Strong quarterly and annual results for Red Rock Resorts in 2023
Red Rock Resorts Reports Strong Financial Results for Q4 and Full Year 2023
Red Rock Resorts, the popular casino and entertainment company, has published its financial results for the fourth quarter and full year 2023, revealing a robust performance across various operations.
The company's Las Vegas operations, a key contributor to its success, saw a significant boost in both Adjusted EBITDA and revenue. For the fourth quarter of 2023, Adjusted EBITDA increased by 3.6% compared to the same period in 2022, amounting to $201.3 million. This was accompanied by a 9.5% year-over-year increase in revenue, with the figure reaching $459.4 million. For the full year 2023, Adjusted EBITDA for Las Vegas operations rose by 6.5% year-over-year to $220.3 million.
The strong performance of the Las Vegas operations translated into a total revenue of $1.72 billion for 2023, an increase of $60.3 million compared to 2022. The casino revenues for the year stood at $1.13 billion, while food and beverage revenues reached $313.6 million. Interestingly, both casino and food and beverage revenues surpassed their 2022 counterparts.
In addition to the Las Vegas operations, Red Rock Resorts reported higher revenues from other operations for 2023. The total revenues from these operations amounted to $94.4 million, exceeding the 2022 figure. Room revenues also saw an increase, with 2023 figures showing $183.1 million, a boost compared to 2022.
However, the company's net income for Q4 2023 saw a 36% decrease compared to the corresponding quarter in 2022, posting a net income of $108.9 million.
Derek Stevens, the founder and chairman of Red Rock Resorts, remained the largest shareholder in 2023. The company's fourth quarter net revenues were $462.7 million, marking an 8.8% increase compared to Q3 2022.
In conclusion, Red Rock Resorts' financial results for Q4 and full year 2023 indicate a strong recovery and growth, with significant increases in Adjusted EBITDA, revenues, and various operational sectors. Despite a slight decrease in net income for Q4 2023, the overall performance suggests a promising future for the company.
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