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PRIVATE & CONFIDENTIAL I N V E S T O R P R E S E N T A T I O N
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2 DISCLAIMER This presentation contains forward-looking statements, that reflect current views of Red Rock Resorts, Inc. (the “Company”) with respect to, among other things, our operations and financial performance, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative thereof and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” in the Company’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) filed with the Securities and Exchange Commission (the “SEC”). We assume no obligation to update or review any such forward-looking information, whether as a result of new information, future developments or otherwise. This presentation also contains estimates and information concerning our industry and peers that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to the information. We have not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the “Risk Factors” section of the Company’s public filings with the SEC. This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin. Non-GAAP financial measures such as Adjusted EBITDA and Adjusted EBITDA Margin should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP . Please refer to the Annex A of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP .
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3 ALIGNMENT BETWEEN SHAREHOLDERS AND MANAGEMENT ENTREPRENEURIAL SPIRIT ▪ Created and developed the Las Vegas Locals market, the second largest gaming market in the United States STABLE LEADERSHIP ▪ Frank Fertitta III and Lorenzo Fertitta lead Red Rock Resorts, which has grown from one property with 90 team members to 24 properties with over 9,500 team members and was recently named Top Workplace by USA Today for the fourth year in a row, Top Workplace in Nevada for the sixth year in a row, one of America’s Best-in-State Employers by Forbes for the second year in a row, one of America’s Best Large Employers by Forbes, and certified as a Great Place to Work for the fifth year in a row DEDICATED OWNER-OPERATORS ▪ The Company has been in the Fertitta Family control from day one. Frank and Lorenzo hold majority ownership of Red Rock Resorts, enabling true alignment between shareholders and management
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4 A ROADMAP OF GROWTH ▪ Consistently leading the nation in population expansion ▪ Favorable discretionary income trends ▪ High-demand housing market ▪ Superior quality of life metrics NEVADA THE RIGHT PLACE FOR GROWTH ▪ Largest regional gaming market in nation ▪ Track record of market absorption of incremental supply ▪ High barriers to entry ▪ Stable regulatory environment ▪ Low tax rate LOCALS GAMING THE RIGHT MARKET FOR GROWTH ▪ Strategically positioned properties within Las Vegas Valley ▪ One-of-a-kind development pipeline ▪ Well capitalized ▪ Proven track record of success and returning capital to shareholders ▪ Demonstrated history of producing at least 20+% IRR on greenfield properties RED ROCK RESORTS THE RIGHT COMPANY FOR GROWTH
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5 LAS VEGAS CONTINUES TO GROW
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6 POPULATION GROWTH NEVADA IS CONSISTENTLY EXPANDING AND LEADS THE NATION Nevada was the fourth fastest growing state in the nation over the course of the last two decades NEVADA’S POPULATION GREW BY 35% BETWEEN 2005 AND 2025 Source: U.S. Census Bureau #4
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7 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 '00 '05 '10 '15 '20 '25 '30 '35 '40 Millions Clark County Population Historical Projected POPULATION GROWTH LAS VEGAS IS ONE OF THE FASTEST GROWING AREAS IN THE NATION Las Vegas’ population has grown by approximately 4.0 new people per hour of every day for the last 20 years Source: U.S. Census Bureau; UNLV CBER. Note: CBER estimates through 2041 have been updated to reflect current Clark County population estimate. +269K
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8 POPULATION GROWTH A KEY DEMOGRAPHIC SHOWS POSITIVE GROWTH TRENDS Residents aged 65+ now comprise 17 percent of Clark County’s population Source: U.S. Census Bureau 17.0% 4% 6% 8% 10% 12% 14% 16% 18% '70 '80 '90 '00 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Clark County Population 65 and Over Share of Total Population
