Red Rock Resorts, Inc. (RRR) 10-Year Financial Performance & Capital Metrics

RRR • • Industrial / General

Consumer CyclicalCasinos & GamingRegional & Local CasinosLocal Market Casino Operators

AboutRed Rock Resorts, Inc., through its interest in Station Holdco and Station LLC, develops and operates casino and entertainment properties in the United States. It operates through two segments, Las Vegas Operations and Native American Management. The company owns and operates 9 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market. In addition, it manages Graton Resort & Casino in northern California. As of December 31, 2021, it operated approximately 13,894 slot machines, 240 table games, and 3,081 hotel rooms in the Las Vegas market. The company was formerly known as Station Casinos Corp. and changed its name to Red Rock Resorts, Inc. in January 2016. Red Rock Resorts, Inc. was incorporated in 1976 and is based in Las Vegas, Nevada.Show more

Revenue $1.94B +12.5%
EBITDA $756M +9.3%
Net Income $154M -12.5%
EPS (Diluted) 2.53 -13.9%
Gross Margin 61.62% -3.2%
EBITDA Margin 38.98% -2.8%
Operating Margin 29.33% -9.5%
Net Margin 7.94% -22.2%
ROE 55.95% -56.1%
ROIC 12.14% -7.6%
Debt/Equity 11.22 -17.9%
Interest Coverage 2.49 -19.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 227.6%
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 11.2x
✗Expensive at 21.5x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y4.15%

