Red Rock Resorts, Inc., parent company of Las Vegas locals powerhouse Station Casinos, has reported net revenues of $416.2 million for the second quarter of 2018.
That’s an increase of 1.5 percent, or $6.1 million, from $410.1 million during the same period of 2017. The company says the increase in net revenues was largely due to an increase in Las Vegas operations, however, revenues were partially offset by a decrease in Native American management fees.
Net income was $99.1 million for the second quarter of 2018, an increase of $149.3 million from a net loss of $50.2 million for the same period of 2017. The increase in net income was primarily due to a $57.8 million after-tax gain associated with the extinguishment of a tax receivable liability, as well as a prior year after-tax loss of $78.1 million associated with the acquisition of the leases at Boulder Station and Texas Station.
Adjusted EBITDA was reported as $124.6 million for the second quarter of 2018, an increase of 4.0 percent from $119.9 million in the same period of 2017.
Net revenues from Las Vegas operations were $393.7 million for the second quarter of 2018, a 4.1 percent boost from $378.1 million in the same period of 2017. Adjusted EBITDA from Las Vegas operations was $112.6 million for the second quarter of 2018, a 7.1 percent increase from $105.1 million in the same period of 2017.
The company says its major Palace Station redevelopment project at a cost of $191 million continues on schedule and the budget remains unchanged. The project is expected to be completed in phases by the end of 2018.
The $620 million Palms redevelopment project also remains on schedule and its budget remains unchanged.