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9 POPULATION GROWTH OLDER CONSUMERS ARE EXPECTED TO CONTINUE GROWING Residents aged 65+ are projected to grow more than 3.2x faster in the next 5 years than the total population in Clark County 25.3% 5.3% 92.6% 16.8% 2010-2026 2026-2031 Clark County Population Growth Total Population 65 and Over Source: Claritas
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10 INCOME GROWTH MEDIAN HOUSEHOLD INCOME FOR 65+ WILL ALSO GROW QUICKLY The median household income for older consumers is expected to grow by 16.8% to $76,852 between 2026 and 2031 86.9% 15.6% 108.0% 16.8% 2000-2026 2026-2031 Clark County Median Household Income Growth Total Population 65 and Over Source: Claritas
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11 HOUSING MARKET TRENDS INDICATE CONTINUED GROWTH Clark County will add over 109,000 housing units over the next 15 years Source: SalesTraq; Clark County Comprehensive Planning Department; U.S. Census Bureau; UNLV CBER 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 '00 '05 '10 '15 '20 '25 '30 '35 '40 Millions Clark County Housing Units Historical Projected +109K
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12 HOUSING MARKET TRENDS REFLECT STABILIZATION IN RESALE ACTIVITY AND RESILIENT NEW HOME PRICES Following post-2021 declines, Southern Nevada resale activity has stabilized at roughly 22,500 single-family closings, with prices holding near historic highs $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 0 10,000 20,000 30,000 40,000 50,000 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 Southern Nevada Resale Single-Family Home Market Closings Median Price 5-Year Price Growth +15.6% Median Price $470,000 Sources: Las Vegas Realtors. Note: 2026 closings represent trailing 12-month totals through September 2026.
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13 HOUSING MARKET TRENDS REFLECT STABILIZATION IN RESALE ACTIVITY AND RESILIENT NEW HOME PRICES Southern Nevada new home prices have continued to remain elevated, particularly as population migration from higher income communities, such as California, continues $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 Southern Nevada New Home Market Closings Median Price 5-Year Price Growth +31.4% Median Price $552,990 Sources: SalesTraq; Home Builders Research. Note: 2026 closings represent trailing 12-month totals through August 2026.
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14 HOUSING MARKET DEVELOPMENT IS EXPANDING AROUND OUR PROPERTIES Subdivision sales remain active across the Las Vegas Valley, with actively selling subdivisions rising 17.5% to 180 in 2026, supporting continued market activity Sources: SalesTraq. Note: Annual growth reflects the average of monthly actively selling subdivisions between January and September of 2025 and 2026. Map shows actively selling subdivisions as of September 2026. Heatmap weighted by number of lots in subdivision. Subdivisions outside the urban valley are not pictured. Major Properties Development Sites
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15 0% 25% 50% 75% 100% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Adjustable Rate Mortgages Adjustable Rate Fixed Rate HOUSING MARKET MORE STABLE THAN DURING THE GREAT RECESSION Adjustable-rate mortgages were only 2.7% of total outstanding mortgages in Nevada in 1Q 2026, mitigating financial exposure during times of rising interest rates Source: Federal Housing Finance Agency; Federal Reserve Bank of St. Louis December 2025 7.0% January 2007 24.9%
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16 QUALITY OF LIFE LAS VEGAS’ LOW COST OF LIVING MAKES IT ATTRACTIVE TO LIVE IN Other western metro areas are up to 61% more expensive than living in Las Vegas Source: The Council for Community and Economic Research More Expensive Cost of Living Among Metropolitan Areas in the Western U.S. (Indexed to Las Vegas) Q3 2026 COMPOSITE INDEX HOUSING INDEX San Francisco, CA 161.0 248.0 Los Angeles, CA 147.1 216.6 San Diego, CA 142.0 193.1 Seattle, WA 138.7 188.6 Portland, OR 109.6 118.1 Denver, CO 105.3 109.1 LAS VEGAS, NV 100.0 100.0 Salt Lake City, UT 99.7 102.7 Phoenix, AZ 99.2 94.1
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17 QUALITY OF LIFE FAVORABLE TAX CLIMATE IS PRO-BUSINESS & BENEFICIAL FOR RESIDENTS Nevada’s lack of corporate and personal income taxes supports a competitive business tax climate relative to other states. Source: Tax Foundation. Note: Reflects tax rate for top income bracket for single filers. Marginal Income Tax Rates CALIFORNIA 13.3% NEVADA 0.0% OREGON 9.9% ARIZONA 2.5% NEW MEXICO 5.9% IDAHO 5.3% UTAH 4.5%
