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Red Rock Resorts Announces Fourth Quarter and Year End 2019 Results

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Red Rock Resorts Announces Fourth Quarter and Year End 2019 Results
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Red Rock Resorts, Inc. reported financial results for the fourth quarter and year ended December 31, 2019.

Net revenues were $460.8 million for the fourth quarter of 2019, an increase of 6.8%, or $29.3 million, from $431.5 million for the same period of 2018. The increase in net revenues was primarily due to an increase in Las Vegas operations, led by an increase in net revenues at the Palms Casino Resort (the “Palms”).

Net income was $6.8 million for the fourth quarter of 2019, a decrease of 48.1%, or $6.3 million, from $13.2 million for the same period of 2018. The decrease in net income was primarily due to a one-time charge related to Company’s purchase of its formerly leased corporate office building and the extinguishment of the lease financing obligation related thereto.

Adjusted EBITDA(1) was $137.6 million for the fourth quarter of 2019, an increase of 1.8%, or $2.5 million, from $135.1 million in the same period of 2018. The increase in Adjusted EBITDA was primarily due to an increase in Las Vegas operations other than the Palms, partially offset by a decrease in Adjusted EBITDA at the Palms.

For the full year, net revenues were $1.86 billion in 2019, an increase of 10.4%, or $175.5 million, from $1.68 billion for the same period of 2018.  The increase in net revenues was primarily due to a $170.8 million increase in Las Vegas operations, led by an increase in net revenues at the Palms.

For the full year, net loss was $6.7 million in 2019, compared to net income of $219.5 million in 2018. The decrease in net income was primarily due to (i) a decrease in the fair value of derivative instruments, (ii) an increase in write downs and other charges including the termination of certain artist performance agreements and employment arrangements at the Palms and (iii) higher depreciation and amortization relating to the Palms redevelopment project.  The change from the prior year was also impacted by a gain recognized in 2018 associated with the extinguishment of a tax receivable liability.

For the full year, Adjusted EBITDA was flat at $509.0 million in 2019 when compared to 2018. The flat year-over-year Adjusted EBITDA was primarily the result of an increase in Las Vegas operations other than the Palms, offset by a decrease in Adjusted EBITDA at the Palms.

Las Vegas Operations

Net revenues from Las Vegas operations were $437.9 million for the fourth quarter of 2019, an increase of 6.9%, or $28.5 million, from $409.5 million in the same period of 2018.  Adjusted EBITDA from Las Vegas operations was $125.5 million for the fourth quarter of 2019, an increase of 3.7%, or $4.5 million, from $121.0 million in the same period of 2018.

Native American Management

Adjusted EBITDA from Native American operations was $19.9 million for the fourth quarter of 2019, a 3.9% increase from $19.1 million in the same period of 2018 due to increased management fees generated under the Graton Resort management agreement.

Balance Sheet Highlights

The Company’s cash and cash equivalents at December 31, 2019 were $128.8 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.076 billion. The Company’s debt to Adjusted EBITDA and interest coverage ratios at December 31. 2019 were 4.96x and 4.37x, respectively.

Quarterly Dividend

The Company’s Board of Directors has declared a cash dividend of $0.10 per Class A common share for the first quarter of 2020. The dividend will be payable on March 27, 2020 to all stockholders of record as of the close of business on March 13, 2020.

Prior to the payment of such dividend, Station Holdco LLC (“Station Holdco”) will make a cash distribution to all unit holders of record, including the Company, of $0.10 per unit for a total distribution of approximately $11.7 million, approximately $7.0 million of which is expected to be distributed to the Company and approximately $4.7 million of which is expected to be distributed to the other unit holders of record of Station Holdco.

 

SOURCE Red Rock Resorts, Inc.

Gambling in the USA

Gaming Americas Weekly Roundup – October 11-17

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

Penn National Gaming has received approval from the Minister of Canadian Heritage under the Investment Canada Act for its acquisition of Score Media and Gaming. The acquisition is expected to be closed on 19 October 2021.

Sharp Alpha Advisors announced last week the final closing of Sharp Alpha Fund I, an oversubscribed $10 million venture capital fund investing in early stage sports betting technology companies.

Online gambling has reached Connecticut, on a limited basis. A soft launch of online sports betting and gaming has begun in Connecticut on October 12. This soft launch allows several hundred people to open accounts to wager for a seven-day period.

