Revenue for the 12 months to 31 December 2024 reached $1.94 billion (£1.56 billion/€1.87 billion). This surpasses the $1.72 billion posted by Red Rock in the previous year.
Setting out details of its performance, Red Rock reported growth across all segments. The primary source of revenue, by some distance, remains casino at $1.28 billion, up 12.5%.
Food and beverage revenue was also 14.9% higher at $360.4 million, while rooms revenue jumped 9.5% to $200.5 million. Revenue from other operations increased 6.0% to $100.9 million.
As for divisional performance, Las Vegas operations generated $1.93 billion of all revenue, a rise of 12.6%. The other $12.9 million, down 8.5%, came from corporate and other activity.
Higher costs hit bottom line
Turning to costs, operating expenses were 17.6% higher at $1.37 billion with selling, general and administrative the main outgoing at $432.3 million. After accounting for earnings from joint ventures and other costs, pre-tax profit amounted to $328.2 million. This places Red Rock 13.8% lower than the previous year.
The operator paid $36.9 million in tax and discounted $137.2 million in earnings from joint ventures. As such, it ended 2024 with a net profit of $154.1 million, down 12.4%.
However, there was better news with adjusted EBITDA, which increased by 6.7% to $795.9 million.
Similar story in Q4 for Red Rock
As to how Red Rock ended 2024, revenue for the fourth quarter climbed 7.1% year-on-year to $495.7 million.
Operating costs jumped 21.5% to $353.4 million, with pre-tax profit down 20.6% on the back of this.
After tax and taking off earnings from joint ventures, net profit for Q4 was $46.6 million, a 17.7% drop from the previous year. Adjusted EBITDA, however, edged up 0.6% to $202.4 million for the quarter.