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18 QUALITY OF LIFE NEVADA’S TAX AND BUSINESS ENVIRONMENT IS FAVORABLE Nevada is the #1 state for new corporate investment in the Western United States based on its tax and business climate Source: Las Vegas Perspective 2026/The Boyd Co, Inc., Location Consultants, Princeton, NJ. Note: Results come from Boyd Corporate Site Selection Leading Indicator Poll and are based on responses from C-level and other senior executives in public and privately-held Western U.S. Fortune 1000 companies. Online poll conducted June 15, 2026 – July 1, 2026. 0% 0% 2% 2% 3% 7% 8% 14% 18% 21% 25% California Washington New Mexico Oregon Colorado Montana Idaho Wyoming Utah Arizona Nevada Best State for New Corporate Investment Western States | Based on Tax and Business Climate
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19 QUALITY OF LIFE DEBT PER CAPITA HAS DECREASED WHILE MEDIAN INCOME HAS INCREASED Debt per capita in Nevada has decreased by 45.7% ($60,620) since 2008 Source: Federal Reserve Bank of New York; Claritas. Note: All years are based on Q4 data except 2026, which reflects the most recently available data (Q2). $72,060 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25 Nevada Household Debt Per Capita Inflation-Adjusted (Q2 2026=100)
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20 BUSINESS EXPANSION Las Vegas ranks as the #1 metro area for business expansion Source: Area Development; Chmura Economics & Analytics. Note: Mega metropolitan area is defined as any metro with a population over 1.5 million people. Leading Locations for Business Expansion Among Mega Metropolitan Areas OVERALL WORKFORCE ECONOMY 1 LAS VEGAS, NV 68.6 84.4 84.2 2 Indianapolis, IN 65.6 87.0 78.6 3 Nashville, TN 58.6 84.9 73.7 4 San Antonio, TX 56.1 85.2 71.0 5 Orlando, FL 51.9 78.6 73.3 6 Houston, TX 51.7 78.6 73.0 7 Austin, TX 51.4 79.4 72.0 8 Kansas City, MO 50.8 79.9 70.9 9 Cleveland, OH 49.3 78.3 71.0 10 Denver, CO 48.7 82.9 65.8 LAS VEGAS CONTINUES TO BE A LEADING AREA FOR BUSINESS INVESTMENT AND EXPANSION
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21 Leisure and Hospitality Trade, Transportation, and Utilities Professional and Business Services Education and Health Services Government Construction Financial Activities Other Services Manufacturing Information Mining and Logging LABOR MARKET EMPLOYMENT REMAINS NEAR PEAK LEVELS +54,400 jobs added to the market over the last three years, led by professional and business services, education and health services and leisure and hospitality. Source: Bureau of Labor Statistics Las Vegas Employment Distribution 1.2M September 2026
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22 LABOR MARKET LAS VEGAS JOB MARKET IS GROWING 14.3% -5% 0% 5% 10% 15% 20% 25% 30% Source: Bureau of Labor Statistics. Note: Employment growth based on data from September 2019 and 2026. Employment Growth 30 Largest MSAs | 2019-2026 U.S. Average: +5.1%
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23 THE LOCALS GAMING MARKET IS A PRIME GROWTH OPPORTUNITY
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24 LOCALS GAMING MARKET LAS VEGAS IS THE LARGEST REGIONAL GAMING MARKET The Las Vegas Locals gaming market is the second largest gaming market in the nation Source: State Gaming Control Boards and Commissions; American Gaming Association. Note: Includes slots, table games and retail sports betting. It does not account for revenue from online sports betting or iGaming. $3.2B $0B $2B $4B $6B $8B $10B St. Louis Detroit Philadelphia Gulf Coast Queens/Yonkers Baltimore-Washington DC Chicagoland IL/IN Atlantic City NJ Las Vegas Locals Las Vegas Strip Top 10 United States Commercial Gaming Markets By Gross Gaming Revenue | 2025
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25 11.1% 8.6% 8.4% 7.6% 0% 2% 4% 6% 8% 10% 12% Locals Clark County (Total) Strip Downtown Gross Gaming Revenue Growth 2022-2026 LOCALS GAMING MARKET THE LOCALS GAMING MARKET HAS OUTPACED OTHER MARKET SEGMENTS SINCE 2022 Since 2022, the Las Vegas locals gaming market has grown faster than other Las Vegas gaming segments Source: Nevada Gaming Control Board. Note: Based on annual totals from 2022. 2026 reflects the trailing 12-month total through September 2026.
