Sign inStart free

10-K annual report · filed Feb 20, 2026

Red Rock Resorts, Inc. (RRR) FY2025 10-K Annual Report

RRR overviewOriginal on SEC EDGAR
Follow RRR for alertsAsk AI about RRR

Short answer

Red Rock Resorts, Inc. (RRR) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $2.0B (+3.7% year over year) and net income of $188M.

  • Top risk flagged: Credit Agreement with $1.57B Term Loan B Facility maturing March 2031, $1.1B revolving credit maturing March 2029, interest based on Term SOFR or base rate

FY2025 key financial metrics · XBRL

Revenue
$2.0B
+3.7% YoY
Net income
$188M
+22.1% YoY
Operating margin
29.7%
+0.4 pp YoY
EPS (diluted)
$3.12
+23.3% YoY
ROE
90.3%
+18.6 pp YoY
Operating cash flow
$610M
+11.2% YoY

Source: XBRL data from the Red Rock Resorts, Inc. (RRR) FY2025 10-K on SEC EDGAR. USD.

Red Rock Resorts, Inc. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business model: Operates gaming resorts primarily in Nevada generating significant tax revenue for local and state governments
  • No new products, services, or segments introduced or emphasized in FY2026 business section
  • Continued focus on legislative risk related to potential future increases in gaming taxes by Nevada legislature
  • Notable deferred tax asset of $12.1 million recorded related to outside basis difference in partnership investment as of December 31, 2025
  • Emphasis on critical accounting estimates around deferred taxes and income tax uncertainty amid complex tax laws and potential future changes

Management Discussion & Analysis

  • Revenue $2.011B, up 3.7% YoY from $1.939B; casino revenues +5.0% to $1.34B, room revenues -5.2% to $190.1M
  • Operating income $597.4M, up 5.1% YoY from $568.7M; casino margin 73.0% vs 72.2%, food & beverage margin 17.3% vs 18.1%, room margin 66.5% vs 68.2%
  • Best segment Las Vegas casino operations: casino revenues $1.34B, +5.0%, margin 73.0%; worst segment rooms: revenues down 5.2%, margin down to 66.5%
  • Adjusted EBITDA $848.6M, +6.6% YoY from $795.9M; interest expense down 11.8% to $201.9M; development fees $17.6M recognized from Native American project
  • Capital allocation: no explicit buybacks/dividends disclosed; capital expenditures increased depreciation/amortization to $197.4M vs $187.1M; new $36M term loan secured in Dec 2025
  • Forward outlook: variable interest rates exposure noted, 1% rate increase raises interest costs ~$17.3M; renovation-related room revenue impact noted; risks from macroeconomic interest rate changes flagged

Risk Factors

  • Credit Agreement with $1.57B Term Loan B Facility maturing March 2031, $1.1B revolving credit maturing March 2029, interest based on Term SOFR or base rate
  • $1.7B variable rate borrowings exposed to SOFR fluctuations, 1% rise would increase annual interest by $17.3M
  • Supply and capital expenditure risk: $375M-$425M expected 2026 capital expenditure requirement for property operations and maintenance
  • Dividend and distribution obligations totaling approximately $132.4M to Class A stockholders and noncontrolling interest holders in early 2026
  • Interest rate collars on $750M notional effective April 2024 with Term SOFR cap 5.25%, floor 2.89%, maturing April 2029 to hedge variable debt exposure

Generated from the filing text; verify against the original. How to read a 10-K

Ask about this 10-K

Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.

Start free