$488.7m Revenue, $182.6m EBITDA: Red Rock Resorts Reports Q3 2026 Under Frank J. Fertitta III
Red Rock Resorts, the holding company that owns an indirect equity interest in and manages Station Casinos, reported higher quarterly revenue in results released on 3 November 2026. Net revenues for the third quarter ended 30 September 2026 rose 2.8%, or $13.1m, to $488.7m from $475.6m in the same period of 2025.
The quarter also carried a consolidated net loss of $17.7m, against net income of $76.9m a year earlier. Stripping out the share of that loss attributable to noncontrolling interests, the net loss attributable to Red Rock Resorts, Inc. was $9.9m. The release ties the reversal almost entirely to one event: stock awards issued to mark the company’s 50th anniversary.
How Red Rock Resorts grew Q3 2026 net revenues to $488.7m
Net revenues climbed 2.8% year on year, led by the core Las Vegas business. Casino revenue rose to $323.9m from $319.5m, and food and beverage revenue grew to $88.2m from $85.5m.
Room revenue increased to $42.8m from $41.6m, and other revenue rose to $27.6m from $25.1m. The growth was steady rather than dramatic, consistent with a mature locals-focused Las Vegas market.
What the Red Rock Resorts 50th anniversary stock awards cost in Q3
To commemorate its 50th anniversary, Red Rock Resorts granted stock awards to substantially all of its full-time and part-time employees. The company recognised $79.1m of share-based compensation expense in the quarter as a result, alongside $6.9m of other one-time expenses tied to the anniversary.
These items are concentrated in a single quarter and are largely non-cash. They are the main reason the quarter’s bottom line reads differently from its revenue line, with the diluted loss per Class A share coming in at $0.17, against earnings of $0.68 a share a year earlier.
Red Rock Resorts Adjusted EBITDA and Las Vegas segment performance
Adjusted EBITDA, a non-GAAP measure the company uses as a core performance gauge, came in at $182.6m, down 4.3%, or $8.3m, from $190.9m a year earlier. That figure included $5.8m of one-time anniversary expenses.
Las Vegas operations delivered net revenues of $479.1m, up 2.2%, or $10.5m, on the prior-year quarter. Las Vegas Adjusted EBITDA was $204.6m, down 2.3%, or $4.8m.
Station Casinos Native American segment revenue in Q3 2026
The smaller Native American segment grew faster in percentage terms. Net revenues from Native American activities rose 59.0% to $6.2m from $3.9m.
Segment Adjusted EBITDA from Native American activities increased 30.8% to $5.1m. Both lines marked clear year-on-year gains for the segment.
Red Rock Resorts nine-month 2026 revenue and earnings
Across the first nine months of 2026, net revenues reached $1.51bn, up slightly from $1.50bn in the same period of 2025. Total net income for the nine months was $141.6m, compared with $271.1m a year earlier, while net income attributable to Red Rock Resorts, Inc. was $72.1m, against $143.4m.
The year-to-date comparison carries the same anniversary charge that weighed on the third quarter, which accounts for much of the gap in net income between the two periods.
Why the Red Rock Resorts Q3 2026 figures come with a caveat
The figures here come from the company’s own quarterly release, and the headline performance gauge, Adjusted EBITDA, is a non-GAAP measure the company defines and calculates itself rather than an audited profit figure. Readers weighing the quarter should hold the reported net loss and that adjusted measure side by side rather than relying on either alone.
It is also worth separating the two levels of the result. The $17.7m net loss is the consolidated figure, while the loss attributable to Red Rock Resorts, Inc. shareholders was $9.9m, with the difference sitting with noncontrolling interests in Station Holdco.
Red Rock Resorts Q4 2026 dividend and balance sheet position
The board declared a cash dividend of $0.26 per Class A common share for the fourth quarter of 2026, payable on 31 December 2026 to stockholders of record as of 15 December 2026. Ahead of that, Station Holdco will make a distribution of $0.26 per unit, totalling approximately $29.2m, with around $17.3m going to the Company and $11.9m to other unit holders.
On the balance sheet, cash and cash equivalents stood at $128.3m at 30 September 2026, with total principal debt outstanding of $3.7bn at quarter end.
What do Red Rock Resorts’ Q3 2026 results signal for Las Vegas operators?
For operators reading across the locals market, the useful signal is the gap between the reported bottom line and the underlying trade. Revenue grew, the core Las Vegas segment grew, and the quarter’s net loss traces back to a one-time investment in employees rather than softness in demand.
A company-wide share grant on a 50th anniversary is a retention and goodwill move with a visible accounting cost that lands in a single quarter by design. The point worth watching in coming quarters is whether that goodwill shows up in staffing stability and guest experience once the one-off charge washes out of the comparatives.
Source: Red Rock Resorts, Inc.