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26 PERSONAL INCOME PERSONAL INCOME GROWTH SIGNIFICANTLY OUTPACING POPULATION GROWTH Personal incomes expanded by 6.6% CAGR during the past decade and 4.7% during the past 20 years Source: Bureau of Economic Analysis; company estimates. Note: 2026 personal income is estimated based on statewide Q2 data (latest available). $175 B $- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 Billions Personal Income Las Vegas Metro Area
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27 LOCALS GAMING MARKET FUTURE GROWTH POTENTIAL 1.9% of personal income in Southern Nevada is spent on locals gaming activities ($3.3 B of gaming revenue as a share of $175 B of personal income) Source: Nevada Gaming Control Board; U.S. Census Bureau; Bureau of Economic Analysis;. Note: Calculations based on trailing twelve-month gross gaming revenue through September 2026 and estimated Las Vegas personal income. 2026(a) $3.3B 2026(a) $3.3B 2026(a) $3.3B 2031(e) $3.8B 2031(e) $4.2B 2031(e) $4.6B2036(e) $4.4B 2036(e) $5.3B 2036(e) $6.4B Low-Range Scenario (+3% Annually) Mid-Range Scenario (+5% Annually) High-Range Scenario (+7% Annually) Locals Gross Gaming Revenue Potential
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28 HIGH BARRIERS TO ENTRY AND STABLE REGULATORY ENVIRONMENT CHARACTERIZE LOCALS MARKET HIGH BARRIERS TO ENTRY ▪ Nevada law (SB 208) significantly limits the development of casinos outside of the Strip ▪ Red Rock owns most of the major off-strip gaming development sites in Las Vegas Valley STABLE REGULATORY ENVIRONMENT ▪ Stable regulatory environment and experienced regulators ▪ Have overseen gaming for over 80 years ▪ Low tax rate Shutterstock.com
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29 BEST-IN-CLASS OPERATOR WITH BEST-IN-CLASS LOCATIONS
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30 KEY INVESTMENT HIGHLIGHTS ▪ Best-in-Class Assets in Best-in-Class Locations ▪ Durable Business Model Built to Drive Free Cash Flow ▪ Significant Capacity for Growth ▪ Owned Growth Pipeline with High Barriers to Entry ▪ Proven Track Record of Returning Capital to Shareholders ▪ Strong Financial Performance with Sustainable High Margins
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31 CURRENT PROPERTIES CONVENIENTLY LOCATED 24 Strategically distributed properties
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32 REGIONAL ENTERTAINMENT CENTERS ▪ 16,685 Slots(1) ▪ 341 Table Games ▪ State-of-the-Art Race and Sports Book Facilities IRREPLACEABLE ASSETS GENERATE REPEAT VISITATION ▪ 3,028 Rooms ▪ World-Class Pools and Spas ▪ 255,000 sq. ft. Convention/Meeting Space ▪ 179 Restaurants, Bars and Lounges ▪ 35 Live Entertainment Venues ▪ 75 Movie Screens ▪ 222 Bowling Lanes GAMING & SPORTS BETTING RESORTS/HOTELS DINING & ENTERTAINMENT (1) Excludes Seventy Six Tavern Park Highlands (opened July 2026 with 15 slots) and Seventy Six Tavern Silverado Ranch (opened October 2026 with 15 slots)
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33 THE RED ROCK ADVANTAGE #1 locals casino 75% of local carded slot revenue generated by guests who visit 4+ times per month A REPUTATION BUILT BY GUESTS AND TEAM MEMBERS We take care of our team members; as a result, we believe we have one of the highest retention rates in the industry Over 9,500 team members strong More than 1/4 of team members have tenure greater than 10 years LOYAL GUESTS LONG-TERM TEAM MEMBERS
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34 RECURRING REVENUE STREAM GENERATED BY LOYAL SLOT CUSTOMERS 75% of local carded slot revenue generated by guests who visit 4+ times per month Note: Slot revenue and percentages are calculated based on trailing twelve-month local carded revenues as of 9/30/2026 25% OF SLOT REVENUE 1-3 VISITS PER MONTH 26% OF SLOT REVENUE 4-7 VISITS PER MONTH 49% OF SLOT REVENUE 8+ VISITS PER MONTH
