Red Rock Resorts, Q3 2026 Earnings Call Transcript

Red Rock Resorts reported record third-quarter Las Vegas revenue and its second-highest third-quarter adjusted EBITDA, with steady core gaming trends and stable demand expected into Q4. EBITDA margins faced pressure from construction disruption, higher seasonal electricity costs and a difficult comparison with a prior-year bad-debt recovery; management expects Q4 seasonality to be toward the stronger end of its usual range. Durango continues to perform well, and its expanded North project is now budgeted at about $430 million, with a targeted 20% return and an expected Q3 2027 opening. Green Valley Ranch renovations are complete, while Sunset Station upgrades are progressing; the company expects disruption to ease as projects finish, though 2027 will bring elevated capital spending. Newly opened North Fork is seeing strong initial demand and is beginning to generate recurring cash flow. Management remains positive on its Las Vegas development pipeline and plans to announce another project once scope and budgets are finalized.