Red Rock Resorts Rallies on Q4 Earnings Beat, Special Dividend

Shares of Red River John Rock Resorts (NASDAQ: RRR) rallied inwards Wednesday’s after-hours trading session. That’s after the gaming accompany posted estimate-beating fourth-quarter results spell announcing a special dividend.

The manipulator of the Station casinos, among others, earned 95 cents a percentage on revenue of $462.7 meg inward the last trinity months of 2023. Analysts expected earnings of 51 cents on sales of $439.6 million. On a year-over-year basis, Red Rock’s top of the inning line grew 8.8%, while familiarized earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 3.6%.

Net revenues from Las Vegas trading operations were $459.4 billion for the quaternary quarter of 2023, an step-up of 9.5%, or $39.7 million, from $419.6 meg inward the same period of 2022,” according to a financial statement issued past the company. “Adjusted Earnings Before Interest Taxes Depreciation and Amortization from Las Vegas trading operations was $220.3 one thousand thousand for the 4th quarter of 2023, an increment of 6.5%, or $13.4 million, from $206.9 billion in the same geological period of 2022.”

In improver to its namesake venue inwards Summerlin and the Green Valley Ranch inward Henderson, Red River Rock operates multiple gaming properties under the Station brand end-to-end the Las Vegas area. The companion also runs 10 Wildfire casinos, including 7 inward Henderson, according to its website. All of the operator’s gaming venues are in the Las Vegas Valley.

Red Rock Resorts Delivers Sir Thomas More Income

Red John Rock concluded 2023 with $137.6 1000000 inward hard cash on manus and outstanding debt of $3.4 billion. The balance tack is strong sufficiency to backing the young special payout.

The Company’s Board of Directors has declared a special dividend of $1.00 per Class type A usual share. The dividend will be payable on March 4, 2024 to all stockholders of put down as of the secretive of business on February 22, 2024,” according to the statement.

It’s the operator’s third special distribution since November 2021. That month, Red Rock unveiled a $3 per part unique payout. a year later, the manipulator delivered a $1 per part special dividend.

Special dividends are one-off payments to investors and bid companies flexibleness because those payouts aren’t delivered quarterly, as is the pillowcase with traditional distributions by domestic companies.

Durango Might Have Helped Q4

Durango Casino & Resort inward Southwest Las Vegas — Red Rock’s newest cassino hotel — has been unresolved for just now months, signification it wasn’t a major factor out inwards the company’s fourth-quarter results. But the venue was a contributor.

That’s an supporting sign, because at that place some fears that Durango could cannibalize other Red Rock properties. But executives allayed those concerns, late noting that devotees of the operator’s namesake venue inward Summerlin are potential to paying back to that gambling casino as 2024 unfolds.

Some analysts trust that Durango’s strong commence and subsequent follow-through personate to a greater extent put on the line to casinos in southwestern United States Las Vegas operated by rivals than to other Red John Rock properties.

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