Red Rock Resorts, Inc.RRR
Red Rock Resorts, Inc. Segments Disclosure
Segments
___________________________________
___________________________________
___________________________________
The Company views each of its Las Vegas casino properties and each of its Native American management arrangements as an individual operating segment. The Company aggregates all of its Las Vegas properties into one reportable segment because all of the properties offer similar products, cater to the same customer base, have the same regulatory and tax
structure, share the same marketing techniques, are directed by a centralized management structure and have similar economic characteristics. The Company also aggregates its Native American management arrangements into one reportable segment.
The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company utilizes adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as its primary performance measure. The CODM uses Adjusted EBITDA to evaluate segment performance and make decisions about allocating resources.
The Company’s segment information and a reconciliation of Adjusted EBITDA to net income are presented below (amounts in thousands):
| Year ended December 31, 2025 | |||||||||||||||||
| Las Vegas operations | Native American | Total | |||||||||||||||
| Net revenues | |||||||||||||||||
| Casino | $ | 1,340,529 | $ | — | $ | 1,340,529 | |||||||||||
| Food and beverage | 362,424 | — | 362,424 | ||||||||||||||
| Room | 190,128 | — | 190,128 | ||||||||||||||
| Development fees | — | 17,632 | 17,632 | ||||||||||||||
| Other (a) | 88,701 | — | 88,701 | ||||||||||||||
| Segment net revenues | 1,981,782 | 17,632 | 1,999,414 | ||||||||||||||
| Corporate and other revenues (b) | 12,069 | ||||||||||||||||
| Net revenues | $ | 2,011,483 | |||||||||||||||
| Less: | |||||||||||||||||
| Payroll and related | 545,732 | — | |||||||||||||||
| Cost of sales (c) | 94,528 | — | |||||||||||||||
| Gaming taxes | 101,978 | — | |||||||||||||||
| Other segment expenses (d) | 323,660 | — | |||||||||||||||
| Segment Adjusted EBITDA | 915,884 | 17,632 | 933,516 | ||||||||||||||
| Corporate and other Adjusted EBITDA (e) | (84,925) | ||||||||||||||||
| Adjusted EBITDA (f) | $ | 848,591 | |||||||||||||||
| Adjustments and other reconciling items | |||||||||||||||||
| Depreciation and amortization | $ | 197,405 | |||||||||||||||
| Share-based compensation | 32,134 | ||||||||||||||||
| Write-downs and other, net | 19,019 | ||||||||||||||||
| Interest expense, net | 201,876 | ||||||||||||||||
| Loss on extinguishment/modification of debt | 25 | ||||||||||||||||
| Change in fair value of derivative instruments | 4,288 | ||||||||||||||||
| Gain on Native American development | (8,476) | ||||||||||||||||
| Provision for income tax | 46,650 | ||||||||||||||||
| Net income | $ | 355,670 | |||||||||||||||
| Total assets | |||||||||||||||||
| Las Vegas operations | $ | 3,481,076 | |||||||||||||||
| Native American management | 19,632 | ||||||||||||||||
| Corporate and other | 666,365 | ||||||||||||||||
| $ | 4,167,073 | ||||||||||||||||
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. Tenant lease revenue is accounted for under the lease accounting guidance. See Note 16.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
(f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments, Gain on Native American development and provision for income tax.
