Red Rock Resorts — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated net revenues were $488.7 million for the third quarter of 2026, an increase of 2.8% ($13.1 million) from $475.6 million in the same period of 2025.
• Net loss was $17.7 million for the third quarter of 2026, a decrease of 123.0% ($94.6 million) compared to net income of $76.9 million in the same period of 2025.
• Adjusted EBITDA was $182.6 million for the third quarter of 2026, a decrease of 4.3% ($8.3 million) from $190.9 million in the same period of 2025.
• The net loss and Adjusted EBITDA decline were primarily driven by $79.1 million in share-based compensation expense related to 50th anniversary stock awards and $6.9 million in one-time anniversary expenses.
• Cash and cash equivalents at September 30, 2026, were $128.3 million.
• Total principal amount of debt outstanding at the end of the third quarter was $3.7 billion.
• For the nine months ended September 30, 2026, net revenues were $1,506.3 million compared to $1,499.7 million in 2025.

Business Segments and Product Lines:

• Las Vegas operations net revenues were $479.1 million for the third quarter of 2026, an increase of 2.2% ($10.5 million) from $468.6 million in the same period of 2025.
• Adjusted EBITDA from Las Vegas operations was $204.6 million for the third quarter of 2026, a decrease of 2.3% ($4.8 million) from $209.4 million in the same period of 2025.
• Native American activities net revenues were $6.2 million for the third quarter of 2026, an increase of 59.0% ($2.3 million) from $3.9 million in the same period of 2025.
• Adjusted EBITDA from Native American activities was $5.1 million for the third quarter of 2026, an increase of 30.8% ($1.2 million) from $3.9 million in the same period of 2025.

Other Key Points:

• The Company recognized $79.1 million in share-based compensation expense and $6.9 million in one-time expenses to commemorate the Company's 50th anniversary.
• The Board of Directors declared a cash dividend of $0.26 per Class A common share for the fourth quarter of 2026, payable on December 31, 2026, to stockholders of record as of December 15, 2026.
• Prior to the dividend payment, Station Holdco LLC will make a cash distribution of $0.26 per unit, totaling approximately $29.2 million, with approximately $17.3 million expected to be distributed to the Company and $11.9 million to other unit holders.
• A conference call to discuss results was scheduled for November 3, 2026, at 4:30 p.m. Eastern Time.