Red Rock Resorts, Inc. has provided the financial results for its second quarter, ending on June 30, 2022. With its Wildfire Properties, the company operated several facilities in Nevada, including Santa Fe Station, Red Rock, Palace Station, Green Valley Ranch, Boulder Station, and Sunset Station. The results from the report showed a significant decrease in earnings for the quarter.
Details of the Report
The second quarter results report shows the consolidated operations of the company, with net revenues coming in at $422.2 million. This was a drop of 1%, equal to $5.9 million from the $428.2 million earned in 2021.
Net income for Red Rock Resorts reached $32.4 million in the second quarter, which was a huge decrease of $110.9 million. In the same time frame in 2021, the company earned $143.4 million. Adjusted EBITDA came in at just over $188 million, also a decrease from 2021, this time by 10%. A total of $210.2 million was earned last year.
In Las Vegas, the company reported net revenues of just over $420 million, a drop of 1%. Adjusted EBITDA in the city was just over $203 million, a decrease of 8%. The company earned $222.6 million last year.
Cash and cash equivalents by the end of the quarter reached $256.3 million. The total principal amount of debt at the end of the quarter was $2.88 billion.
It is important to note that the higher revenues from 2021 are more than likely attributed to casinos reopening after the onset of the COVID-19 pandemic. Across the United States, casinos experienced an uptick in visitor numbers and revenue totals because players were getting out of the house after being shut in for so long due to the virus.
Station Casino Durango Work Begins
The second quarter report comes just a short time after the company announced the start of work on its Station Casino Durango property. The casino operator was approved by the Clark County Commission in February, with the Durango facility starting to take shape. The company has a 71-acre parcel of land where the casino will be located.
The goal is to complete the casino and operational by the summer of 2024. The casino will be home to a 70,000-square-foot gaming floor and a hotel with 211 guest rooms. The casino will house more than 2,000 slot games and 46 gaming tables.
The property may also open with a sportsbook in place plus four beverage and dining options. Plans also include meeting and conference space. It will be interesting to see if Red Rock can get the property up and running by its expected date and how well received it is by locals and visitors to the area.