Gambling in the USA

Red Rock Resorts Announces Fourth Quarter and Year End 2019 Results

Published

5 years ago

February 6, 2020

Red Rock Resorts Announces Third Quarter 2020 Results

Red Rock Resorts, Inc. reported financial results for the fourth quarter and year ended December 31, 2019.

Net revenues were $460.8 million for the fourth quarter of 2019, an increase of 6.8%, or $29.3 million, from $431.5 million for the same period of 2018. The increase in net revenues was primarily due to an increase in Las Vegas operations, led by an increase in net revenues at the Palms Casino Resort (the “Palms”).

Net income was $6.8 million for the fourth quarter of 2019, a decrease of 48.1%, or $6.3 million, from $13.2 million for the same period of 2018. The decrease in net income was primarily due to a one-time charge related to Company’s purchase of its formerly leased corporate office building and the extinguishment of the lease financing obligation related thereto.

Adjusted EBITDA⁽¹⁾ was $137.6 million for the fourth quarter of 2019, an increase of 1.8%, or $2.5 million, from $135.1 million in the same period of 2018. The increase in Adjusted EBITDA was primarily due to an increase in Las Vegas operations other than the Palms, partially offset by a decrease in Adjusted EBITDA at the Palms.

Stake - Best Online Casino & Sports Betting Platform

For the full year, net revenues were $1.86 billion in 2019, an increase of 10.4%, or $175.5 million, from $1.68 billion for the same period of 2018. The increase in net revenues was primarily due to a $170.8 million increase in Las Vegas operations, led by an increase in net revenues at the Palms.

For the full year, net loss was $6.7 million in 2019, compared to net income of $219.5 million in 2018. The decrease in net income was primarily due to (i) a decrease in the fair value of derivative instruments, (ii) an increase in write downs and other charges including the termination of certain artist performance agreements and employment arrangements at the Palms and (iii) higher depreciation and amortization relating to the Palms redevelopment project. The change from the prior year was also impacted by a gain recognized in 2018 associated with the extinguishment of a tax receivable liability.

For the full year, Adjusted EBITDA was flat at $509.0 million in 2019 when compared to 2018. The flat year-over-year Adjusted EBITDA was primarily the result of an increase in Las Vegas operations other than the Palms, offset by a decrease in Adjusted EBITDA at the Palms.

Las Vegas Operations

Net revenues from Las Vegas operations were $437.9 million for the fourth quarter of 2019, an increase of 6.9%, or $28.5 million, from $409.5 million in the same period of 2018. Adjusted EBITDA from Las Vegas operations was $125.5 million for the fourth quarter of 2019, an increase of 3.7%, or $4.5 million, from $121.0 million in the same period of 2018.

Native American Management

Adjusted EBITDA from Native American operations was $19.9 million for the fourth quarter of 2019, a 3.9% increase from $19.1 million in the same period of 2018 due to increased management fees generated under the Graton Resort management agreement.

Balance Sheet Highlights

The Company’s cash and cash equivalents at December 31, 2019 were $128.8 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.076 billion. The Company’s debt to Adjusted EBITDA and interest coverage ratios at December 31. 2019 were 4.96x and 4.37x, respectively.

Quarterly Dividend

The Company’s Board of Directors has declared a cash dividend of $0.10 per Class A common share for the first quarter of 2020. The dividend will be payable on March 27, 2020 to all stockholders of record as of the close of business on March 13, 2020.

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 $0.10 per unit for a total distribution of approximately $11.7 million, approximately $7.0 million of which is expected to be distributed to the Company and approximately $4.7 million of which is expected to be distributed to the other unit holders of record of Station Holdco.

SOURCE Red Rock Resorts, Inc.

Up Next

Tcsjohnhuxley Completes Asset Acquisition of Gaming Partners International

Don't Miss

BULLETPROOF™ Announces Chris Johnston as New Chief Executive Officer

Gambling in the USA

Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion

Published

1 week ago

November 12, 2024

Niji Narayan

Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venue’s history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation, and culinary excellence.

The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribe’s ancestors to carefully chosen artwork placed throughout for guests to enjoy.

Snoqualmie Casino & Hotel’s destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.

“It is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,” said Interim CEO Mary Lou Patterson.

In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.

One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the region’s entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.

In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.

Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.

Gambling in the USA

Wind Creek Chicago Southland to Open to the Public on November 11

Published

2 weeks ago

November 11, 2024

Niji Narayan

Wind Creek Chicago Southland has announced that it will open to the public on November 11. The state-of-the-art casino represents the first step toward delivering a full-scale integrated resort experience, scheduled for completion in spring 2025.