| Year ended December 31, 2024 | |||||||||||||||||
| Las Vegas operations | Native American | Total | |||||||||||||||
| Net revenues | |||||||||||||||||
| Casino | $ | 1,277,249 | $ | — | $ | 1,277,249 | |||||||||||
| Food and beverage | 360,388 | — | 360,388 | ||||||||||||||
| Room | 200,517 | — | 200,517 | ||||||||||||||
| Other (a) | 87,974 | — | 87,974 | ||||||||||||||
| Segment net revenues | 1,926,128 | — | 1,926,128 | ||||||||||||||
| Corporate and other revenues (b) | 12,883 | ||||||||||||||||
| Net revenues | $ | 1,939,011 | |||||||||||||||
| Less: | |||||||||||||||||
| Payroll and related | 531,878 | — | |||||||||||||||
| Cost of sales (c) | 94,284 | — | |||||||||||||||
| Gaming taxes | 98,271 | — | |||||||||||||||
| Other segment expenses (d) | 322,335 | — | |||||||||||||||
| Segment Adjusted EBITDA | 879,360 | — | 879,360 | ||||||||||||||
| Corporate and other Adjusted EBITDA (e) | (83,460) | ||||||||||||||||
| Adjusted EBITDA (f) | $ | 795,900 | |||||||||||||||
| Adjustments and other reconciling items | |||||||||||||||||
| Depreciation and amortization | $ | 187,112 | |||||||||||||||
| Share-based compensation | 30,945 | ||||||||||||||||
| Write-downs and other, net | 6,705 | ||||||||||||||||
| Interest expense, net | 228,804 | ||||||||||||||||
| Loss on extinguishment/modification of debt | 14,402 | ||||||||||||||||
| Change in fair value of derivative instruments | (274) | ||||||||||||||||
| Provision for income tax | 36,914 | ||||||||||||||||
| Net income | $ | 291,292 | |||||||||||||||
| Total assets | |||||||||||||||||
| Las Vegas operations | $ | 3,282,609 | |||||||||||||||
| Native American management | 83,673 | ||||||||||||||||
| Corporate and other | 679,249 | ||||||||||||||||
| $ | 4,045,531 | ||||||||||||||||
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. Tenant lease revenue is accounted for under the lease accounting guidance. See Note 16.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
(f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments and provision for income tax.
| Year ended December 31, 2023 | |||||||||||||||||
| Las Vegas operations | Native American | Total | |||||||||||||||
| Net revenues | |||||||||||||||||
| Casino | $ | 1,132,154 | $ | — | $ | 1,132,154 | |||||||||||
| Food and beverage | 313,619 | — | 313,619 | ||||||||||||||
| Room | 183,103 | — | 183,103 | ||||||||||||||
| Other (a) | 81,075 | — | 81,075 | ||||||||||||||
| Segment net revenues | 1,709,951 | — | 1,709,951 | ||||||||||||||
| Corporate and other revenues (b) | 14,135 | ||||||||||||||||
| Net revenues | $ | 1,724,086 | |||||||||||||||
| Less: | |||||||||||||||||
| Payroll and related | 442,844 | — | |||||||||||||||
| Cost of sales (c) | 80,184 | — | |||||||||||||||
| Gaming taxes | 86,034 | — | |||||||||||||||
| Other segment expenses (d) | 282,069 | — | |||||||||||||||
| Segment Adjusted EBITDA | 818,820 | — | 818,820 | ||||||||||||||
| Corporate and other Adjusted EBITDA (e) | (72,852) | ||||||||||||||||
| Adjusted EBITDA (f) | $ | 745,968 | |||||||||||||||
| Adjustments and other reconciling items | |||||||||||||||||
| Depreciation and amortization | $ | 132,536 | |||||||||||||||
| Share-based compensation | 19,673 | ||||||||||||||||
| Write-downs and other, net | 31,976 | ||||||||||||||||
| Interest expense, net | 181,023 | ||||||||||||||||
| Provision for income tax | 42,984 | ||||||||||||||||
| Net income | $ | 337,776 | |||||||||||||||
(a)Primarily revenues from tenant leases, retail outlets, bowling, spas, and entertainment. Tenant lease revenue is accounted for under the lease accounting guidance. See Note 16.
(b)Includes corporate tenant lease revenue and other.
(c)Primarily cost of goods sold for restaurants, bars and catering.
(d)Includes repairs and maintenance, utilities, professional services and other selling, general and administrative expenses.
(e)Primarily corporate expense including payroll and related and other general and administrative expenses.
(f)Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, demolition costs, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net and provision for income tax.
The Company’s capital expenditures, which were primarily related to Las Vegas operations, were $319.0 million, $283.9 million and $699.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 13, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.