Red Rock Resorts discloses results for Q1 2016

Highlights

• First quarter consolidated net revenues increased 4.8% and consolidated Adjusted EBITDA increased 11.2% compared to the prior year period.
• Consolidated Adjusted EBITDA margin improved approximately 210 basis points to 37.1% for the quarter.
• Twelfth consecutive quarter of year-over-year consolidated net revenue growth and twentieth consecutive quarter of year-over-year consolidated Adjusted EBITDA growth.
• First quarter Las Vegas net revenues increased 3.1% and Las Vegas Adjusted EBITDA increased 7.0% compared to the prior year period.
• First quarter Native American management fees increased 41.9% compared to the prior year period.

“Red Rock Resorts’ financial results for the first quarter of 2016 demonstrate the continued growth of the Las Vegas market, as well as a strong increase in management fees generated from our managed properties,” said Marc Falcone, Executive Vice President, Chief Financial Officer and Treasurer.

“We remain very focused on driving same-store revenue growth, improving our margins and examining high-return uses of available free cash-flow,” he remarked. 

He said the growth of Southern Nevada’s tourism industry is driving growth for the company, which debuted on the Nasdaq on April 27.

This results mark the 12th straight quarterly revenue increase for the locals casino company.  “The key Las Vegas metrics that drive our business – job creation, wage growth and increased discretionary spend – were all strong in the first quarter,” Falcone said. “And our high-quality assets, marketwide distribution, ongoing investment in our properties and award-winning Boarding Pass loyalty program will allow us to continue to benefit from these improving economic trends as we go forward.

For more information, check the full report or Red Rock's website.