Spanning an impressive 70,000 square feet, Wind Creek Chicago Southland features over 1400 slot machines, 56 table games, high-limit slot areas, a high-limit table games salon, a poker room, a dynamic sportsbook, and 4 “Hidden Gems” throughout the casino floor–offering visitors a unique and customizable private gaming and event microenvironment. Designed with an emphasis on curated entertainment spaces, this new offering aims to redefine leisure and hospitality for the entire region.

“The opening of Wind Creek Chicago Southland underscores our dedication to making a positive economic impact in the communities we serve. We’re committed to create opportunities that support the region, offer competitive benefits for Team Members, and further strengthen the vibrant Southland community,” said Jay Dorris, President and CEO of Wind Creek Hospitality.

Wind Creek Chicago Southland is expected to create more than 1000 full-time jobs in fields ranging from hospitality to technology. Roles will include security, gaming attendants, food service, IT technicians, and environmental services, reinforcing Wind Creek’s commitment to strengthening the local economy. Additionally, Homewood and East Hazel Crest will benefit from gambling revenue, along with 42 other south suburban communities—funding essential local services within the immediate and surrounding communities.

“Wind Creek Chicago Southland is more than a casino—it’s a community-driven destination. The Tribe and Wind Creek will continue to prioritize the Villages of Homewood and East Hazel Crest as we are committed to uplifting our neighbors,” said Stephanie Bryan, Tribal Chair and CEO, Poarch Creek Indians.

On Nov. 6th and Nov. 7th, the Illinois Gaming Board visited the casino for two mandatory test days, which also included an extended invitation to family friends and local dignitaries. Wind Creek Hospitality received notice of approval on Nov. 8th to operate on Monday, Nov. 11th at approximately 11:00 a.m.

The Nov. 11th opening marks only the beginning of what will become a flagship destination. High-limit gaming rooms, a hotel, spa, poker room, a sportsbook and more will be available for Guests seeking diverse experiences. Wind Creek’s partnership with Fabio Viviani Hospitality Group will also introduce an exceptional range of signature restaurants and food & beverage offerings to the highly anticipated property.

“Whether you’re looking for elevated dining, quick-service eateries, or something in between—you won’t be disappointed as we’re creating something truly unforgettable,” said Fabio Viviani.

“From the start, our mission has been to create jobs, spur economic growth, and offer the ultimate entertainment escape. We’re thrilled to welcome our Guests on Nov. 11th to experience the excitement firsthand,” said Roger Kuehn, EVP and General Manager of Wind Creek Chicago Southland.

Gambling in the USA

Spin Your Way to Political Fun in Slotland and WinADay’s Race for Office MegaMatrix Slot

Published

3 weeks ago

November 4, 2024

Peter Tolan

The drama of the 2024 U.S. elections is here, and players can take advantage of extra bonuses to play Race for Office, Game of the Month.

Slotland and WinADay are bringing the excitement of the U.S. presidential election to life this month with the fan-favourite, Race for Office, packed with a wealth of bonuses.

Launched in 2020, Race for Office features a lively American theme with familiar political figures set against the U.S. Capitol. Updated for 2024, revamped to include Kamala Harris and Donald Trump with their running mates in a light-hearted style. With a 5-reel MegaMatrix setup and 15 paylines, players can bet anywhere from $0.60 to $30.

As the Game of the Month on Slotland and WinADay, Race for Office will be featured with special Match bonuses—55% at Slotland and 44% at WinADay. Players using cryptocurrency can enjoy a 75% Match on Slotland deposits of $5 to $500, and a 66% Match on WinADay deposits of $40 to $200!

Keep spinning to unlock a lucky PICK ME round and boost your balance with some extra campaign cash! Players who hit three PICK ME scatters, the handshake, can enter a bonus game. By clicking on tiles in a 5×5 grid, players can level up to higher prizes, creating a race to collect winnings until they hit the coveted ‘COLLECT’ sign.

Players can also enter a random draw for a chance to win up to $300. Every 100 spins earns a ticket for the Monthly Contest, with winners announced by December 17, 2024. It’s the perfect incentive to keep spinning as the political season unfolds!

Michael Hilary, Casino Manager, says: “This November, join Slotland and WinADay in the Race for Office and experience the fun of politics like never before. Spin the reels, claim your bonuses, and who knows—you might just land a jackpot that’ll have you celebrating like it’s election night!”

View a video version of this story

Race for Office Game of the Month Promo Details: slotland.eu/en/promotions#game-of-the-month and winadaycasino.eu/en/promotions