Red Rock Resorts, the Las Vegas parent company of Station Casinos, reported record third-quarter revenue on Tuesday afternoon, but a large one-time stock award tied to the company’s 50th anniversary pushed it to a net loss for the quarter.
The numbers
According to the company’s earnings release, issued Nov. 3 at 1:01 p.m. Pacific, net revenue for the July-September quarter was $488.7 million, up 2.8% from $475.6 million a year earlier. Revenue from its Las Vegas operations, which include Red Rock, Green Valley Ranch, Durango, Sunset Station and its other locals casinos, rose 2.2% to $479.1 million.
The company reported a net loss of $17.7 million, compared with net income of $76.9 million in the third quarter of 2025. Red Rock said the swing was mainly due to $79.1 million in share-based compensation expense for 50th anniversary stock awards granted during the quarter, plus $6.9 million in one-time anniversary expenses.
Adjusted EBITDA, a measure of operating cash flow, was $182.6 million, down 4.3% from $190.9 million. Las Vegas operations adjusted EBITDA slipped 2.3% to $204.6 million.
The board declared a quarterly cash dividend of 26 cents per Class A share, payable Dec. 31 to shareholders of record on Dec. 15. The company ended September with $128.3 million in cash and about $3.7 billion in total debt principal.
What it means for locals and visitors
Station Casinos properties are built mainly for Las Vegas locals, so the company’s results are one of the clearest reads on how residents are spending. Revenue growth, even modest, suggests locals are still coming out to the off-Strip casinos, while the slight dip in adjusted earnings points to higher costs. The net loss is largely an accounting charge from the anniversary stock awards rather than a drop in business at the casinos. For guests, nothing changes at the properties.