segment net revenues | 508,721 | 492,638 | 1,999,414 | 1,926,128 | ||||||||
| Corporate and other | 3,056 | 3,057 | 12,069 | 12,883 | ||||||||
| Net revenues | $ | 511,777 | $ | 495,695 | $ | 2,011,483 | $ | 1,939,011 | ||||
| Net income | $ | 84,587 | $ | 87,722 | $ | 355,670 | $ | 291,292 | ||||
| Adjustments | ||||||||||||
| Depreciation and amortization | 52,110 | 48,164 | 197,405 | 187,112 | ||||||||
| Share-based compensation | 8,470 | 6,534 | 32,134 | 30,945 | ||||||||
| Write-downs and other, net | 8,513 | 4,956 | 19,019 | 6,705 | ||||||||
| Interest expense, net | 49,648 | 56,171 | 201,876 | 228,804 | ||||||||
| Loss on extinguishment/modification of debt | 25 | — | 25 | 14,402 | ||||||||
| Change in fair value of derivative instruments | (1,365 | ) | (11,945 | ) | 4,288 | (274 | ) | |||||
| Gain on Native American development | — | — | (8,476 | ) | — | |||||||
| Provision for income tax | 11,296 | 10,796 | 46,650 | 36,914 | ||||||||
| Adjusted EBITDA | $ | 213,284 | $ | 202,398 | $ | 848,591 | $ | 795,900 | ||||
| Adjusted EBITDA | ||||||||||||
| Las Vegas operations | $ | 231,133 | $ | 223,897 | $ | 915,884 | $ | 879,360 | ||||
| Native American | 3,730 | — | 17,632 | — | ||||||||
| Reportable segment Adjusted EBITDA | 234,863 | 223,897 | 933,516 | 879,360 | ||||||||
| Corporate and other | (21,579 | ) | (21,499 | ) | (84,925 | ) | (83,460 | ) | ||||
| Adjusted EBITDA | $ | 213,284 | $ | 202,398 | $ | 848,591 | $ | 795,900 |