RRR · Red Rock Resorts, Inc.

Red Rock Resorts’ Q1 2026 results reflect modest top-line growth offset by declining profitability metrics across key GAAP and Non-GAAP measures. Net revenues rose 1.9% year-over-year to $507.3 million, primarily driven by Las Vegas operations (+0.9% to $499.5 million), while Native American management and development fees contributed $4.7 million — a new line item absent in Q1 2025. However, net income attributable to the Company fell 4.2% to $42.9 million, and diluted EPS declined to $0.73 from $0.75, signaling margin compression. Adjusted EBITDA decreased 1.2% to $212.6 million, with Las Vegas Adjusted EBITDA down 1.5% to $232.4 million — consistent with elevated operating costs, including a 15.3% increase in depreciation and amortization ($55.9M vs. $48.3M) and higher selling, general and administrative expenses ($114.4M vs. $104.7M). The press release attributes no specific drivers beyond broad industry headwinds, citing inflation, higher interest rates, and energy costs as risks affecting consumer demand and liquidity. With $134.0 million in cash and $3.6 billion in debt as of March 31, 2026, the Company maintains significant leverage but continues returning capital: the declared $0.26 per share dividend — up sharply from $0.25 in Q1 2025 — is funded through a parallel $0.26 per unit distribution from Station Holdco, highlighting the structural interdependence between the holding company and its operating subsidiary. No forward guidance was disclosed in the filing or Exhibit 99.1.