We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Red Rock Resorts (RRR) Q3 Earnings & Revenues Top Estimates
Read MoreHide Full Article
Red Rock Resorts, Inc. (RRR - Free Report) reported strong third-quarter 2021 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Notably, both the metrics beat the consensus mark for the sixth straight quarter. The top and bottom lines also improved on a year-over-year basis.
Earnings & Revenues
In the quarter under review, adjusted earnings per share was 93 cents, which outpaced the Zacks Consensus Estimate of 53 cents. In the prior-year quarter, the company had reported an adjusted earnings of 56 cents per share.
Quarterly revenues of $414.8 million beat the consensus mark of $404 million. The top line surged 17% on a year-over-year basis. The upside was primarily driven by ramped-up COVID-19 vaccinations, robust gaming revenues and increased visitation.
Meanwhile, adjusted EBITDA in the quarter was $184.5 million, reflecting an increase of 15% year over year.
Las Vegas Operations: During third-quarter 2021, revenues in the segment totaled $412.7 million compared with $320.8 million in the prior-year quarter. The uptick can primarily be attributed to closure of operations of its properties in the prior-year quarter on account of the pandemic, and increased visitation. The segments’ adjusted EBITDA was $197.9 million, up 40% year over year.
Native American Management: During the quarter, the segment’s revenues were $0.2 million compared with $30.7 million in the prior-year quarter. The segment’s adjusted EBITDA was $0.2 million, up from $29.8 million in the year-ago quarter.
Other Financial Details
As of Sep 30, 2021, Red Rock Resorts had cash and cash equivalent of $89.9 million compared with $91 million in the previous quarter.
Outstanding debt at the end of the third quarter stood at $2.68 billion compared with $2.7 billion as on Jun 30, 2021.
Red Rock Resorts currently carries a Zacks Rank #3 (Hold).
Image: Bigstock
Red Rock Resorts (RRR) Q3 Earnings & Revenues Top Estimates
Red Rock Resorts, Inc. (RRR - Free Report) reported strong third-quarter 2021 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Notably, both the metrics beat the consensus mark for the sixth straight quarter. The top and bottom lines also improved on a year-over-year basis.
Earnings & Revenues
In the quarter under review, adjusted earnings per share was 93 cents, which outpaced the Zacks Consensus Estimate of 53 cents. In the prior-year quarter, the company had reported an adjusted earnings of 56 cents per share.
Quarterly revenues of $414.8 million beat the consensus mark of $404 million. The top line surged 17% on a year-over-year basis. The upside was primarily driven by ramped-up COVID-19 vaccinations, robust gaming revenues and increased visitation.
Meanwhile, adjusted EBITDA in the quarter was $184.5 million, reflecting an increase of 15% year over year.
Red Rock Resorts, Inc. Price and EPS Surprise
Red Rock Resorts, Inc. price-eps-surprise | Red Rock Resorts, Inc. Quote
Segmental Details
Las Vegas Operations: During third-quarter 2021, revenues in the segment totaled $412.7 million compared with $320.8 million in the prior-year quarter. The uptick can primarily be attributed to closure of operations of its properties in the prior-year quarter on account of the pandemic, and increased visitation. The segments’ adjusted EBITDA was $197.9 million, up 40% year over year.
Native American Management: During the quarter, the segment’s revenues were $0.2 million compared with $30.7 million in the prior-year quarter. The segment’s adjusted EBITDA was $0.2 million, up from $29.8 million in the year-ago quarter.
Other Financial Details
As of Sep 30, 2021, Red Rock Resorts had cash and cash equivalent of $89.9 million compared with $91 million in the previous quarter.
Outstanding debt at the end of the third quarter stood at $2.68 billion compared with $2.7 billion as on Jun 30, 2021.
Red Rock Resorts currently carries a Zacks Rank #3 (Hold).
Key Gaming Picks
Some better-ranked stocks worth considering in the same space include Accel Entertainment, Inc. (ACEL - Free Report) , Boyd Gaming Corporation (BYD - Free Report) and International Game Technology PLC (IGT - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Accel Entertainment’s fiscal 2022 earnings is likely to witness growth of 23.8% year over year.
Boyd Gaming has an impressive long-term earnings growth rate of 42.8%.
International Game Technology fiscal 2022 earnings is likely to witness growth of 945.2% year over year.