The following is a summary of the Red Rock Resorts, Inc. (RRR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Red Rock Resorts reported a Q3 net revenue of $468 million, up 13.7% year-over-year.

• Adjusted EBITDA for the quarter was $182.7 million, marking a 4.3% increase from the previous year.

• EBITDA margin saw a decrease of 353 basis points, settling at 39% for the quarter.

• The company announced an operating free cash flow of $46.4 million, or $0.44 per share, bringing the year-to-date free cash flow to $292.6 million, or $2.70 per share.

Business Progress:

• Durango Casino Resort continues to perform well, increasing local market share and growing customer base significantly.

• Plans to expand Durango later in the year with an additional 25,000 square feet of casino space and nearly 2,000 parking spots, totaling an approximate investment of $116 million.

• Development of North Fork project underway, which will enhance the company's regional presence with a new luxury resort.

• Investments continue across multiple properties to refresh hotel and gaming amenities, ensuring competitive and up-to-date facilities.

Opportunities:

• The rapid growth of residential areas around key properties like Red Rock and Durango presents opportunities for increased patronage and revenue.

• Expansion projects at Durango and other properties expected to draw more visitors and enhance guest experience, potentially increasing market share.

Risks:

• Potential disruptions from ongoing renovations and expansions, particularly with the south side of Durango during its expansion.

• The group sales and catering segments face challenging comparatives for the remainder of the year, potentially affecting overall profitability.

More details: Red Rock Resorts IR

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