5Y0.87%

3Y6.22%

TTM4.69%

Profit (Net Income) CAGR

10Y4.36%

5Y-

3Y-13.96%

TTM16.02%

EPS CAGR

10Y-0.2%

5Y-

3Y-3.78%

TTM38.05%

ROCE

10Y Avg11.24%

5Y Avg13.18%

3Y Avg17.02%

Latest15.53%

Peer Comparison

Local Market Casino Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CPHCCanterbury Park Holding Corporation	77.56M	15.21	36.21	0.2%	-2.34%	-1.65%		0.00
RRRRed Rock Resorts, Inc.	3.81B	63.56	25.12	12.47%	9.52%	57.42%	6.54%	11.22
MCRIMonarch Casino & Resort, Inc.	1.68B	92.17	24.00	4.13%	15.32%	14.8%	5.55%	0.03
CNTYCentury Casinos, Inc.	49.17M	1.67	-0.40	4.67%	-18.92%	-8.77%		12.96
FLLFull House Resorts, Inc.	92.47M	2.56	-2.21	21.16%	-13.38%	-7.01%		13.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.35B	1.45B	1.62B	1.68B	1.86B	1.18B	1.62B	1.66B	1.72B	1.94B
Revenue Growth %	0.05%	0.07%	0.11%	0.04%	0.1%	-0.36%	0.37%	0.03%	0.04%	0.12%
Cost of Goods Sold+	582.24M	635.29M	735.3M	794.06M	950.27M	501.3M	552.49M	588.72M	626.39M	744.23M
COGS % of Revenue	0.43%	0.44%	0.46%	0.47%	0.51%	0.42%	0.34%	0.35%	0.36%	0.38%
Gross Profit+	769.89M	817.14M	880.32M	886.97M	906.26M	681.15M	1.07B	1.08B	1.1B	1.19B
Gross Margin %	0.57%	0.56%	0.54%	0.53%	0.49%	0.58%	0.66%	0.65%	0.64%	0.62%
Gross Profit Growth %	0.07%	0.06%	0.08%	0.01%	0.02%	-0.25%	0.56%	0.01%	0.02%	0.09%
Operating Expenses+	466.89M	483.09M	418.16M	480.11M	718.33M	591.46M	663.87M	513.77M	539.01M	626.09M
OpEx % of Revenue	0.35%	0.33%	0.26%	0.29%	0.39%	0.5%	0.41%	0.31%	0.31%	0.32%
Selling, General & Admin	327.86M	325.69M	379.25M	390.49M	416.36M	324.64M	347.09M	353.04M	374.49M	432.28M
SG&A % of Revenue	0.24%	0.22%	0.23%	0.23%	0.22%	0.27%	0.21%	0.21%	0.22%	0.22%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-895K	-24.6M	-29.58M	-354K	301.98M	266.82M	316.78M	160.73M	164.51M	193.82M
Operating Income+	287.19M	309.45M	330.4M	372.21M	187.93M	89.69M	401.54M	561.3M	558.69M	568.69M
Operating Margin %	0.21%	0.21%	0.2%	0.22%	0.1%	0.08%	0.25%	0.34%	0.32%	0.29%
Operating Income Growth %	0.21%	0.08%	0.07%	0.13%	-0.5%	-0.52%	3.48%	0.4%	-0%	0.02%
EBITDA+	425.05M	466.11M	508.62M	552.46M	410.14M	321.08M	559.33M	689.67M	691.22M	755.8M
EBITDA Margin %	0.31%	0.32%	0.31%	0.33%	0.22%	0.27%	0.35%	0.41%	0.4%	0.39%
EBITDA Growth %	0.15%	0.1%	0.09%	0.09%	-0.26%	-0.22%	0.74%	0.23%	0%	0.09%
D&A (Non-Cash Add-back)	137.87M	156.67M	178.22M	180.25M	222.21M	231.39M	157.79M	128.37M	132.54M	187.11M
EBIT	287.91M	304.4M	329.76M	386.45M	267.7M	125.11M	388.75M	564.77M	561.78M	557.01M
Net Interest Income+	-144.49M	-140.19M	-131.44M	-143.1M	-156.68M	-128.47M	-103.21M	-129.89M	-181.02M	-228.8M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	144.49M	140.19M	131.44M	143.1M	156.68M	128.47M	103.21M	129.89M	181.02M	228.8M
Other Income/Expense	-144.58M	-147.64M	-134.59M	-128.85M	-196.4M	-150.15M	-116M	-126.42M	-177.93M	-240.49M
Pretax Income+	143.42M	163.99M	197.79M	243.35M	-8.47M	-60.46M	285.54M	434.88M	380.76M	328.21M
Pretax Margin %	0.11%	0.11%	0.12%	0.14%	-0%	-0.05%	0.18%	0.26%	0.22%	0.17%
Income Tax+	0	8.21M	134.75M	23.88M	-1.73M	114.08M	-69.29M	44.53M	42.98M	36.91M
Effective Tax Rate %	0.96%	0.56%	0.18%	0.65%	0.4%	2.49%	0.85%	0.47%	0.46%	0.47%
Net Income+	137.66M	91.97M	35.15M	157.54M	-3.35M	-150.4M	241.85M	205.46M	176M	154.05M
Net Margin %	0.1%	0.06%	0.02%	0.09%	-0%	-0.13%	0.15%	0.12%	0.1%	0.08%
