Red Rock Resorts reports second-quarter results
By Bob Garcia
The second quarter of this year has come to an end and Red Rock Resorts, Inc. did all the necessary paperwork to present yesterday its financial results for the period ending June 30. Among the properties that remained fully operational during the second quarter were Boulder Station, Green Valley Ranch, Palace Station, Red Rock, Santa Fe Station and Sunset Station, along with its Wildfire properties. Others remained closed during the period, including Fiesta Rancho, Fiesta Henderson, Texas Station and Palms Casino Resort.
Red Rocks is starting to make a quick recovery after the bitter pill it swallowed last year amid the economic storm caused by COVID-19. According to the report, the second quarter of 2021 has shown a total of $428.2 million in net revenues, representing a 295% increase over the $108.5 million earned for the same period last year. Many of the properties were closed as a contingency plan to prevent the pandemic from spreading further in public places.
With respect to net income, a total of $143.4 million was reported for the second quarter of 2021, an improvement of $261.8 million compared to a loss of $118.4 million for the same period of 2020. This was also an improvement over the same period in 2019 when the report shared a loss of $7.1 million.
Adjusted EBITDA painted quite well, as it totaled $210.2 million for this past quarter, representing an increase of $227.4 million from negative $17.3 million in the same period of 2020.
The numbers were quite positive for this past quarter for Red Rock Resorts, a sign that the casino industry is trying to return to normalcy as COVID-19 continues to fade. However, as face masks make a return to Nevada under state orders, the recovery may face more challenges.