Red Rock reported FY 2025 net revenues of USD 2.01 billion (+3.7%) and operating income of USD 597.43 million (+5.1%). Net income was USD 355.67 million, while net income attributable to shareholders was USD 188.07 million (+22.1%). Adjusted EBITDA totaled USD 848.59 million. By line item in FY 2025, casino revenues were USD 1.34 billion (+5.0%) with a casino margin of 73.0%. Food and beverage revenues were USD 362.42 million (+0.6%), while room revenues were USD 190.13 million (-5.2%), which the company attributed primarily to hotel renovations at Green Valley Ranch; hotel occupancy was 89.4%, ADR was USD 197.91, and revenue per available room was USD 176.90. Development fees were USD 17.63 million, reflecting fees earned under its agreement to develop the North Fork Project, including a USD 6.1 million cumulative revenue catch-up for prior-year services; the company also reported a gain on Native American development of USD 8.48 million tied to repayment of reimbursable advances following project financing. For FY 2025, interest expense, net was USD 201.88 million (-11.8%). Red Rock ended 2025 with USD 142.5 million in cash and cash equivalents and said Station LLC had USD 898.2 million of revolving credit facility availability (net of USD 155.0 million in borrowings and USD 46.8 million in letters of credit). The company also highlighted board authorization to increase its equity repurchase program to USD 900 million and extend it to December 31, 2027, with USD 524.4 million remaining authorized at December 31, 2025.

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