Red Rock revenue grows as anniversary stock awards drive quarterly loss

Red Rock Resorts increased third-quarter revenue by 2.8 per cent to $488.7m, but reported a net loss following employee stock awards issued to mark the company’s 50th anniversary. The group recorded a $17.7m net loss, compared with net income of $76.9m a year earlier. Results included $79.1m in share-based compensation expense associated with the anniversary awards and $6.9m in other one-off anniversary expenses. Adjusted EBITDA fell 4.3 per cent to $182.6m, including $5.8m in one-off anniversary costs. Las Vegas operations generated revenue of $479.1m, up 2.2 per cent, while adjusted EBITDA declined 2.3 per cent to $204.6m.