Red Rock Resorts, Inc.

Las Vegas casinos and a separate management business

Red Rock Resorts, Inc. trades on Nasdaq as RRR. It controls Station Casinos through Station Holdco, while other owners retain an economic interest. At September 30, Red Rock held about 59% of Station Holdco's economic interests. Its consolidated results include the entire operating business, with noncontrolling owners' share shown separately.

The financial record

Dollar amounts are millions. Calendar third quarters ended September 30. Net income is shown both for the consolidated business and for Red Rock shareholders. Adjusted EBITDA adds back net interest, tax, depreciation, amortization, share-based compensation and specified other items.

The anniversary share awards

On September 9, 2026, substantially all full-time and part-time employees received Class A shares that were fully vested upon issuance. The grant-date share value was $72.4 million; the immediately recognized expense, including related payroll taxes, was $79.1 million. The anniversary awards analysis separates that expense from cash payments and the costs retained in adjusted EBITDA.

Class A shares outstanding ended September at about 59.6 million, versus 59.1 million at June-end, after employee issuance, other stock activity and repurchases.

Cash, investment and borrowing

Nine-month operating cash flow was $429.2 million, versus $453 million a year earlier. Cash capital expenditures rose to $456.1 million from $240.1 million. The company also paid $105.8 million in Class A dividends, $94.2 million in distributions to noncontrolling owners and $65 million for share repurchases.

For the remainder of 2026, Red Rock expected another $95 million to $115 million of capital spending.

September cash and cash equivalents were $128.3 million. Debt's balance-sheet carrying amount was $3.72 billion, with a separate $56.6 million of finance lease liabilities. Revolving borrowings were $490 million, and $561.6 million remained available after borrowings and letters of credit.

On October 21, Station Casinos added $500 million of term loans. Proceeds repaid revolving borrowings, covered fees and supported general corporate purposes. That refinancing occurred after the September balance sheet.

After the quarter

The tribal North Fork casino opened October 27. Red Rock manages the property. Its seven-year agreement provides for a fee of 30% of the project's net income. It collected approximately $26 million of development fees on October 30, a receipt after quarter-end.

Red Rock also provides a completion guaranty for North Fork. If project costs exceed available tribal financing, it must make reimbursable, interest-bearing advances of up to $425 million. The company said such funding was not probable to be needed for project closeout.

The board declared a $0.26 quarterly Class A dividend for December 31 payment to holders of record December 15. Remaining repurchase capacity was $459.4 million at September 30 under an existing authorization.