Red Rock Resorts announces increases in first-quarter net income

May 3, 2018 9:20 AM

Red Rock Resorts, the parent of Station Casinos, Tuesday announced increases in first-quarter net income from a year earlier, although revenue fell. Red Rock Resorts said its net income was $82.1 million, or 65 per share, for the three months ended March 31, up from net income of $45.4 million, or 30 cents per share, a year earlier.

The company attributed a $13.3 million after-tax gain associated with the extinguishment of a tax receivable liability and a $14.3 million after-tax gain in the fair value of interest rate swaps as having a positive effect on its results.

Adjusted earnings before interest, taxes, depreciation and amortization rose 2.9 percent to $140.1 million from $136.2 million, boosted by an increase in Las Vegas operations.

Las Vegas operations’ net revenue rose 0.2 percent to $395.2 million from $394.2 million. Adjusted EBITDA rose 4.2 percent $125.9 million from $120.9 million.

Both figures were the company’s highest since 2008.