Red Rock Resorts Posts Record Q3 Revenue Boosted by Vegas Operations

Red Rock Resorts continued its upward trajectory in the third quarter of 2025, reporting net revenue of $475.6 million, a 1.6% year-on-year rise. Net earnings surged 38.8% to $76.9 million, while adjusted EBITDA grew 4.5% to $190.9 million, extending the operator’s streak of nine consecutive quarters of record revenue and five quarters of unprecedented cash flow.

Growth was anchored by its Las Vegas core operations, which generated $468.6 million in revenue, a 0.8% increase compared to 2024, and $209.4 million in adjusted EBITDA, a 3.4% increase. Native American management fees also supplemented $3.9 million. The results highlight the resilience of Red Rock’s gaming-focused strategy for locals amid market volatility currently hitting tourist-reliant Las Vegas.

Dividend Boost

Red Rock Resorts closed September with $129.8 million in cash reserves and $3.4 billion in debt. Meanwhile, the company declared a quarterly dividend of $0.26 per share, payable on December 31, with a record date of December 15. It expanded its stock repurchase program by $300 million, authorizing up to $900 million through 2027, with $573 million remaining for buybacks as of late October.

Local Focus Fuels Growth

Executives emphasized the stability of Red Rock’s locals’ segment, which is insulated from the tourist-driven Strip’s current economic headwinds. Unlike competitors reliant on international visitors or event-based tourism, the operator’s value-focused casinos prioritize repeat customers, a strategy that delivers consistent earnings even during broader market challenges.

Red Rock’s portfolio, which includes Red Rock Casino, Green Valley Ranch, Durango Casino, and Palace Station, thrives on a gaming-centered model that prioritizes consistent play over sporadic hotel or convention revenue.

This strategy insulates the company from tourism-dependent economic changes while fueling reinvestment. Nevada’s gaming landscape is increasingly favoring locally focused operators like Red Rock, which now outpaces Strip rivals amid declining visitor numbers.

Expansion Plans

Red Rocks Resorts will break ground on a $385 million second-phase expansion of its Durango Casino & Resort in January 2026. The 18-month project will add over 275,000 sq ft to its north podium area. The upgrade also includes nearly 400 slot machines, expanded gaming floors, and amenities such as luxury cinemas, a 36-lane bowling complex, and experiential dining, all designed to diversify entertainment options. Concurrently, the $120 million first-phase Durango expansion nears completion, adding 25,000 sq ft of casino space with 230 slots and a 2,000-space garage.