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35 $0M $100M $200M $300M $400M $500M $600M $700M $800M 2020 2021 2022 2023 2024 2025 2026 Guidance Capital Expenditures Maintenance Capital Investment Capital STABLE MAINTENANCE CAPITAL PROFILE Assets well-maintained with no deferred maintenance capital Note: Represents consolidated results for Red Rock Resorts as of December 31, 2025. Maintenance capital is net of related payables.
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36 UNIQUELY POSITIONED TO CAPITALIZE ON FUTURE GROWTH Future Inspirada Development Site
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37 RED ROCK RESORTS OWNS THE BEST ORGANIC GROWTH PIPELINE IN GAMING ▪ 100% ownership of all developable real estate ▪ 7 owned development sites located in growing areas within Las Vegas and Reno ▪ Sites feature convenient ingress/egress and proximity to major highways ▪ Sites have ample acreage for future development optionality and expansion ▪ Demonstrated history of producing 20+% IRR on greenfield properties
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38 RED ROCK RESORTS OWNS ALL ITS REAL ESTATE Source: CBRE land valuation as of 9/30/2026 7 CURRENT LARGE PROPERTIES Boulder Station Durango Casino & Resort Green Valley Ranch Palace Station Red Rock Resort Santa Fe Station Sunset Station 462 ACRES READY FOR DEVELOPMENT Las Vegas Blvd South of Cactus 123 Wild Wild West 95 Losee 67 Inspirada 63 Town Center 58 Skye Canyon 48 Reno 8 Our land holdings ready for development valued at over $950 million
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39 LOCATIONS STRATEGICALLY POSITIONED ACROSS VALLEY Source: Claritas ▪ Our 7 large properties are located in faster growing, higher-income areas of the valley ▪ Sites feature convenient ingress / egress and proximity to major highways ▪ Our 17 small properties provide additional distribution around the valley ▪ Our 6 development sites are ideally located within the Las Vegas valley ▪ More than 70% of future population growth in Clark County is located within 3 miles of a Red Rock-owned property or our 6 development sites
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40 WHAT’S NEXT…
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41 ▪ Prominent location with unobstructed views and easy ingress/egress from both the I-15 freeway and Las Vegas Blvd ▪ Larger site offers more flexibility to design resort to accommodate anticipated residential growth as well as increased regional and out-of-town demand ▪ South Las Vegas Blvd is expected to be home to developments such as a new hospital and potential event centers for professional sports ▪ Adult population of approximately 129,000 near the site ▪ Median household income of $110,000 per year ▪ Median home value of $487,000 OWNED DEVELOPMENT PIPELINE OUR CACTUS DEVELOPMENT SITE
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42 ▪ Site offers direct access to I-15 from St. Rose, Sloan interchange, and from Las Vegas Blvd connecting Via Nobila Road and Via Inspirada ▪ +2.5 million SF Haas Automation facility moving forward to the north on Via Inspirada, with estimated completion in 4Q26 – 1Q27. Plans to create over 1,400 new jobs within the first 5 years ▪ Inspirada Town Center is master planned for 15,355 housing units, of which 7,960 were completed as of January 2026 ▪ Centurion is a mixed-use project currently under construction by Sansone Companies. It includes 600 apartments and 80,000 SF with a Sprouts market and other mixed-use retail ▪ Adult population of approximately 43,000 near the site ▪ Median household income of $132,000 per year ▪ Median home value of $597,000 OWNED DEVELOPMENT PIPELINE OUR INSPIRADA DEVELOPMENT SITE
