Red Rock Resorts reports higher Q1 profit, declares special dividend of $1.00 per Class A share

Red Rock Resorts, the owner of locals casino operator Station Casinos, on Thursday reported a rise in first-quarter profit, driven by stronger performance from its Las Vegas operations, and declared both a regular and special dividend to be paid in the second quarter.

The casino and hospitality company posted net income of $86.0 million for the quarter ended March 31, up 9.7% from $78.4 million a year earlier. Revenue rose 1.8% to $497.9 million, compared with $488.9 million in the year-ago period.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $215.1 million, a 2.8% increase from $209.1 million in the first quarter of 2024.

Revenue from Las Vegas operations, which account for the bulk of the company’s business, grew 1.9% to $495.0 million. Adjusted EBITDA for the segment rose 2.7% to $235.9 million.

The company ended the quarter with $150.6 million in cash and $3.4 billion in outstanding debt.

Red Rock’s board declared a regular quarterly dividend of $0.25 per Class A share, payable on June 30 to shareholders of record as of June 16. The board also approved a special dividend of $1.00 per Class A share, payable on May 21 to shareholders of record as of May 14.

Before the distribution of each dividend, Station Holdco LLC, in which Red Rock holds a stake, will distribute equivalent amounts per unit to all unit holders. The total distribution for the special dividend will be approximately $110.4 million, with about $64.4 million going to Red Rock and $46.0 million to other unit holders.