The hospitality, entertainment, and casino giant, Red Rock Resorts, marked an impressive beginning to the year, including net revenue and adjusted EBITDA growth, per its initial quarter outcomes. These recent unaudited reports, revealed earlier this week, offer an analysis of the company’s performance over the three-month period leading up to March 31, 2024.
Accompanying these results was a noteworthy yearly growth in net revenues, reaching a total of $488.9 million. When pitted against the same timeframe in 2023, a distinct jump of 12.7% is identified.
Substantial too was the adjusted EBITDA outcome. In this year’s Q1, Red Rock declared a figure of $209.1 million. This, juxtaposed with 2023’s Q1 adjusted EBITDA of $194.2 million, represents an annual surge of 7.7%.
In contrast to the adjusted EBITDA and net revenue growth, Red Rock’s net income experienced a decrease over the first quarter. Earnings for Q1 2024 were $78.4 million, an 8.4% decline year-over-year, when compared against the $85.5 million generated in Q1 the previous year.
The latest figures closely parallel the initial predictions made by expert analysts. Top-tier value investing research firm, GuruFocus, estimated that Red Rock’s Q1 earnings would reach a total of $489.6 million. The actual total of $488.9 million consequently fell very much in line with these preliminary forecasts.
This positive commencement to 2024 follows strong Q4 results broadcasted by Red Rock along with its whole-year results for 2023. Total net revenue for the company over the course of 2023 was $1.72 billion, representing a rise of $60.3 million or equivalently, a 3.6% surge year-over-year.
Each Operating Sector Reports Annual Revenue Surge
Red Rock supplied a detailed account of its recent financial outcomes. The segmented analysis of the $488.9 million in operating revenue for Q1 unveiled growth across all of its unique operating divisions.
The dominant share of these operating revenues were the result of Red Rock’s casino operations. While Q1 of 2023 saw $288.2 million in casino revenue, this figure climbed to $316.9 million over the equivalent period this year.
There was also a boost in food and beverage revenues for Q1 of this year, soaring to $93.3 million. In comparison, the equivalent figure for 2023 reached a peak of $78.1 million.
Moreover, slight upticks were noted in Red Rock’s hotel room and other amenities’ revenues. For Q1 2023, the company recorded $43.9 million in room revenues and $23.3 million from other amenities. These figures rose to $52.9 million and $25.9 million, respectively, during this year’s first quarter.
