Key Highlights

  • Third quarter 2026 net loss was USD 17.7 million against Net Income of USD 76.9 million a year earlier, driven by USD 79.1 million of anniversary share-based compensation.
  • Net revenues rose 2.8% to USD 488.7 million, with Las Vegas operations up 2.2% to USD 479.1 million.
  • Adjusted EBITDA fell 4.3% to USD 182.6 million, including USD 5.8 million of one-time 50th anniversary expenses.
  • A fourth quarter Dividend of USD 0.26 per Class A share was declared, payable December 31, 2026 to holders of record on December 15.

Anniversary Awards Turn Profit Into a Quarterly Loss

Red Rock Resorts (NASDAQ:RRR) reported third quarter 2026 results on November 3, 2026, for the quarter ended September 30. The company, which holds an indirect interest in and manages Station Casinos, a gaming and entertainment provider to Las Vegas valley residents, posted a net loss of USD 17.7 million, a swing of USD 94.6 million from net income of USD 76.9 million a year earlier. The company granted stock awards to substantially all full-time and part-time employees to mark its 50th anniversary. That created USD 79.1 million of share-based compensation expense in the quarter, plus USD 6.9 million of other one-time anniversary costs. Net loss per diluted Class A share was USD 0.17, versus Earnings of USD 0.68.

Underlying Revenue Edges Higher, Costs Jump

Net revenues were USD 488.7 million, up from USD 475.6 million. Casino revenue rose to USD 323.9 million, food and beverage to USD 88.2 million and room revenue to USD 42.8 million. Native American management and development fees grew 59.0% to USD 6.2 million. Costs climbed faster: total operating costs and expenses were USD 462.0 million against USD 344.1 million, and Operating Income fell to USD 26.7 million from USD 131.5 million. Total share-based compensation in the quarter was USD 89.8 million versus USD 7.3 million, since awards are a non-cash charge that is added back in adjusted EBITDA. That non-GAAP measure fell 4.3% to USD 182.6 million, so the cash earnings dip was much smaller than the GAAP swing.

Debt, Dividend and What the Nine-Month Numbers Show

Cash and cash equivalents were USD 128.3 million at September 30, 2026, against USD 3.7 billion of principal Debt outstanding. Net interest expense was USD 50.9 million for the quarter, roughly flat. The board declared a USD 0.26 dividend per Class A share, supported by a USD 29.2 million distribution from Station Holdco, of which about USD 17.3 million goes to the company. Nine-month net revenues were USD 1.506 billion, nearly flat on USD 1.500 billion, while nine-month net income fell to USD 141.6 million from USD 271.1 million. Las Vegas adjusted EBITDA fell 2.3% to USD 204.6 million. Risks include consumer spending, competition, substantial indebtedness and construction disruption, and the company hosted a call at 4:30 p.m. ET on November 3, 2026.

Where Things Stand

Red Rock Resorts (NASDAQ:RRR) swung to a loss mainly because of a one-time, non-cash charge for stock awards to employees, not because casino Demand collapsed. Revenue grew 2.8% and adjusted EBITDA slipped 4.3%, so operating trends look stable but not strong, with Las Vegas adjusted EBITDA slightly lower. Leverage of USD 3.7 billion and a modest cash balance remain relevant. Watch the fourth quarter for fading anniversary costs, nine-month earnings trends, and the December 31 dividend payment.