Net Income Growth %	0.37%	-0.33%	-0.62%	3.48%	-1.02%	-43.88%	2.61%	-0.15%	-0.14%	-0.12%
Net Income (Continuing)	143.42M	155.96M	63.53M	219.48M	-6.74M	-174.54M	354.83M	390.35M	337.78M	291.29M
Discontinued Operations	-166K	0	0	0	0	0	0	0	0	0
Minority Interest	20.79M	283.6M	255.47M	297.38M	281.88M	252.04M	-9.46M	-11.54M	75.05M	91.77M
EPS (Diluted)+	0.39	1.03	0.42	1.35	-0.06	-1.28	2.84	3.36	2.94	2.53
EPS Growth %	-0.85%	1.64%	-0.59%	2.21%	-1.04%	-21.22%	3.22%	0.18%	-0.13%	-0.14%
EPS (Basic)	0.39	1.03	0.52	2.27	-0.10	-2.13	3.50	3.48	3.04	2.61
Diluted Shares Outstanding	38.97M	34.28M	115.93M	116.86M	116.87M	117.47M	116.45M	104.66M	103.22M	103.67M
Basic Shares Outstanding	38.97M	34.14M	67.4M	69.34M	69.56M	70.54M	69.07M	58.98M	57.88M	59.02M
Dividend Payout Ratio	1.53%	0.12%	0.77%	0.18%	-	-	0.84%	0.57%	0.33%	0.77%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	211.85M	249.84M	341.56M	261.96M	281.63M	224.66M	378.51M	221M	282.29M	295.36M
Cash & Short-Term Investments	116.43M	133.78M	231.47M	114.61M	128.84M	121.18M	275.28M	117.29M	137.59M	164.38M
Cash Only	116.43M	133.78M	231.47M	114.61M	128.84M	121.18M	275.28M	117.29M	137.59M	164.38M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	35.51M	51.24M	48.99M	51.36M	56.68M	35.13M	36.74M	43.63M	76.37M	64.38M
Days Sales Outstanding	9.58	12.88	11.07	11.15	11.14	10.84	8.29	9.57	16.17	12.12
Inventory	10.33M	11.96M	12.57M	14.91M	17.77M	13.08M	11.73M	13.2M	15.26M	16.41M
Days Inventory Outstanding	6.48	6.87	6.24	6.85	6.82	9.52	7.75	8.18	8.89	8.05
Other Current Assets	30.08M	32.8M	26.94M	57.67M	36.28M	30.96M	28.02M	24.04M	28.19M	22.52M
Total Non-Current Assets+	2.72B	3.28B	3.28B	3.75B	3.83B	3.52B	2.76B	3.12B	3.67B	3.75B
Property, Plant & Equipment	2.3B	2.6B	2.72B	3.21B	3.3B	2.86B	2.2B	2.64B	2.77B	2.78B
Fixed Asset Turnover	0.59x	0.56x	0.59x	0.52x	0.56x	0.41x	0.74x	0.63x	0.62x	0.70x
Goodwill	195.68M	195.68M	195.68M	195.68M	195.68M	195.68M	195.68M	195.68M	195.68M	195.68M
Intangible Assets	150M	149.2M	128M	117.22M	108.51M	100.82M	87.17M	84.39M	82.81M	81.23M
Long-Term Investments	13.99M	10.57M	10.13M	8.9M	8.87M	8.16M	6.09M	0	0	0
Other Non-Current Assets	26.77M	74.57M	92.73M	107.84M	106.12M	330.52M	177.94M	124.92M	578.54M	634.91M
Total Assets+	2.93B	3.53B	3.62B	4.01B	4.11B	3.74B	3.14B	3.35B	3.95B	4.05B
Asset Turnover	0.46x	0.41x	0.45x	0.42x	0.45x	0.32x	0.52x	0.50x	0.44x	0.48x
Asset Growth %	-0.02%	0.2%	0.03%	0.11%	0.03%	-0.09%	-0.16%	0.07%	0.18%	0.02%
Total Current Liabilities+	258.92M	246.78M	239.16M	333.68M	276M	200.26M	204.82M	293.25M	349.22M	325.2M
Accounts Payable	24.26M	30.71M	21.63M	25.9M	33.97M	11.21M	17.47M	11.38M	25.35M	31.81M
Days Payables Outstanding	15.21	17.64	10.74	11.9	13.05	8.16	11.54	7.06	14.77	15.6
Short-Term Debt	88.94M	46.06M	30.09M	33.89M	33.99M	34.6M	25.92M	26.06M	26.1M	52.91M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	25.16M	18.66M	39.69M	108.86M	124.77M	3.71M	15.44M	68.79M	0	130.23M
Current Ratio	0.82x	1.01x	1.43x	0.79x	1.02x	1.12x	1.85x	0.75x	0.81x	0.91x
Quick Ratio	0.78x	0.96x	1.38x	0.74x	0.96x	1.06x	1.79x	0.71x	0.76x	0.86x
Cash Conversion Cycle	0.85	2.1	6.57	6.1	4.92	12.21	4.5	10.7	10.28	4.56
Total Non-Current Liabilities+	2.1B	2.65B	2.74B	2.86B	3.06B	2.94B	2.89B	3.02B	3.36B	3.41B
Long-Term Debt	2.07B	2.38B	2.59B	2.82B	3B	2.88B	2.83B	2.96B	3.3B	3.35B
