Red Rock Resorts saw its net revenues grow 3.6%, or $60.3 million, to $1.72 billion in 2023, from $1.66 billion in 2022. It’s net income stood at $337.8 million in 2023, which is a decrease of 13.5%, or $52.6 million, from $390.4 million in 2022. Adjusted EBITDA increased 0.3% to $746.0 million from $743.9 million in 2022.
For the fourth quarter of 2023, the company witnessed net revenue growth of $462.7 million, marking an increase of 8.8%, or $37.2 million, from $425.5 million in the same period of 2022. Net income decreased 36% to $108.9 million during the quarter, from $170.2 million in the same period of last year. In Q4, Adjusted EBITDA was $201.3 million, marking an increase of 3.6%, or $6.9 million, from $194.4 million in the same period of 2022.
Net revenues from Las Vegas operations grew 3.6% or 58.9 million to $1.71 billion in 2023, from $1.65 billion in 2022. Adjusted EBITDA from Las Vegas operations was $818.8 million for the entire year, which is an increase of 0.7%, or $6.0 million, from $812.8 million in 2022.
On a quarterly basis, net revenues from Las Vegas operations increased 9.5% or 39.7 million to $459.4 million in Q4, from $419.6 million in the year ago period. Adjusted EBITDA from Las Vegas operations was $220.3 million for the fourth quarter, an increase of 6.5%, or $13.4 million, from $206.9 million in the same period of 2022.
The Company’s cash and cash equivalents at December 31, 2023 were $137.6 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.4 billion.
The Company’s Board of Directors has declared a cash dividend of $0.25 per Class A common share for the first quarter of 2024. Additionally, the board has declared a special dividend of $1.00 per Class A common share.
The company attributed the growth, though modest, to its strategy of acquiring and creating new properties, with several new projects being launched in 2023. Among the recent additions to the Red Rock portfolio is the Durango, which commenced operations in Nevada in December. Additionally, the Wildfire Fremont in Downtown Las Vegas was unveiled in February 2023. In parallel, Red Rock said it remains committed to enhancing existing properties, exemplified by ongoing improvements at Palace Station in Nevada. Despite the associated costs impacting the bottom line, Red Rock asserts that these investments align with its overarching long-term growth initiatives.
