Red Rock Resorts reported increased revenue and operating earnings for 2025, while fourth-quarter net income edged lower compared with the prior year. The company also announced both a quarterly and a special cash dividend, and confirmed Sunset Station in Henderson will be the next resort to undergo a major renovation.
For the year ended December 31, 2025, net revenues totaled $2.01 billion, up 3.7% from $1.94 billion in 2024. Net income rose 22.1% to $355.7 million from $291.3 million a year earlier. Adjusted EBITDA reached $848.6 million, an increase of 6.6% from $795.9 million in 2024.
Operations in Las Vegas generated $1.98 billion in net revenues for the year, an increase of 2.9% from $1.93 billion in 2024. Adjusted EBITDA from Las Vegas operations climbed 4.2% to $915.9 million from $879.4 million. Native American activities contributed $17.6 million in revenue and Adjusted EBITDA during 2025, reflecting development fees.
In the fourth quarter, consolidated net revenues were $511.8 million, a 3.2% increase from $495.7 million in the same period of 2024. Net income for the quarter declined 3.5% to $84.6 million from $87.7 million a year earlier. Adjusted EBITDA rose 5.4% to $213.3 million from $202.4 million.
Sunset Station renovation confirmed
Sunset Station, the company’s 28-year-old, 448-room Henderson property, will be the next Red Rock resort to undergo a major renovation, officials confirmed in a call with investors. The project carries an estimated investment of $87 million and is scheduled to begin within the next four months, with completion targeted for early 2027.
Chief Financial Officer Stephen Cootey said: “We are pleased to announce the next phase of Sunset Station, designed to further strengthen the company’s competitive position and broaden its customer appeal, positioning it to capitalize on the strong demographic trends and continued growth in the Henderson market, particularly from the master-planned communities of Ascaya and Cadence, which are expected to deliver more than 12,500 new households at full build-out.”
He added that the project will include expansion and enhancement of the property’s movie theaters and the relocation of a temporary bingo area currently housed in a former buffet space to a new permanent location.
“(For the) bingo relocation, we converted into a new high-end steakhouse and high-limit table games room, leveraging a proven strategy of investing in the higher-end segments of our database, which consistently generated strong returns across our portfolio,” Cootey said.
Dividend payments
At December 31, 2025, the company held $142.5 million in cash and cash equivalents and reported $3.4 billion in total principal debt outstanding. The board of directors declared a quarterly cash dividend of $0.26 per Class A common share for the first quarter of 2026. The dividend will be paid on March 31, 2026, to stockholders of record as of March 16, 2026.
Before the dividend payment, Station Holdco LLC will distribute $0.26 per unit to all unit holders of record, for a total distribution of approximately $28.9 million. Approximately $16.9 million is expected to be distributed to the company, and about $12.0 million to other unit holders.
The board also approved a special dividend of $1.00 per Class A common share, payable February 27, 2026, to stockholders of record as of February 20, 2026. Prior to that payment, Station Holdco will distribute $1.00 per unit to all unit holders of record, totaling approximately $111.0 million. Of that amount, about $65.1 million is expected to be distributed to the company and approximately $45.9 million to other unit holders.
Shares of Red Rock Resorts closed at $66.79, up $1.28, or 1.3%, with trading volume nearly double the daily average.
Original article: https://www.yogonet.com/international/news/2026/02/11/117548-red-rock-resorts-posts-37-revenue-increase-for-2025-announces-sunset-station-upgrade
