Casino operator Red Rock Resorts Inc has reported its Q1 financial update, citing a reduction in net revenues alongside improved adjusted EBITDA and a slowing of net losses during the period ended March 31, 2021.
During the first quarter the company continued to execute on its phased reopening program, and operated its first-to-reopen properties of Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station, together with its Wildfire Properties.
Turning to the headline figures, net revenues came in at $352.6m, down 6.6%, or $24.8m versus $377.4m year-on-year. Compared to the same period of 2019, net revenues were down 21.1% or $94.4m from $447m.
Net loss in the quarter was $106.6m, a year-on-year improvement of $71.2m from a loss of $177.8m in 2020. Compared to the same period of 2019, the net loss is a decrease of $126.8m from net income of $20.3m.
Q1 adjusted EBITDA was $156.6m, an increase of 110.8%, or $82.3m, from $74.3m year-on-year. Compared to the same period of 2019, adjusted EBITDA is up 8% or $11.6m from $145.1m.
Focusing on Las Vegas Operations, Red Rock revealed Q1 net revenues of $342.8m, down 3.8%, or $13.6m, from $356.5m year-on-year. Adjusted EBITDA from Las Vegas operations was $160.7m in the period, ahead by 134.6%, or $92.2m, from $68.5m year-on-year.
Adjusted EBITDA from Native American operations meanwhile, was $7.6m in Q1, a 56.8% decrease from $17.6m in the same period of 2020 due to the termination of the management contract of Graton Resort and Casino on February 5, 2021.
