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Red Rock Resorts Announces Second Quarter 2024 Results

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Red Rock Resorts Announces Second Quarter 2024 Results

 

Red Rock Resorts, Inc. reported financial results for the second quarter ended June 30, 2024.

Second Quarter Results

Consolidated Operations

  • Net revenues were $486.4 million for the second quarter of 2024, an increase of 16.9%, or $70.3 million, from $416.1 million in the same period of 2023.
  • Net income was $69.8 million for the second quarter of 2024, a decrease of 6.8%, or $5.1 million, from $74.9 million in the same period of 2023.
  • Adjusted EBITDA(1) was $201.7 million for the second quarter of 2024, an increase of 15.0%, or $26.4 million, from $175.3 million in the same period of 2023.

Las Vegas Operations

  • Net revenues from Las Vegas operations were $483.2 million for the second quarter of 2024, an increase of 17.1%, or $70.6 million, from $412.6 million in the same period of 2023.
  • Adjusted EBITDA from Las Vegas operations was $223.1 million for the second quarter of 2024, an increase of 15.6%, or $30.1 million, from $193.1 million in the same period of 2023.

Balance Sheet Highlights

The Company’s cash and cash equivalents at June 30, 2024 were $136.4 million and total principal amount of debt outstanding at the end of the second quarter was $3.5 billion.

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Quarterly Dividend

The Company’s Board of Directors has declared a cash dividend of $0.25 per Class A common share for the third quarter of 2024. The dividend will be payable on September 30, 2024 to all stockholders of record as of the close of business on September 16, 2024.

Prior to the payment of such dividend, Station Holdco LLC (“Station Holdco”) will make a cash distribution to all unit holders of record, including the Company, of $0.25 per unit for a total distribution of approximately $27.5 million, approximately $16.0 million of which is expected to be distributed to the Company and approximately $11.5 million of which is expected to be distributed to the other unit holders of record of Station Holdco.

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Play’n GO announces partnership with US operator Stardust Casino

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Play’n GO announces partnership with US operator Stardust Casino

 

Play’n GO content now live with Boyd Interactive-owned brand Stardust in New Jersey and Pennsylvania  

Play’n GO, the world’s leading casino entertainment provider, has today announced a new US operator partnership with leading brand Stardust Casino. 

Stardust Casino, owned by Boyd Interactive, will now host Play’n GO content in New Jersey and Pennsylvania, meaning Stardust Casino players in these states will now have access to classic Play’n GO titles such as Piggy Blitz, Fire Joker, and Colt Lightning. 

Play’n GO entered New Jersey in September 2022, and entered Pennsylvania earlier this year, making a total of five states where it is licensed as a games provider.   

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Magnus Olsson, Chief Commercial Officer at Play’n GO, commented, “It’s great to join forces with Stardust Casino in New Jersey and Pennsylvania, two of our most important markets globally, not just in the US. The Stardust Casino brand goes back decades in the gaming landscape of the United States, and the introduction of our games to their platform is an exciting prospect for both businesses.  

“Play’n GO is the world’s leading casino entertainment provider. We set the industry standard for game content and innovation. This partnership is another significant milestone on our journey in the US, and our focus now turns to unlocking the full potential of this partnership for both Play’n GO and Stardust Casino.” 

Alexander Angelo, CRM Director, Stardust Casino, added “We’re equally enthusiastic to welcome Play’n GO to the Stardust Casino family, and we’re excited to introduce our players in Pennsylvania and New Jersey to some classic Play’n GO games. We’re determined to offer our players the best online casino gaming experience possible, so adding Play’n GO’s games to our portfolio of over 200 online games was a no-brainer. We’re looking forward to many years of success together.” 

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Endorphina Enters into Partnership with Luckia

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Endorphina has entered into a partnership with Luckia, a leading company in the gaming sector. Combining Endorphina’s passion for slots with Luckia’s innovative spirit, this partnership is set to provide incredible gaming experiences to all iGaming enthusiasts.

Endorphina’s Senior Partnership Manager, Zdenek Llosa, shared his excitement about the partnership: “We are thrilled to join forces with Luckia, a respected and influential operator in Colombia, Spain, Mexico, and Portugal. This partnership is a significant step forward in our global expansion strategy, allowing us to reach new players and markets. We are confident that Luckia’s players will appreciate the quality and diversity of our games, and we look forward to a fruitful and enduring collaboration.”

Luckia is a commercial brand of Luckia Gaming Group that combines offline and online gaming, including traditional businesses such as gaming machines in bars and restaurants and gaming arcades, new online gaming activities, and land-based sports betting. By advancing the current concept surrounding gaming, Luckia aims to provide an extensive entertainment experience, democratizing gaming and making it a social, accessible, and trust-inspiring activity.

Eloy Fernandez, Head of Product at Luckia, said: “We’re thrilled to announce our new partnership with Endorphina, with Mexico being the first market to go live with their creative slot content on Luckia’s platform! Endorphina’s distinctive games will not only enhance our offering but also provide a fresh and engaging experience for our Mexican players. Their unique approach aligns with our mission to elevate entertainment and optimize our services in key markets.”

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Compliance Updates

eCOGRA Approved to Operate in Arizona, Indiana and Panama

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eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.

This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.

Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.

In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.

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“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.

Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”

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