Red Rock Resorts increased third-quarter revenue but moved into a net loss after recognising substantial employee stock-award costs tied to its 50th anniversary. Revenue reached $488.7 million, 2.8% more than a year earlier, while the company recorded a net loss of $17.7 million compared with net income of $76.9 million in the same period of 2025.
The company's quarterly release attributes most of the change to $79.1 million in share-based compensation for anniversary awards issued to substantially all full-time and part-time employees. Red Rock also recognised $6.9 million of other one-time anniversary expenses during the quarter.
Adjusted EBITDA, which excludes several non-cash and non-routine items, declined 4.3% to $182.6 million. CDC Gaming notes that Las Vegas operations generated $479.1 million in revenue, up 2.2%, while their adjusted EBITDA decreased 2.3% to $204.6 million. Native American activities contributed $6.2 million in revenue.
The results show a distinction between the company's operating revenue trend and the accounting impact of the anniversary programme. Red Rock ended September with $128.3 million in cash and $3.7 billion in outstanding principal debt. Its board declared a quarterly dividend of $0.26 per Class A share, payable at the end of December to shareholders of record on December 15.
