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Red Rock Resorts Investor Relations Red Rock Resorts Announces Second Quarter 2021 Results LAS VEGAS , July 28 , 2021 / PRNewswire / -- Red Rock Resorts , Inc. ( " Red Rock Resorts , " " we " or the " Company " ) ( NASDAQ : RRR ) today reported financial results for the second quarter ended June 30 , 2021 . During the second quarter the Company continued to operate its Red Rock , Green Valley Ranch , Santa Fe Station , Boulder Station , Palace Station and Sunset Station properties , together with its Wildfire Properties , while Palms Casino Resort , Texas Station , Fiesta Rancho and Fiesta Henderson remained closed during the quarter . While second quarter 2019 results are included below for comparative purposes , the 2019 results include , among other things , the results of our four currently closed properties in addition to the properties which operated in the second quarter 2021 . Second Quarter Results Net revenues were $ 428.2 million for the second quarter of 2021 , an increase of 295 % , or $ 319.7 million , from $ 108.5 million for the same period of 2020 , primarily due to the closure of our properties during most of the second quarter in 2020 due to the COVID - 19 pandemic . Compared to the same period of 2019 , net revenues were down 11 % or $ 54.7 million from net revenue of $ 482.9 million . Net income was $ 143.4 million for the second quarter of 2021 , an improvement of $ 261.8 million , from a loss of $ 118.4 million for the same period of 2020. Compared to the same period of 2019 , net income increased by $ 150.4 million from a loss of $ 7.1 million . Adjusted EBITDA ( 1 ) was $ 210.2 million for the second quarter of 2021 , an increase of $ 227.4 million from negative $ 17.3 million in the same period of 2020. Compared to the same period of 2019 , Adjusted EBITDA increased 82 % or $ 94.9 million from $ 115.2 million . Las Vegas Operations Net revenues from Las Vegas operations were $ 426.4 million for the second quarter of 2021 , an increase of 322 % , or $ 325.4 million , from $ 101.0 million in the same period of 2020 , primarily due to the closure of our properties during most of the second quarter in 2020 due to the COVID - 19 pandemic . Compared to the same period of 2019 , net revenues were down 7 % or $ 31.3 million from net revenue of $ 457.8 million . Adjusted EBITDA from Las Vegas operations was $ 222.6 million for the second quarter of 2021 , an increase of $ 234.7 million , from negative $ 12.1 million in the same period of 2020. Compared to the same period of 2019 , Adjusted EBITDA increased 110 % or $ 116.6 million from $ 106.0 million . Balance Sheet Highlights The Company's cash and cash equivalents at June 30 , 2021 were $ 91.0 million and total principal amount of debt outstanding at the end of the second quarter was $ 2.7 billion . 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 : 3945487. A replay of the call will be available from today through August 4 , 2021 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 excluding non - cash expenses , financing costs , and other non - operational or non - recurring items . Adjusted EBITDA includes net income ( loss ) plus depreciation and amortization , share - based compensation , write - downs and other charges , net , asset impairment , losses from assets held for sale , interest expense , net , ( gain ) loss on extinguishment / modification of debt , net , change in fair value of derivative instruments , provision ( benefit ) 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 located throughout the Las Vegas valley , are regional entertainment destinations and include 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 , Palms Casino Resort , Palace Station Hotel & Casino , Boulder Station Hotel & Casino , Sunset Station Hotel & Casino , Santa Fe Station Hotel & Casino , Texas Station Gambling Hall & Hotel , Fiesta Rancho Casino Hotel , Fiesta Henderson Casino Hotel , Wildfire Rancho , Wildfire Boulder , Wild Wild West Gambling Hall & Hotel , Wildfire Sunset , Wildfire Valley View , Wildfire Anthem and Wildfire Lake Mead . 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 , our ability to consummate the sale of the Palms , the extent and duration of the impact of the COVID - 19 pandemic on the Company's business , financial results and liquidity ; the duration of the closure of the Company's properties that have not yet reopened ; the impact and cost of new operating procedures implemented at the Company's properties in response to the COVID - 19 pandemic ; the impact of actions that the Company has undertaken to reduce costs and improve efficiencies to mitigate losses as a result of the COVID - 19 pandemic ; the impact of the COVID - 19 pandemic , and resulting 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 ( including the current government - mandated operational restrictions ) ; 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 , 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 , 2020 , 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. Condensed Consolidated Statements of Operations ( amounts in thousands , except per share data ) ( unaudited ) Three Months Ended June 30 , 2021 2020 2019 Six Months Ended June 30 , 2021 2020 2019