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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.

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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Betson Appoints Todd Cravens as SVP of Gaming Division

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Betson Enterprises, a division of H. Betti Industries Inc., has appointed Todd Cravens as Senior Vice President of the Gaming Division, effective January 6, 2025. In this role, Todd will oversee the strategic growth and operations of Betson’s gaming division, focusing on expanding distributive gaming initiatives, strengthening customer and supplier relationships, and driving innovation within the industry. Todd will be based out of Betson’s Henderson, NV office and will join the company’s executive leadership team.

Todd brings a wealth of experience in gaming and amusements, including his previous tenure as CEO and President of Galaxy Gaming. With a proven track record in organizational leadership, business development, and strategic execution, Mr. Cravens is well-positioned to lead Betson’s gaming division in its next phase of growth. His focus on customers, product and team align with Betson’s commitment to delivering innovative solutions and superior service to its customers.

“We are thrilled to welcome Todd back to the Betson Gaming team working alongside Rick Kirby. His deep industry knowledge, leadership, and strategic mindset will be instrumental in driving the growth of our gaming division and expanding our footprint in the gaming industry, as well as the overall Betson business,” said Bob Geschine, President of H. Betti Industries.

Commenting on his new role, Todd said: “I can’t wait to get back to work and look forward to rejoining the Betson team. I look forward to working closely with the talented Betson crew to deliver on the company’s strategic objectives, focus on our customers, strengthen our partnerships, and explore new opportunities to innovate in the gaming market and beyond.”

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Scientific Games Scores Deal with NBA for Lottery Scratch Games in US

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Scientific Games continues to light up the company’s licensed properties portfolio with another big win. National Basketball Association (NBA)-licensed instant scratch games are now available to U.S. lotteries through Scientific Games, bringing the fan-passionate brand of professional basketball to their players.

As part of the new, multi-year agreement, Scientific Games will work with U.S. lotteries to help create custom second-chance promotions and experiential prizes to amplify their NBA-themed scratch games. Lotteries can also work with local NBA teams in their states to create team-specific games through sponsorships.

The Massachusetts Lottery, perennially ranked No. 1 worldwide for instant scratch game sales, is the first to feature an NBA-branded scratcher under the Scientific Games agreement. The Lottery launched an NBA Champion Boston Celtics-themed game on November 19 with the 2024-25 NBA season in full swing. With total sales of $1.6 billion since the introduction of its first sports-themed ticket in 2006, the Mass Lottery is also ranked No. 1 in the U.S. for retail sales in this category.

“The Celtics are one of the most iconic franchises in all of sports and we are thrilled to commemorate their most recent championship with a ticket that offers their passionate fanbase the opportunity to win up to one million dollars and a variety of experiential and merchandise prizes,” said Mark William Bracken, Executive Director of the Massachusetts State Lottery.

The NBA has a rich tradition of game-changing plays, storied rivalries and team dynasties. It is the most innovative league in sports, helping drive the growth of the sport around the globe. The NBA comprises 30 teams in North America, 29 based in major U.S. cities and one in Canada.

Tina Hoover, VP Licensing for Scientific Games, said: “We are excited to welcome the NBA back into the lottery category. The NBA has a loyal and passionate fanbase, which makes the brand perfect for lottery games that appeal to players in communities across a state. Each game can be customized to a lottery’s home market. Best of all, sales from the games will benefit the lottery’s good cause programs in those same communities.”

In fiscal year 2024, licensed branded games created by Scientific Games for North American lotteries represented USD $2.6 billion in retail sales.

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Seminole Hard Rock Hotel & Casino Tampa Marks $2 Billion Milestone in Jackpots Given Away in 2024

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A lucky guest – Richard B. – won a $100,000 Mercedes AMG GLE 53 SUV as part of a celebration of $2 billion in jackpots paid out so far in 2024 by Seminole Hard Rock Hotel & Casino Tampa.

Richard was playing a Dollar Storm – Caribbean Gold $0.25 progressive slot machine with a $18.75 bet. He won $1680 on the machine, which pushed the casino’s total slots payout for 2024 to over $2 billion. The win earned him the new Mercedes in recognition of surpassing the slot payout milestone.

“This is absolutely amazing. I stopped in to play for just a minute, hit a jackpot, and suddenly I was whisked away to find out I won a car. I’ve been playing at Hard Rocks forever, but this is the first time I’ve ever won a car,” said the winner.

In addition to Richard’s good fortune, 881 guests playing with their Unity Card each received $25 in Bonus Free Play. A total of $22,025 was awarded.

“It’s exciting that we have paid out more than $2 billion in jackpots. We are always dedicated to providing exceptional guest experiences, while ensuring that each visit to Seminole Hard Rock Tampa is truly unforgettable,” said Steve Bonner, President of Seminole Hard Rock Hotel & Casino Tampa.

2024 is the third year Seminole Hard Rock Tampa has paid out more than $2 billion in jackpots.

Seminole Hard Rock Tampa has paid out over 723,505 jackpots of $1200 or more so far this year. That’s almost two jackpots for every person who lives in the City of Tampa.

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