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Free Research Report as Red Rock Resorts' Reported Q1 Results

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LONDON, UK / ACCESSWIRE / May 30, 2018 / If you want access to our free earnings report on Red Rock Resorts, Inc. (NASDAQ: RRR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RRR. The Company posted its financial results on May 01, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The Company's diluted earnings per share (EPS) grew on a y-o-y basis, outperforming market consensus estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:


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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Red Rock Resorts most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


Earnings Highlights and Summary

During the quarter ended March 31, 2018, Red Rock Resorts' net revenues were $421.04 million compared to the $425.74 million recorded at the end of Q1 FY17. The Company attributed the decline in net revenues to ongoing construction disruption at Palace Station Hotel & Casino, and a decrease in Native American management fees. However, the Company's net revenue numbers for Q1 FY18 topped market consensus estimates of $412.92 million.

Red Rock Resorts' Casino revenues rose to $236.25 million during Q1 FY18 from $223.54 million in the last year's same quarter. The Company's Food and Beverage revenues fell to $90.93 million in Q1 FY18 from $98.55 million in Q1 FY17. The Company's Room revenues also declined to $46.63 million in the reported quarter from $50.76 million in Q1 FY17. Red Rock Resorts' management fees were $24.68 million in Q1 FY18 compared to $30.28 million in Q1 FY17. Furthermore, the Company's other revenues stood at $22.56 million in Q1 FY18 versus $22.67 million in Q1 FY17.

The hotel and casino operator reported a net income attributable to common shareholders of $51.18 million, or $0.65 per diluted Class A share, in Q1 FY18 compared to $19.90 million, or $0.30 per diluted Class A share, in Q1 FY17. Meanwhile, Wall Street had expected the Company to report a net income of $0.35 per diluted Class A share.

Operational Metrics

For the reported quarter, the Las Vegas-based Company's total operating costs and expenses were $313.20 million versus $333.05 million in the prior year's comparable quarter. The Company's operating income came in at $107.84 million in Q1 FY18 compared to $92.69 million in Q1 FY17. The Company reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $140.08 million in Q1 FY18, up 2.9% from $136.19 million in Q1 FY17.

Segment Results

Red Rock Resorts' Las Vegas Operations segment's net revenues increased 0.2% to $395.17 million in Q1 FY18 from $394.24 million in Q1 FY17. Moreover, the segment's adjusted EBITDA increased 4.2% to $125.88 million in Q1 FY18 from $120.86 million in the prior year's corresponding period.

The Company's Native American segment contributed $24.51 million of net revenues in Q1 FY18 compared to $30.11 million in Q1 FY17. The segment's adjusted EBITDA were $22.09 million in Q1 FY18, which came in lower than the $23.32 million posted in the prior year's same period.

Red Rock Resorts' Corporate and Other segment's net revenues declined to $1.36 million in Q1 FY18 versus $1.39 million in the previous year's comparable period. Meanwhile, the segment reported negative adjusted EBITDA of $7.89 million in Q1 FY18 compared to negative adjusted EBITDA of $7.99 million in Q1 FY17.

Cash Flow and Balance Sheet

For the quarter ended March 31, 2018, the Company's net cash provided by operating activities was $106.05 million compared to $94.92 million in Q1 FY17. As on March 31, 2018, the Company had cash, cash equivalents, and restricted cash balance of $182.58 million compared to $234.74 million as on December 31, 2017. The Company reported a long-term debt of $2.58 billion in its books of accounts as on March 31, 2018, versus $2.59 billion as on December 31, 2017. Furthermore, the Company's debt to adjusted EBITDA ratio was 5.0 times, while its interest coverage was 4.6 times as on March 31, 2018.


In its earnings press release, Red Rock Resorts' Board of Directors declared a cash dividend of $0.10 per Class A common share for Q2 FY18. The dividend will be payable on June 29, 2018, to all stockholders of record as of the close of business on June 15, 2018.

Stock Performance Snapshot

May 29, 2018 - At Tuesday's closing bell, Red Rock Resorts' stock slightly fell 0.50%, ending the trading session at $33.83.

Volume traded for the day: 385.15 thousand shares.

Stock performance in the last month - up 12.62%; previous three-month period - up 0.95%; past twelve-month period - up 42.44%; and year-to-date - up 0.27%

After yesterday's close, Red Rock Resorts' market cap was at $3.95 billion.

Price to Earnings (P/E) ratio was at 23.96.

The stock has a dividend yield of 1.18%.

The stock is part of the Services sector, categorized under the Rental & Leasing Services industry.


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