Red Rock Resorts Sees Higher Q1 Earnings & Approves $1 Special Dividend

Red Rock Resorts saw steady growth in the first quarter of 2025, helped by consistent results from its Las Vegas properties. The company, which owns and operates Station Casinos, ended the quarter with an increase in profit and approved two dividends for shareholders.

Good to know

• Red Rock reported a 9.7% increase in net income year-over-year.
• Two dividends will be paid in Q2, one regular and one special.
• Cash holdings stood at $150.6 million, while total debt remained at $3.4 billion.

Red Rock’s net income reached $86.0 million for the quarter ending March 31, a jump from $78.4 million in the same period last year. Total revenue rose to $497.9 million, showing a modest 1.8% gain. Las Vegas operations, which remain the core of Red Rock’s business, brought in $495.0 million in revenue, up 1.9% from a year earlier.

The company’s adjusted EBITDA for the quarter stood at $215.1 million, up from $209.1 million in Q1 2024. Las Vegas operations alone accounted for $235.9 million in adjusted EBITDA, reflecting a 2.7% year-over-year increase.

To reward shareholders, Red Rock’s board approved a regular dividend of $0.25 per Class A share, scheduled for payment on June 30 to those holding shares as of June 16. In addition, a special dividend of $1.00 per Class A share will be paid on May 21, with a record date of May 14.

Both dividends involve distributions from Station Holdco LLC, in which Red Rock owns a stake. For the special dividend, total payments will reach around $110.4 million, with $64.4 million going to Red Rock and $46.0 million to other unit holders.

Although the company carries $3.4 billion in outstanding debt, its cash position remains solid, giving it room to continue dividends and reinvest in operations. With strong local customer loyalty and ongoing improvements across its casino properties, Red Rock appears to be staying on a steady course.