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43 OWNED DEVELOPMENT PIPELINE OUR SKYE CANYON DEVELOPMENT SITE ▪ Direct access to the US 95 via Oso Blanco Road on the north and Skye Canyon Park Drive to the south ▪ Adjacent to the Skye Canyon master planned community with 9,000 homes upon build out ▪ Directly across the US 95 is the Sunstone master planned community current offering 10 neighborhoods with 3,650 homes ▪ Housing developments by KB, Tri Pointe, Century Communities, and Richmond American Homes are currently underway on both north and south sides of Kyle Canyon Road ▪ Monument Hills – new housing project of ±940 acres, planned with up to 6,000 homes and 300 units of attainable apartments ▪ Adult population of approximately 74,000 near the site ▪ Median household income of $115,000 per year ▪ Median home value of $496,000
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44 OWNED DEVELOPMENT PIPELINE OUR LOSEE DEVELOPMENT SITE ▪ Tule Springs community spans over 1,200 acres and is master planned for over 8,600 homes, with 2,000 of those homes reserved for active adults 55+ ▪ Additional housing developments planned including 567 units (2 properties) ▪ Medical-Centric Development: 135 acres near the VA hospital zoned for mixed- use medical facilities ▪ City of North Las Vegas - ±7,000 acres for Tule Springs East Planning Area ▪ City of North Las Vegas taking RFI (request for information) for ±4,100 acres of BLM land north of the 215, between Grand Teton Drive and Moccasin Road, for future residential and commercial communities ▪ Adult population of approximately 113,000 near the site ▪ Median household income of $103,000 per year ▪ Median home value of $441,000
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45 OWNED DEVELOPMENT PIPELINE OUR TOWN CENTER AND 215 DEVELOPMENT SITE ▪ Approximately 58 acres, located in the heart of Summerlin ▪ Direct Visibility and Access from Town Center Dr to the I-215 Beltway ▪ Minutes from the Downtown Summerlin development ▪ Adjacent to the ±150,000 SF Meridian Office Park ▪ Summit House is HHP Planned – Two 21 Story High Rise Condo with 260 total units ▪ Adult population of approximately 76,000 near the site ▪ Median household income of $91,000 per year ▪ Median home value of $528,000
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46 OWNED DEVELOPMENT PIPELINE OUR WILD WILD WEST DEVELOPMENT SITE ▪ Located in the Epicenter of the Las Vegas Resort Corridor ▪ Direct Access from Tropicana Ave to Harry Reid International Airport ▪ New I-15 Interchange expansions with enhanced access at Tropicana Ave and Harmon Ave ▪ Superior location adjacent to all major Las Vegas sporting venues: Allegiant Stadium, T-Mobile Arena, and the new A’s baseball stadium
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47 GROWTH CAPITAL INVESTMENT BEYOND NEVADA
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48 NORTH FORK MONO CASINO MOST CONVENIENT AND ACCESSIBLE LOCATION IN CENTRAL CALIFORNIA Opened on October 27, 2026 - on time and on budget
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49 ▪ 305 acres directly adjacent to Highway 99 (75,000+ vehicles per day) ▪ 4.2 million plus people located within 2 hours of the property ▪ 2,400 plus total slot machines ▪ 40 table games ▪ 2 restaurants ▪ Food Court with exciting options ▪ $110.5 million of invested capital returned already ▪ Remaining note balance of $86.1 million ▪ 30% Management fee on “net revenue” ▪ 4% Development fee (of which we have collected $26.0 million) NORTH FORK MONO CASINO
