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Red Rock Resorts Investor Relations Red Rock Resorts Announces First Quarter 2021 Results LAS VEGAS , May 4 , 2021 / PRNewswire / -- Red Rock Resorts , Inc. ( " Red Rock Resorts , " " we " or the " Company " ) ( NASDAQ : RRR ) today reported financial results for the first quarter ended March 31 , 2021 . During the first quarter the Company continued to execute on its phased reopening program , and operated its first - to - reopen properties of Red Rock , Green Valley Ranch , Santa Fe Station , Boulder Station , Palace Station and Sunset Station , together with its Wildfire Properties . First Quarter Results Net revenues were $ 352.6 million for the first quarter of 2021 , a decrease of 6.6 % , or $ 24.8 million , from $ 377.4 million for the same period of 2020 , primarily due to the on - going impacts of the COVID - 19 pandemic . Compared to the same period of 2019 , net revenues were down 21.1 % or $ 94.4 million from net revenue of $ 447.0 million . Net loss was $ 106.6 million for the first quarter of 2021 , an improvement of $ 71.2 million , from a loss of $ 177.8 million for the same period of 2020. Compared to the same period of 2019 , the net loss is a decrease of $ 126.8 million from net income of $ 20.3 million . Adjusted EBITDA ( 1 ) was $ 156.6 million for the first quarter of 2021 , an increase of 110.8 % , or $ 82.3 million , from $ 74.3 million in the same period of 2020. Compared to the same period of 2019 , Adjusted EBITDA is up 8.0 % or $ 11.6 million from $ 145.1 million . Las Vegas Operations Net revenues from Las Vegas operations were $ 342.8 million for the first quarter of 2021 , a decrease of 3.8 % , or $ 13.6 million , from $ 356.5 million in the same period of 2020 , primarily due to the ongoing impacts of the COVID - 19 pandemic . Compared to the same period of 2019 , net revenues were down 18.8 % or $ 79.6 million from net revenue of $ 422.4 million . Adjusted EBITDA from Las Vegas operations was $ 160.7 million for the first quarter of 2021 , an increase of 134.6 % , or $ 92.2 million , from $ 68.5 million in the same period of 2020. Compared to the same period of 2019 , Adjusted EBITDA is up 19.2 % or $ 25.9 million from $ 134.8 million . Native American Management Adjusted EBITDA from Native American operations was $ 7.6 million for the first quarter of 2021 , a 56.8 % decrease from $ 17.6 million in the same period of 2020 due to the termination of the management contract of Graton Resort and Casino on February 5 , 2021 . Balance Sheet Highlights The Company's cash and cash equivalents at March 31 , 2021 were $ 117.9 million and total principal amount of debt outstanding at the end of the first quarter was $ 2.9 billion . Sale of Palms Casino Resort The Company today announced a definitive agreement between its subsidiary Station Casinos LLC and a subsidiary of the San Manuel Band of Mission Indians ( " San Manuel " ) to sell the Palms Casinos Resort for $ 650 million in cash , subject to customary adjustments . The transaction is subject to regulatory approvals and other customary closing conditions . Milbank LLP represented Red Rock and Deutsche Bank Securities Inc. is acting as financial advisor to Red Rock on the transaction . Latham & Watkins LLP represented San Manuel and Jefferies LLC is acting as financial advisor to San Manuel on the transaction . 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 : 2187963. A replay of the call will be available from today through May 11 , 2021 at www.redrockresorts.com . A live audio webcast of the call will also be available atwww.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 excluding non - cash expenses , financing costs , and other non - operational or non - recurring items . Adjusted EBITDA includes net ( loss ) income plus depreciation and amortization , share - based compensation , write - downs and other charges , net , asset impairment , interest expense , net , loss on extinguishment / modification of debt , net , change in fair value of derivative instruments , provision for income tax and other . Company Information and Forward Looking Statements Red Rock Resorts owns a majority indirect equity interest in and manages Station Casinos LLC ( " Station Casinos " ) . Station Casinos is the leading provider of gaming and entertainment to the residents of Las Vegas , Nevada . Station Casinos ' properties , which are