Red Rock Resorts posts record Q3 revenue, net income rises 38.8% to $76.9M

Red Rock Resorts on Tuesday reported record third-quarter results, with net income climbing 38.8% to $76.9 million, as the Las Vegas-focused casino operator detailed new expansion plans at its Durango property and boosted its share repurchase program.

Net revenues rose 1.6% to $475.6 million for the three months ended Sept. 30, 2025, compared with $468 million a year earlier, while adjusted EBITDA increased 4.5% to $190.9 million. The company said the quarter marked its ninth consecutive period of record net revenue and fifth straight quarter of record adjusted cash flow.

Las Vegas operations, the company’s core market, generated $468.6 million in net revenue, up 0.8% year-on-year, with adjusted EBITDA rising 3.4% to $209.4 million. Native American operations contributed $3.9 million in development fee revenue.

The company ended the quarter with $129.8 million in cash and cash equivalents and total debt of $3.4 billion. Its Board declared a $0.26 per share quarterly cash dividend, payable Dec. 31 to shareholders of record as of Dec. 15.

Red Rock also said its Board authorized an additional $300 million to its existing $600 million share repurchase program, extending it through Dec. 31, 2027. As of Oct. 28, the company had $573 million in remaining repurchase authority.

The record quarter “underscores the strength, consistency and long-term earnings power of our operating market,” said Stephen Cootey, Executive Vice President, Chief Financial Officer and Treasurer.

Red Rock is preparing a $385 million second-phase expansion of its Durango property, beginning January 2026. The 18-month project will expand the resort’s north podium by more than 275,000 square feet and add nearly 400 slot machines, new gaming space, and entertainment amenities under a guaranteed maximum price contract.

“Supported by robust market fundamentals and the rapid development of the surrounding area, this next phase will expand the podium along the north side of the existing facility by more than 275,000 square feet,” Cootey said.

“The expansion will add nearly 400 additional slot machines and ancillary gaming to the casino floor, as well as introduce a range of new amenities designed to enhance the guest experience and deliver on what our customers are asking for, including a state-of-the-art 36-lane bowling facility, luxury movie theaters, new restaurant concepts, and multiple entertainment venues designed to drive repeat visitation.”

The company is also nearing completion of a $120 million current expansion, due by year-end, that includes 25,000 square feet of new casino space, 230 additional slot machines, and a 2,000-space covered parking garage.

“We are excited to embark on this next phase of growth at Durango,” Cootey added. “Upon completion, we believe the property will be even better positioned to capture additional market share and drive sustained growth in the local market.”

Red Rock continues to emphasize its focus on the Las Vegas locals segment.

“Unlike the Strip, it doesn’t rely on heavy tourism, doesn’t rely on conventions, nor is it hotel-driven,” said Scott Kreeger, President of Red Rock Resorts. “Our locals market is anchored in a gaming-centric business model that offers value propositions to both local guests as well as out-of-town guests.”