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50 INVESTMENT IN EXISTING PROPERTIES STIMULATES GROWTH AND REPEAT VISITATION
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51 NEW HIGH LIMIT ROOM AT DURANGO
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52 NEW HIGH LIMIT ROOM AT DURANGO
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53 NEW PARKING GARAGE AT DURANGO
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54 ONGOING EXPANSION AT DURANGO
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55 RENOVATED ROOMS AT GREEN VALLEY RANCH BEFORE AFTER
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56 RENOVATED ROOMS AT GREEN VALLEY RANCH BEFORE AFTER
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57 RENOVATED CONVENTION SPACE AT GREEN VALLEY RANCH
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58 RENOVATED CONVENTION SPACE AT GREEN VALLEY RANCH
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59 ONGOING RENOVATIONS AT SUNSET STATION BEFORE AFTER
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60 ONGOING RENOVATIONS AT SUNSET STATION BEFORE AFTER
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61 ONGOING RENOVATIONS AT SUNSET STATION
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62 ONGOING RENOVATIONS AT SUNSET STATION
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63 ONGOING RENOVATIONS AT SUNSET STATION
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64 ONGOING RENOVATIONS AT SUNSET STATION
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65 NEARBY INFRASTRUCTURE INVESTMENT WILL IMPROVE ACCESS, DESPITE SHORT-TERM DISRUPTION
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66 ROADWORK AND CONSTRUCTION NEAR DURANGO CAUSING DISRUPTION
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67 ROADWORK AND CONSTRUCTION NEAR RED ROCK CAUSING DISRUPTION
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68 ROADWORK AND CONSTRUCTION NEAR GREEN VALLEY RANCH CAUSING DISRUPTION
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69 PROVEN TRACK RECORD OF RETURNING CAPITAL TO SHAREHOLDERS
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70 ($ thousands) 4Q25 1Q26 2Q26 3Q26 TTM EBITDA 213,284 212,628 208,044 182,622 816,578 less: Cash Interest (37,406) (58,174) (37,623) (59,155) (192,358) less: Cash Taxes - - (8,342) - (8,342) less: Distributions (17,978) - (12,518) - (30,496) less: Maintenance Capital Expenditures (14,686) (30,039) (45,390) (34,563) (124,678) (+/-): Change in Working Capital, Other (11,712) (17,435) (4,470) (7,179) (40,796) Operating Free Cash Flow 131,502 106,980 99,701 81,725 419,908 Shares Outstanding 104,977 104,351 105,016 105,522 105,522 Operating Free Cash Flow per Share $1.25 $1.03 $0.95 $0.77 $3.98 Operating Free Cash Flow Conversion 62% 50% 48% 45% 51% STRONG FREE CASH FLOW GENERATION FUELS FUTURE GROWTH AND RETURN OF CAPITAL TO SHAREHOLDERS 57% of EBITDA converted to operating free cash flow since reopening in 2Q 2020 Source: Consolidated results for RRR as of September 30, 2026
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71 ($ thousands) Spread Rate(1) Maturity Amount as of 9/30/2026 Cash 128,345 Revolver S + 1.50% 5.40% Mar-29 490,000 Term Loan B(2) S + 2.00% 5.90% Mar-31 1,530,750 Senior Secured Debt $2,020,750 Senior Notes (2028) 4.50% Feb-28 690,796 Senior Notes (2031) 4.63% Dec-31 500,000 Senior Notes (2032) 6.63% Mar-32 500,000 Other 5.41% 36,066 Total Debt 5.50% $3,747,612 Net Debt $3,619,267 3Q 2026 TTM EBITDA 816,578 Gross Leverage 4.59x Net Leverage 4.43x LOW-COST CAPITAL STRUCTURE PROVIDES PLATFORM FOR GROWTH Stable and low-cost capital structure (1) Total rate includes SOFR of 390 bps; (2) Term Loan B includes SOFR floor of 25 bps
