In This Article:
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Las Vegas Operations Q4 Net Revenue: $492.6 million, up 7.2% from the prior year's fourth quarter.
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Las Vegas Operations Q4 Adjusted EBITDA: $223.9 million, up 1.6% from the prior year's fourth quarter.
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Las Vegas Operations Q4 Adjusted EBITDA Margin: 45.4%, a decrease of 250 basis points from the prior year's fourth quarter.
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Consolidated Q4 Net Revenue: $495.7 million, up 7.1% from the prior year's fourth quarter.
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Consolidated Q4 Adjusted EBITDA: $202.4 million, up 0.5% from the prior year's fourth quarter.
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Consolidated Q4 Adjusted EBITDA Margin: 40.8%, a decrease of 267 basis points from the prior year's fourth quarter.
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Las Vegas Operations Full-Year Net Revenue: $1.9 billion, up 12.6% from the prior year.
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Las Vegas Operations Full-Year Adjusted EBITDA: $879.4 million, up 7.4% from the prior year.
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Las Vegas Operations Full-Year Adjusted EBITDA Margin: 45.7%, a decrease of 222 basis points from the prior year.
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Consolidated Full-Year Net Revenue: $1.9 billion, up 12.5% from the prior year.
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Consolidated Full-Year Adjusted EBITDA: $795.9 million, up 6.7% from the prior year.
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Consolidated Full-Year Adjusted EBITDA Margin: 41%, a decrease of 222 basis points from the prior year.
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Q4 Operating Free Cash Flow: $158.6 million, or $1.50 per share, converting 78% of adjusted EBITDA.
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2024 Cumulative Free Cash Flow: $451 million, or $4.27 per share, converting 57% of adjusted EBITDA.
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Cash and Cash Equivalents (End of Q4): $164.4 million.
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Total Principal Amount of Debt (End of Q4): $3.4 billion, resulting in net debt of $3.3 billion.
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Net Debt-to-EBITDA Ratio (End of Q4): 4.1x.
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Q4 Capital Spend: $26 million, including $16.8 million in investment capital and $9.2 million in maintenance capital.
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Full-Year 2024 Capital Spend: $283.9 million, including $172.3 million in investment capital and $111.6 million in maintenance capital.
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2025 Expected Capital Spend: Between $375 million to $425 million, including $285 million to $325 million in investment capital and $90 million to $100 million in maintenance capital.
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Q4 Dividend: $0.25 per Class A common share.
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2024 Shareholder Returns: Approximately $224 million through share repurchases and dividends.
Release Date: February 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Red Rock Resorts Inc (NASDAQ:RRR) achieved its highest fourth-quarter net revenue and adjusted EBITDA in its history for Las Vegas operations.
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The Durango Casino Resort continues to grow the Las Vegas locals market, signing up over 85,000 new customers and is on track to become one of the highest margin properties.
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The company successfully opened new amenities, including a Yard House restaurant and China Mama, which have been well-received by guests.
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RRR's Hotel and Food and Beverage divisions experienced record revenue and near-record profitability in the fourth quarter.
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The company returned approximately $224 million to shareholders in 2024 through share repurchases and dividends.