Terry Glebocki has resigned as CEO of Atlantic City’s Ocean Casino Resort. Glebocki’s exit reduces the number of female casino bosses after an unprecedented wave of female leadership. Just over a year ago, four of the city’s nine casinos were led by women, but two have since left.

Rush Street Interactive has soft launched a new PlaySugarHouse online sportsbook in partnership with Connecticut Lottery Corporation. From October 12 up to the full launch, 750 customers across the state can register and place bets at www.PlaySugarHouse.com and experience RSI’s award-winning sports betting platform, on a first-come-first-serve basis. Once the 750-player limit is reached, customers who pre-register at www.PlaySugarHouse.com will be added to a waiting list and notified as soon as the full launch is authorised.

NOVOMATIC Americas has showcased an extensive portfolio of products at the G2E 2021. At the centre of the product presentation stood the extended Progressives offer, premiering the new ULTRA BOOST Link. This multi-level Linked Progressive comprises three roaring 50-line titles: the magnificent Great American Buffalo, the iconic Great American Eagle and the Asian title Tiger Storm.

New Partnerships

Leading sports gamification company Low6 has announced a partnership with the NFL franchise Cincinnati Bengals. The deal between the UK-based gamification company and the NFL team from Ohio will see the release of free-to-play games “Bengals Picks” and “Ultimate Bengals”.

DraftKings has announced that it has agreed to a deal with the National Hockey League to become an Official Sports Betting, Daily Fantasy Sports and iGaming Partner of the league in the US. To complement the deal, DraftKings has also reached an agreement with Turner Sports, including Bleacher Report, to be the exclusive sportsbook and daily fantasy sports provider for their coverage of the NHL.

New Appointments

Nevada Governor Steve Sisolak has appointed retired Clark County Judge Jennifer Togliatti and former State Senator Ben Kieckhefer to the Nevada Gaming Commission. Togliatti will serve as chair – and will be the first female to serve as the chair. Togliatti has served the State of Nevada in the state judiciary for more than 25 years and has significant legal, administrative and legislative experience. Kieckhefer has spent the last decade serving in the Nevada State Senate, where he has spent time working on legislation on complex and contentious issues.

New Acquisition

Real estate firm EKN Development Group has acquired the Tahoe Biltmore Lodge & Casino located in Crystal Bay, Nevada.

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Gambling in the USA

Gaming Americas Weekly Roundup – October 4-10

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

SW Nordic Limited, a subsidiary of Betsson, has completed the acquisition of Inkabet’s B2C online gambling business, a rapidly growing sportsbook and casino business targeting the western region of South America.

The mobile cash payments platform PayNearMe has launched a new platform named “MoneyLine” to manage the complexities of iGaming money movement.

Scientific Games Corporation has signed a definitive agreement to acquire ACS’s cashless table game solution titled PlayOn. The PlayOn cashless product line conveniently provides players with a seamless debit solution at live table games.

DraftKings, a leader in the digital sports entertainment and gaming industries, announced its latest, state-of-the-art office location to be based out of Las Vegas, where the company expects to eventually have an expanded team of more than 1000 employees.

Betfred Sports has launched a new OpenBet-powered retail sportsbook in Louisiana through a partnership with Paragon Casino Resort. The Betfred Sportsbook inside The Draft Room at Paragon Casino Resort, Marksville, is the first retail venue in the state to allow customers to place legal wagers on a variety of sports.

Comanche Nation Entertainment of Lawton Oklahoma has chosen Table Trac’s CasinoTrac casino management system for its new Comanche Cache Casino currently under construction in Cache, Oklahoma.

Following the signing of an exclusive agreement to distribute the game in the US, TCSJOHNHUXLEY has debuted Richer Spin Roulette at this year’s G2E.

Partnerships

Sightline Payments and Konami Gaming have partnered to bring cashless gaming solutions to Resorts World Las Vegas via Sightline’s Play+ digital payments technology and Konami’s SYNKROS casino management system.

Genius Sports has entered into a new partnership with Hard Rock Digital. As the premier mobile and desktop sports betting brand, Hard Rock Digital will have access to Genius Sports’ leading suite of sportsbook solutions, including official sports data from tens of thousands of events per year, customer acquisition and retention tools, and immersive fan engagement solutions.

