Red Rock Resorts reported its second-highest second-quarter gaming revenue and profitability on record, with renovation work at several Las Vegas properties weighing on the numbers. Net revenue came in at $510.3 million, down 3.0% from $526.3 million a year earlier.
Net income fell 29.3% to $76.6 million, while adjusted EBITDA dropped 9.3% to $208 million. Las Vegas operations brought in $503.2 million of revenue, down 2%, with segment adjusted EBITDA down 5% to $227.5 million. Tribal operations revenue fell 62% and EBITDA there was down 72%.
President Scott Kreeger tied the decline to refurbishment work across several properties. Green Valley Ranch lost more than 21,000 hotel nights to its renovation, hitting both revenue and margins. Work continues on the $87 million Sunset Station project, which covers upgraded cinemas, a relocated bingo hall and a high-limit steakhouse. Completion is scheduled for 2026-2027.
Kreeger also pointed to steady results at Durango despite construction on a $385 million expansion: 400 additional slots, a 36-lane bowling alley, premium cinemas and new restaurants. The expanded Durango North complex is set to open in the second half of 2027.
Red Rock closed the quarter with $136.5 million in cash and equivalents and $3.6 billion in total debt. The board approved a quarterly dividend of $0.26 per Class A share, payable September 30 to shareholders of record on September 15.
Vice chairman Lorenzo Fertitta announced a marketing campaign marking the company's 50th anniversary in Las Vegas. Campaign spending will reach $8 million in the third quarter.
