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Red Rock Resorts Investor Relations Red Rock Resorts Announces Third Quarter 2021 Results LAS VEGAS , Nov. 2 , 2021 / PRNewswire / -- Red Rock Resorts , Inc. ( " Red Rock Resorts , " " we " or the " Company " ) ( NASDAQ : RRR ) today reported financial results for the third quarter ended September 30 , 2021 . During the third 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 . Third Quarter Results Net revenues were $ 414.8 million for the third quarter of 2021 , an increase of 17 % , or $ 61.6 million , from $ 353.2 million for the same period of 2020 . Net income was $ 117.9 million for the third quarter of 2021 , an increase of 64 % or $ 45.9 million , from $ 72.0 million for the same period of 2020 . Adjusted EBITDA ( 1 ) was $ 184.5 million for the third quarter of 2021 , an increase of 15 % or $ 23.6 million from $ 160.9 million in the same period of 2020 . Las Vegas Operations Net revenues from Las Vegas operations were $ 412.7 million for the third quarter of 2021 , an increase of 29 % , or $ 91.9 million , from $ 320.8 million in the same period of 2020 . Adjusted EBITDA from Las Vegas operations was $ 197.9 million for the third quarter of 2021 , an increase of 40 % or $ 56.2 million , from $ 141.7 million in the same period of 2020 . Balance Sheet Highlights The Company's cash and cash equivalents at September 30 , 2021 were $ 89.9 million and total principal amount of debt outstanding at the end of the third quarter was $ 2.68 billion . Share Repurchase Program The Company's Board of Directors has authorized an increase in the Company's share repurchase program from $ 150 million to $ 300 million , which gives the Company over $ 173 million of repurchase capacity . 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 : 8613587. A replay of the call will be available from today through November 9 , 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 . 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 for income tax and other . 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 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 , Palace Station Hotel & Casino , Boulder Station Hotel & Casino , Sunset Station Hotel & Casino , Santa Fe Station Hotel & Casino , 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 Palms Casino Resort , Texas Station Gambling Hall & Hotel , Fiesta Rancho Casino Hotel and Fiesta Henderson Casino Hotel , which have been closed since March 2020 , and 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