The PGA TOUR and PointsBet announced a three-year extension of their multi-year content and marketing relationship designating PointsBet an Official Betting Operator of the PGA TOUR.

Genius Sports Limited has announced a new supplier agreement with PointsBet, a top-tier global online gaming operator, to provide its full range of official sportsbook data, content, and fan engagement solutions including for NFL, NASCAR and EPL.

The Esports Awards has announced Expedia, one of the world’s leading full-service travel brands, as the Official Travel Companion of the 2021 Esports Awards.

Appointments

International Game Technology has appointed Joe Asher as President of Sports Betting. Reporting to Enrico Drago, IGT CEO Digital & Betting, Asher will lead the ongoing expansion of the IGT PlaySports sports betting business in North American markets.

Flutter Entertainment has appointed Amy Howe as CEO of FanDuel. Amy joined FanDuel in February 2021 as President with responsibility for leading the company’s core commercial functions across its Sportsbook, Casino, Racing and Daily Fantasy businesses. She was appointed as Interim CEO in July.

Wynn Resorts’ online sports betting and iGaming brand WynnBET has appointed gaming industry veteran Ian Williams as its new Chief Operating Officer.

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Gambling in the USA

Gaming Americas Weekly Roundup – September 27-October 3

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

GeoComply Solutions has announced that Gold Strike Casino Resort in Tunica, Mississippi has become the state’s first commercial operator to offer on-premise mobile sports betting via BetMGM across their entire casino floor and restaurants. The BetMGM mobile app utilises GeoComply’s on-premise mobile solution PinPoint which enables fast and reliable wagering while on the Gold Strike casino property.

Endeavor Group Holdings has entered into an agreement to acquire OpenBet, a leading content, platform and service provider to the sports betting industry, from Scientific Games Corporation for $1.2 billion paid through a combination of cash ($1 billion) and Endeavor’s Class A common stock ($200 million).

International Game Technology has announced that its U.S. market-leading PlaySports platform will power sports betting at Angel Of The Winds Casino Resort in Washington State.

The Mashantucket Pequot Tribal Nation and DraftKings Inc. announced that retail sports betting in Connecticut begun on September 30 at Foxwoods Resort Casino.

The Texas Lottery has reported $8.107b in sales for the 2021 fiscal year, an increase of 20.9% or $1.403bn from 2020. The Lottery, in its 30 anniversary year, said it made a $1.998bn in contribution to public schools and veterans in the state.

Partnerships

EvenBet Gaming has entered into a partnership with Caleta Gaming. As per the deal, Caleta’s full portfolio including video bingos, kenos, slots, scratchcards and lotto games have been integrated at EvenBet platform.

Leander Games has entered into a partnership with ODDSworks. The collaboration will see ODDSworks utilise Leander’s LeGa remote gaming server platform in the US.

International hosting supplier Internet Vikings has announced a long-term partnership with PlayStar Casino in the United States. They will support the Swedish online casino operator’s advances into the U.S. market by providing them with bespoke iGaming-specific hosting services in New Jersey.

FanDuel Group and Port Madison Enterprises announced plans to bring America’s #1 Sportsbook to the state of Washington. FanDuel Group will form an exclusive partnership with the Suquamish Clearwater Casino Resort to bring retail sports betting to the state of Washington.

Gaming Realms has signed a commercial deal with 4ThePlayer.com. The deal will see 4ThePlayer games integrated onto Gaming Realms’ platform for distribution in the US.

Strendus, the Mexican-facing online betting and gaming brand of Logrand Entertainment Group, has become the Official Sponsor of LaLiga in Mexico.

Elys Game Technology Corp and New York State Restaurant Association (NYSRA) announced the entry into a Memorandum of Understanding (MoU) that expresses a joint interest in promoting and facilitating opportunities for food and beverage establishments to participate in the State’s sports betting industry.

Playtech has secured a multi-state agreement in the US with Kindred Group’s Unibet Interactive. Under the agreement, Playtech will provide its award-winning RNG Casino software to Unibet in New Jersey, with further states to follow in the coming months.

Appointments

FanDuel Group has appointed sports radio and television personality and problem gambling advocate Craig Carton as its first national responsible gaming ambassador.

Gaming Arts has Promoted Jean Venneman, the Company’s current Chief Commercial Officer, to the role of Chief Operating Officer.

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