Red Rock Resorts reports steady Q4 and 2025 results

• Red Rock Resorts unveiled its 2025 financial report, highlighting a significant increase in net income year-over-year
• Last year, the company reported adjusted EBITDA of $848.6m, representing 6.6% increase
• While Q4 revenue increased by more than 3%, net income for the period fell year-over-year by 3.5%

The leading holding company that has an indirect interest in and manages the gaming, hospitality and entertainment operator Station Casinos, Red Rock Resorts, released its fourth quarter and full year 2025 results.

Revenues increase in 2025, income soars

Per the latest report, covering the full year ended December 31, 2025, the company reported $2.01bn in net revenues.

Compared to the $1.94bn result from 2024, the latest figure shows an increase of 3.7% year-over-year.

Red Rock Resorts' net income in 2025 increased as well, hitting $355.7m.

Compared to the $291.3m net income reported in 2024, the company recorded an increase of $64.4m or 22.1% growth year-over-year.

Adjusted EBITDA in 2025 increased as well, hitting $848.6m, up by 6.6% when compared to the prior year period.

A breakdown of the $2.01bn figure shows an increase in Red Rock Resorts' net revenues from its Las Vegas operations.

In total, the company reported $1.98bn in net revenues from its Las Vegas operations, signaling an increase of 2.9% year-over-year.

On the other hand, the net revenues and adjusted EBITDA from Red Rock Resorts' Native American activities were "$17.6 million in 2025, representing revenue related to development fees," as explained by the company in a press release.

"The Company's cash and cash equivalents at December 31, 2025, were $142.5m and total principal amount of debt outstanding at the end of the fourth quarter was $3.4bn," Red Rock Resorts explained.

Q4 net income dips slightly

As noted, Red Rock Resorts also posted its Q4 2025 financial results.

Per the latest data, the company's net revenues in Q4 increased by 3.2% or $16.1m year-over-year, hitting $511.8m.

Similarly, Adjusted EBITDA increased as well, hitting $213.3m. Compared to the $202.4m in Adjusted EBITDA reported during the same period in 2024, the latest result shows a 5.4% increase.

Unlike the net revenue and Adjusted EBITDA, Red Rock Resorts posted a decrease in net income during Q4.

In Q4 2024, the company reported net income of $87.7m, while during the latest quarter, net income decreased by 3.5%, falling to $84.6m.

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