RED ROCK RESORTS Reports Fourth Quarter Earnings Results for Fiscal Year 2022
March 27, 2023
Earnings Overview
On February 7, 2023, RED ROCK RESORTS ($NASDAQ:RRR) reported their financial results for the fourth quarter of their fiscal year 2022, which concluded on December 31, 2022. Total revenue was 91.8 million USD, a decrease of 38.3% from the same time period the year before. Net income, however, increased 0.7% year over year to 425.5 million USD.
Transcripts Simplified
Net revenue for the fourth quarter was $425.5 million, up $3.1 million from $422.4 million in the prior year’s fourth quarter. Adjusted EBITDA for the quarter was $194.4 million, up 2.5% from $189.7 million in the prior year’s fourth quarter. Adjusted EBITDA margin was 45.7% for the quarter, an increase of 78 basis points from the prior year’s fourth quarter.
Full year adjusted EBITDA was $743.9 million, up $2.9 million from $741 million in the prior year. Overall, despite facing challenging environmental factors, Red Rock Resorts was able to achieve record financial performance in the fourth quarter and full year 2022.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for RRR. More…
| Total Revenues | Net Income | Net Margin |
| 1.66k | 205.46 | 14.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for RRR. More…
| Operations | Investing | Financing |
| 542.22 | -442.14 | -290.05 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for RRR. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.35k | 3.31k | 0.75 |
Key Ratios Snapshot
Some of the financial key ratios for RRR are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -3.6% | 30.3% | 33.9% |
| FCF Margin | ROE | ROA |
| -1.1% | 926.4% | 10.6% |
Stock Price
The strong fourth quarter results come after a year of financial challenges due to the COVID-19 pandemic and the resulting need to limit capacity, implement safety measures, and suspend operations at several properties. Despite these obstacles, RED ROCK RESORTS has continued to demonstrate its resilience and adaptability in the face of changing market conditions, increasing its revenue and net income for fiscal year 2022. RED ROCK RESORTS is continuing to look for ways to improve its operations and enhance the customer experience. With its strong financial performance in the fourth quarter, the company is well-positioned to manage future challenges and capitalize on opportunities in the coming year. Live Quote…
Analysis
We at GoodWhale have conducted an analysis of RED ROCK RESORTS’ financials and determined that, overall, this is a medium-risk investment. This rating is based on our assessment of both the financial and business aspects of the company. By reviewing the income statement and balance sheet, we have identified two risk warnings that potential investors should be aware of. For more information on these warnings, don’t hesitate to register with us and view the details of our analysis. Our team of experts can help you make an informed decision regarding your potential investment in RED ROCK RESORTS. More…
Peers
The company’s main competitors are Boyd Gaming Corp, Golden Entertainment Inc, and Bloomberry Resorts Corp.
– Boyd Gaming Corp ($NYSE:BYD)
Boyd Gaming Corporation is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and Ohio. Boyd Gaming press releases are available at boydgaming.com. Additional information about Boyd Gaming can be found at https://www.boydgaming.com/.
The company has a market cap of 5.86B as of 2022 and a ROE of 36.77%. The company operates gaming entertainment properties located in various states in the US.
– Golden Entertainment Inc ($NASDAQ:GDEN)
As of 2022, Golden Entertainment, Inc. had a market capitalization of 1.19 billion and a return on equity of 28.98%. The company is a gaming and hospitality company that owns and operates casinos, taverns, and gaming machines in the United States.
– Bloomberry Resorts Corp ($PSE:BLOOM)
The company’s market cap stands at 77.45B as of 2022 and its ROE is 11.83%. The company is engaged in the business of developing, owning and operating resorts.
Summary
RED ROCK RESORTS reported their fourth quarter earnings results for their fiscal year 2022 ending December 31, 2022 on February 7, 2023. The company earned a total revenue of 91.8 million USD, a decrease of 38.3%, compared to the same period the prior year, however net income was up 0.7%. Following the announcement, the stock price moved up on the same day.
Overall, investors may be encouraged by the growth in net income despite the decrease in revenue. The company’s fundamentals appear strong and there may be potential for further stock price appreciation in the future.
Related Posts
Recent Posts
Investing Everyone Can Do.
Investing shouldn’t be exclusive to a select few. We believe everyone should have the opportunity to grow their wealth. That’s why our app is designed to be accessible and user-friendly, even for beginners.
