RED ROCK RESORTS Reports Profitable Second Quarter of FY2023
August 7, 2023
☀️Earnings Overview
For the second quarter of FY2023, RED ROCK RESORTS ($NASDAQ:RRR) saw total revenue of USD 416.1 million, a drop of 1.4% compared to the same period in the previous year. However, net income rose 150.9% year-on-year, amounting to USD 39.5 million.
Share Price
On Thursday, RED ROCK RESORTS reported its second quarter results for the fiscal year 2023, and the results were positive. Overall, these reports have been seen as a positive for RED ROCK RESORTS and their stock prices. The markets responded positively to the news of RED ROCK RESORTS’ second quarter results with the company’s stock opening at $47.3 and closing at $47.2, down by 1.3% from prior closing price of 47.8. Investors are now hoping that the company can sustain its positive momentum in the coming quarters and continue to report solid financial results. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for RRR. More…
| Total Revenues | Net Income | Net Margin |
| 1.69k | 225.55 | 11.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for RRR. More…
| Operations | Investing | Financing |
| 525.28 | -442.14 | -290.05 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for RRR. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.52k | 3.42k | 1.29 |
Key Ratios Snapshot
Some of the financial key ratios for RRR are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 6.2% | 118.5% | 37.3% |
| FCF Margin | ROE | ROA |
| -10.3% | 524.2% | 11.2% |
Analysis
GoodWhale’s analysis of RED ROCK RESORTS’ fundamentals has concluded that the company is classified as a ‘cow’, meaning it is likely to have a track record of paying out consistent and sustainable dividends. This makes the company attractive to investors looking for reliable income streams, such as retirees, pension funds, and other income-focused investors. RED ROCK RESORTS’ fundamental metrics are strong in terms of dividend yields and profitability, but weak in terms of asset and growth. Additionally, its health score of 6/10, taking into consideration its cashflows and debt, suggests that RED ROCK RESORTS is likely to be able to weather any crisis without the risk of bankruptcy. More…
Peers
The company’s main competitors are Boyd Gaming Corp, Golden Entertainment Inc, and Bloomberry Resorts Corp.
– Boyd Gaming Corp ($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 strong financial results for the second quarter of FY2023. Total revenue came in at 416.1 million USD, a slight decrease year-on-year.
However, net income for the quarter was 39.5 million USD, a growth of 150.9%. This suggests that the company is well-positioned, despite a slightly weaker top line compared to last year. Investors may be enticed by the possibility of strong returns and are likely to keep a close eye on the company’s future performance.
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