Capital Lease Obligations	0	0	0	0	0	10.95M	21.88M	29.66M	0	28.15M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	33.22M	269.79M	155.43M	37.38M	56.29M	44.94M	36M	31.88M	59.75M	30.78M
Total Liabilities	2.36B	2.89B	2.98B	3.19B	3.33B	3.14B	3.09B	3.31B	3.71B	3.74B
Total Debt+	2.16B	2.42B	2.62B	2.86B	3.04B	2.93B	2.88B	3.02B	3.33B	3.44B
Net Debt	2.04B	2.29B	2.39B	2.74B	2.91B	2.81B	2.6B	2.9B	3.2B	3.28B
Debt / Equity	3.77x	3.82x	4.11x	3.49x	3.88x	4.84x	57.53x	93.64x	13.67x	11.22x
Debt / EBITDA	5.08x	5.20x	5.15x	5.17x	7.40x	9.12x	5.15x	4.38x	4.82x	4.55x
Net Debt / EBITDA	4.81x	4.91x	4.69x	4.96x	7.09x	8.74x	4.65x	4.21x	4.62x	4.34x
Interest Coverage	1.99x	2.21x	2.51x	2.60x	1.20x	0.70x	3.89x	4.32x	3.09x	2.49x
Total Equity+	573.71M	633.35M	637.29M	817M	782.6M	604.64M	50.03M	32.24M	243.89M	306.83M
Equity Growth %	-0.11%	0.1%	0.01%	0.28%	-0.04%	-0.23%	-0.92%	-0.36%	6.56%	0.26%
Book Value per Share	14.72	18.47	5.50	6.99	6.70	5.15	0.43	0.31	2.36	2.96
Total Shareholders' Equity	552.92M	349.75M	381.82M	519.62M	500.72M	352.6M	59.49M	43.78M	168.84M	215.07M
Common Stock	558.23M	660K	690K	698K	706K	713K	615K	581K	590K	597K
Retained Earnings	0	17.63M	25.72M	155.87M	124.42M	-33.07M	3.85M	43.2M	160.9M	195.83M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.3M	2.46M	2.47M	1.08M	-641K	-623K	0	0	0	0
Minority Interest	20.79M	283.6M	255.47M	297.38M	281.88M	252.04M	-9.46M	-11.54M	75.05M	91.77M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	349.44M	346.21M	289.06M	346.01M	316.63M	212.79M	609.96M	542.22M	494.34M	548.26M
Operating CF Margin %	0.26%	0.24%	0.18%	0.21%	0.17%	0.18%	0.38%	0.33%	0.29%	0.28%
Operating CF Growth %	0.3%	-0.01%	-0.17%	0.2%	-0.08%	-0.33%	1.87%	-0.11%	-0.09%	0.11%
Net Income	143.25M	155.78M	63.04M	219.48M	-6.74M	-174.54M	354.83M	205.46M	176M	291.29M
Depreciation & Amortization	137.87M	156.67M	178.22M	180.25M	222.21M	231.39M	157.79M	128.37M	132.54M	187.11M
Stock-Based Compensation	19.73M	-11.85M	7.92M	11.29M	16.85M	10.89M	12.73M	17.52M	19.67M	30.95M
Deferred Taxes	19.53M	6.96M	-3.17M	-66.78M	-1.74M	114.07M	-74.16M	11.95M	35.86M	-9.16M
Other Non-Cash Items	26.16M	39.66M	46.94M	8.27M	61.45M	48.37M	176.8M	189.91M	134.22M	14.45M
Working Capital Changes	2.91M	-1.01M	-3.88M	-6.51M	24.59M	-17.38M	-18.02M	-10.98M	-3.96M	33.63M
Change in Receivables	178K	-3.49M	-4.61M	-2.05M	-1.07M	16.43M	-1.31M	-4.21M	-18.3M	-2.45M
Change in Inventory	-2.39M	-510K	-7M	-17.75M	-397K	10.34M	-14.41M	-6.27M	-7.97M	1.99M
Change in Payables	4.95M	8.93M	-1.18M	2.68M	9.69M	-21.41M	7.37M	-6.15M	13.94M	-7.57M
Cash from Investing+	-106.27M	-444.1M	-281.65M	-606.68M	-405.14M	-69.56M	586.26M	-442.14M	-653.85M	-321.79M
Capital Expenditures	-129.93M	-162.38M	-248.43M	-615.39M	-57.35M	-58.5M	-65.94M	-561.35M	-701.62M	-14.97M
CapEx % of Revenue	0.1%	0.11%	0.15%	0.37%	0.03%	0.05%	0.04%	0.34%	0.41%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	23.98M	24.17M	-11.41M	-1.13M	-358.81M	2.37M	652.2M	-2.35M	47.77M	-306.82M
Cash from Financing+	-249.86M	115.04M	90.28M	144.19M	103.16M	-150.44M	-1.01B	-290.05M	179.81M	-199.67M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-211.25M	-10.64M	-26.98M	-27.7M	-27.9M	-7.31M	-203.83M	-116.67M	-58.59M	-118.4M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-30.13M	-685.03M	-78.5M	-44.55M	-15.95M	-19.3M	-251.26M	-152.06M	-84.6M	-167.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	219.51M	183.83M	40.63M	-269.39M	-93.99M	154.29M	544.02M	-19.12M	-207.29M	249.42M
