Net revenues in Las Vegas continue to rise for Red Rock Resorts in 2017.
For the company’s first quarter of the year, Las Vegas net revenues increased 16.5 per cent to US$386.2m, with adjusted EBITDA increasing 1.3 per cent to $120.6m.
Consolidated net revenues increased 16.3 per cent to $417.7m, the 16th consecutive quarter of year-over-year consolidated net revenue growth. Consolidated net income decreased 24 per cent to $45.2m, primarily attributable to the inclusion of the provision for income tax. Consolidated adjusted EBITDA increased two per cent to $135.9m, the highest first quarter consolidated adjusted EBITDA in nine years.
“During the first quarter, we continued to see solid results in our Las Vegas operations with same-store revenues up three per cent, demonstrating the underlying strength of our core business,” said Marc J Falcone, executive vice president, chief financial officer and treasurer.
“We believe these results are directly correlated to the ongoing expansion of the Las Vegas economy, which continues to see strong population growth, robust employment numbers, increasing wages, an improving housing market and a large pipeline of planned and under construction development projects, all of which attract new residents and businesses to the Las Vegas market.”