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72 ▪ Implemented $0.25 per share quarterly dividend in March 2022 ▪ Increased to $0.26 per share in October 2025 ▪ Over a billion dollars returned to shareholders through dividends since 2021 ▪ Red Rock Resorts has generated outsized returns for investors, with a 20+% IRR on its greenfield developed properties since 1993 BALANCED APPROACH TO RETURNING CAPITAL TO SHAREHOLDERS INVESTMENT IN LONG TERM GROWTH PROJECTS ▪ Returned $795 million to shareholders through share repurchases and tender since 2021 ▪ $459 million remaining under our $900 million share repurchase plan DIVIDENDS SHARE REPURCHASES
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73 STRONG FINANCIAL PERFORMANCE WITH SUSTAINABLE HIGH MARGINS
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74 ($ in thousands) Three Months Ended September 30, 2026 2025 Net revenues Las Vegas operations $ 479,131 $ 468,576 Native American 6,191 3,894 Corporate and other 3,379 3,102 Net revenues $ 488,701 $ 475,572 Adjusted EBITDA Las Vegas operations $ 204,598 $ 209,407 Native American 5,069 3,894 Corporate and other (27,045) (22,433) Adjusted EBITDA $ 182,622 $ 190,868 Adjusted EBITDA Margin Las Vegas operations 42.7% 44.7% Consolidated 37.4% 40.1% Q3 2026 OPERATING RESULTS Q3 2026 stands out as a strong quarter, with Las Vegas operations achieving their highest net revenue and second highest EBITDA for similar quarters
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75 RED ROCK Q3-26 Gaming Non-Gaming 67% OF REVENUE GENERATED BY HIGH MARGIN GAMING GAMING CENTRIC BUSINESS MODEL DRIVING MARGIN PERFORMANCE Source: RRR Q3-26 Company filings (excluding development fees) and annual 2025 10-K filings for MGM, Wynn and Caesars LAS VEGAS STRIP WYNN LAS VEGAS 25% CAESARS LAS VEGAS 26% MGM LAS VEGAS 24%
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76 PRE-CLOSURE PERFORMANCE PERFORMANCE SINCE REOPENING STABLE AND PROVEN MARGIN PERFORMANCE OPERATIONAL DISCIPLINE DRIVES SUSTAINABLE MARGINS Note: Financial performance reflects same-store Las Vegas operations but adds Durango Quarterly EBITDA and EBITDA Margin $116.5M $107.7M $100.5M $118.7M $71.2M $146.1M $142.0M $160.7M $225.8M $197.9M $208.7M $198.2M $207.8M $199.9M $206.9M $214.1M $193.1M $191.4M $220.3M $229.8M $223.1M $202.6M $223.9M $235.9M $239.4M $209.4M $231.1M $232.4M $227.5M $204.6M 36.3% 33.8% 31.9% 36.1% 26.6% 46.2% 45.5% 47.5% 53.6% 48.6% 50.1% 49.6% 49.5% 48.6% 49.3% 49.8% 46.8% 46.9% 48.0% 47.3% 46.2% 43.6% 45.4% 47.7% 46.7% 44.7% 45.8% 46.5% 45.2% 42.7% 1Q19 2Q19 3Q19 4Q19 1Q20 … 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 EBITDA Margin Margin
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77 APPENDIX
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78 Consolidated Results for RRR ($ in thousands) Three Months Ended September 30, 2026 2025 Net (loss) income(1) $ (17,738) $ 76,880 Adjustments Depreciation and amortization 62,673 48,976 Share-based compensation(1) 89,846 7,317 Write-downs and other, net 2,698 2,436 Interest expense, net 50,894 50,486 Change in fair value of derivative instruments (4,505) (1,846) (Benefit) provision for income tax (1,246) 6,619 Adjusted EBITDA $ 182,622 $ 190,868 Adjusted EBITDA Las Vegas operations $ 204,598 $ 209,407 Native American 5,069 3,894 Corporate and other (27,045) (22,433) Adjusted EBITDA $ 182,622 $ 190,868 NET INCOME TO ADJUSTED EBITDA RECONCILIATION (1) Net loss for the third quarter of 2026 primarily a result of $79.1 million in share-based compensation expense related to the Company’s 50th anniversary stock awards and $6.9 million of one-time expenses related to the 50th anniversary