FCF Margin %	0.16%	0.13%	0.03%	-0.16%	-0.05%	0.13%	0.34%	-0.01%	-0.12%	0.13%
FCF Growth %	0.31%	-0.16%	-0.78%	-7.63%	0.65%	2.64%	2.53%	-1.04%	-9.84%	2.2%
FCF per Share	5.63	5.36	0.35	-2.31	-0.80	1.31	4.67	-0.18	-2.01	2.41
FCF Conversion (FCF/Net Income)	2.54x	3.76x	8.22x	2.20x	-94.49x	-1.41x	2.52x	2.64x	2.81x	3.56x
Interest Paid	0	116.31M	118.52M	124.42M	143.13M	0	97.96M	120.19M	170.51M	209.74M
Taxes Paid	0	9.5M	9.16M	176K	0	0	4.14M	31.36M	21.1M	30.29M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	22.61%	15.24%	5.53%	21.67%	-0.42%	-21.68%	73.88%	499.43%	127.48%	55.95%
Return on Invested Capital (ROIC)	8.12%	8.38%	8.34%	8.48%	3.89%	1.89%	9.93%	15.07%	13.15%	12.14%
Gross Margin	56.94%	56.26%	54.49%	52.76%	48.81%	57.6%	65.85%	64.62%	63.67%	61.62%
Net Margin	10.18%	6.33%	2.18%	9.37%	-0.18%	-12.72%	14.95%	12.35%	10.21%	7.94%
Debt / Equity	3.77x	3.82x	4.11x	3.49x	3.88x	4.84x	57.53x	93.64x	13.67x	11.22x
Interest Coverage	1.99x	2.21x	2.51x	2.60x	1.20x	0.70x	3.89x	4.32x	3.09x	2.49x
FCF Conversion	2.54x	3.76x	8.22x	2.20x	-94.49x	-1.41x	2.52x	2.64x	2.81x	3.56x
Revenue Growth	4.69%	7.42%	11.24%	4.05%	10.44%	-36.31%	36.83%	2.84%	3.62%	12.47%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Casino	-	-	-	984.25M	764.25M	-	1.13B	1.13B	1.28B
Casino Growth	-	-	-	-	-22.35%	-	-	0.54%	12.82%
Food and Beverage	-	-	-	481.56M	192.9M	-	283.07M	313.62M	360.39M
Food and Beverage Growth	-	-	-	-	-59.94%	-	-	10.79%	14.91%
Occupancy	-	-	-	192.31M	87.03M	-	164.5M	183.1M	200.52M
Occupancy Growth	-	-	-	-	-54.74%	-	-	11.31%	9.51%
Hotel, Other	-	-	-	106.77M	56.28M	-	87.09M	94.4M	100.86M
Hotel, Other Growth	-	-	-	-	-47.29%	-	-	8.40%	6.84%
Management Service	-	-	-	91.64M	81.98M	-	3.07M	807K	-
Management Service Growth	-	-	-	-	-10.55%	-	-	-73.71%	-
Reportables	-	-	-	-	-	1.61B	-	-	-
Reportables Growth	-	-	-	-	-	-	-	-	-
Las Vegas Operations	1.34B	1.49B	1.59B	-	-	1.6B	-	-	-
Las Vegas Operations Growth	-	11.66%	6.44%	-	-	-	-	-	-
Corporate and Other	-	-	-	-	-	7.17M	-	-	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	-
Operatings	1.45B	1.61B	1.68B	-	-	-	-	-	-
Operatings Growth	-	11.25%	4.05%	-	-	-	-	-	-
Corporate, Non-Segment	5.29M	5.73M	6.02M	-	-	-	-	-	-
Corporate, Non-Segment Growth	-	8.34%	5.04%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Red Rock Resorts, Inc. (RRR) has a price-to-earnings (P/E) ratio of 25.1x. This suggests investors expect higher future growth.

Growth & Financials

Red Rock Resorts, Inc. (RRR) reported $2.00B in revenue for fiscal year 2024. This represents a 59% increase from $1.26B in 2013.

Red Rock Resorts, Inc. (RRR) grew revenue by 12.5% over the past year. This is steady growth.

Yes, Red Rock Resorts, Inc. (RRR) is profitable, generating $190.0M in net income for fiscal year 2024 (7.9% net margin).

Dividend & Returns

Yes, Red Rock Resorts, Inc. (RRR) pays a dividend with a yield of 1.80%. This makes it attractive for income-focused investors.

Red Rock Resorts, Inc. (RRR) has a return on equity (ROE) of 55.9%. This is excellent, indicating efficient use of shareholder capital.

Red Rock Resorts, Inc. (RRR) generated $299.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...