Red Rock Resorts Q4 revenue hits $511.8m, FY net income grows 22.1%

Red Rock Resorts has reported its financial results for the fourth quarter of 2025 and full-year, with revenue for Q4 2025 increasing 3.2% to $511.8m, despite net income falling 3.5% to $84.6m during the quarterly period. 

Red Rock grows Las Vegas revenue in midst of tourism decline

The operator’s adjusted EBITDA for the fourth quarter of 2025 increased 5.4% to $213.3m, while Las Vegas operations for Red Rock Resorts witnessed an increase in Q4 2025 revenue of 2.5% to $505m. 

Red Rock Resorts’ Las Vegas operations also managed to grow adjusted EBITDA by 3.2% for a total of $231.1m, with Native American operations accounting for $3.7m of net revenue and adjusted EBITDA related to development fees. 

Casino activity helped drive nearly $343m of revenue during Q4 2025, representing an increase of 5% from the prior year period. Food & beverage and room operations generated $93.3m and $47.2m of revenue for Q4 2025, respectively, equating to an increase of 1.3% but a 9.8% fall in room revenue. 

While net income for Red Rock Resorts decreased during Q4 2025, operating income increased 0.9% to $143.6m, despite operating expenses also growing by 4.2% for a total of just over $368.2m. 

How did Red Rock Resorts perform during FY2025?

The operator’s net revenue for FY2025 grew 3.7% to $72.5m, while net income during the yearly period increased 22.1% to $355.7m. Red Rock Resorts’ FY2025 adjusted EBITDA also increased from the prior year period, rising 6.6% to $848.6m. 

Despite the tourism decline in Las Vegas seemingly taking effect on many Strip properties, Red Rock Resorts increased revenue from Las Vegas operations by 2.9% to nearly $2bn, while the sector’s adjusted EBITDA grew 4.2% to $915.9m 

The operator’s development fees from Native American operations accounted for $17.6m of net revenue and adjusted EBITDA. Operating expenses for Red Rock Resorts during FY2025 totaled just over $1.4bn, an increase of 3.2% year-over-year, but operating income for the period still grew 5.1% to $597.4m. 

Red Rock Resorts’ casino operations for FY2025 accounted for the vast majority of net revenue, generating $1.3bn and increasing 5%. Food & beverage also grew net revenue for FY2025, rising 0.6% for a total of $362.4m. 

Similar to its performance for the fourth quarter of 2025, however, net revenue from the operator’s room sector fell 5.2% to $190.1m during FY2025. 

Red Rock Resorts gained nearly $8.5m on Native American development during FY2025, and generated close to $12.1m from corporate and other-related businesses across the yearly period.