Key Moments:
- Red Rock Resorts reported a 38.8% year-over-year increase in Q3 2025 net income, reaching $76.9 million
- Net revenue grew to $475.6 million for the quarter, marking nine consecutive record-setting quarters
- The company announced a $0.26 per share dividend and expanded its share repurchase program to $900 million through 2027
Financial Performance Surges in Q3 2025
Red Rock Resorts delivered strong third-quarter results, with net income jumping 38.8% year-over-year to $76.9 million in Q3 2025. Net revenue increased by 1.6% from the previous year to $475.6 million, while adjusted EBITDA climbed 4.5% to $190.9 million. This quarter represents the ninth straight quarter with record net revenue and marks the fifth consecutive quarter for record-setting adjusted cash flow.
Las Vegas Operations Remain Core Driver
The company’s Las Vegas business led performance, generating $468.6 million in revenue, an increase of 0.8% compared to last year. Adjusted EBITDA for the Las Vegas segment reached $209.4 million, up by 3.4%. Development fees from Native American operations contributed an additional $3.9 million.
Balance Sheet and Capital Rewards
At quarter-end, Red Rock Resorts reported $129.8 million in cash and $3.4 billion in total debt. The Board authorized a dividend of $0.26 per share, set for payment on December 31. Additionally, the share repurchase program was increased by $300 million, bringing the total authorization to $900 million through 2027. As of October 28, $573 million remained available for repurchases.
| Financial Metric | Q3 2025 | Year-Over-Year Change |
|---|---|---|
| Net Income | $76.9 million | +38.8% |
| Net Revenue | $475.6 million | +1.6% |
| Adjusted EBITDA | $190.9 million | +4.5% |
| Las Vegas Revenue | $468.6 million | +0.8% |
| Las Vegas Adjusted EBITDA | $209.4 million | +3.4% |
Strategic Expansion and Growth Initiatives
Red Rock Resorts is preparing to launch the $385 million second-phase expansion of its Durango property, commencing January 2026. The 18-month project will add over 275,000 square feet, more than 400 slot machines, expanded gaming floors, and new entertainment options to the north podium. This development will proceed under a guaranteed maximum price contract.
The current $120 million expansion is nearing completion by year-end, featuring 25,000 square feet of additional casino space, 230 slot machines, and a 2,000-space covered parking facility.
Leadership Perspectives
CFO Stephen Cootey emphasized the consistency and profitability of the company’s operations, stating the record quarter “underscores the strength, consistency and long-term earnings power of our operating market.” Regarding the upcoming expansion, Cootey added, “Supported by robust market fundamentals and the rapid development of the surrounding area, this next phase will add nearly 400 additional slot machines and new amenities designed to enhance the guest experience. These include a state-of-the-art 36-lane bowling facility, luxury movie theaters, new restaurant concepts, and multiple entertainment venues designed to drive repeat visitation.” He continued, “We are excited to embark on this next phase of growth at Durango. Upon completion, we believe the property will be even better positioned to capture additional market share and drive sustained growth in the local market.”
President Scott Kreeger reinforced the company’s focus on the Las Vegas locals market, commenting, “Unlike the Strip, it doesn’t rely on heavy tourism, conventions, or hotel traffic. Our local market is anchored in a gaming-centric business model that offers strong value to both local and visiting guests.”
- Author
Daniel Williams
