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Red Rock Resorts Announces Second Quarter 2024 Results
Red Rock Resorts, Inc. reported financial results for the second quarter ended June 30, 2024.
Second Quarter Results
Consolidated Operations
- Net revenues were $486.4 million for the second quarter of 2024, an increase of 16.9%, or $70.3 million, from $416.1 million in the same period of 2023.
- Net income was $69.8 million for the second quarter of 2024, a decrease of 6.8%, or $5.1 million, from $74.9 million in the same period of 2023.
- Adjusted EBITDA(1) was $201.7 million for the second quarter of 2024, an increase of 15.0%, or $26.4 million, from $175.3 million in the same period of 2023.
Las Vegas Operations
- Net revenues from Las Vegas operations were $483.2 million for the second quarter of 2024, an increase of 17.1%, or $70.6 million, from $412.6 million in the same period of 2023.
- Adjusted EBITDA from Las Vegas operations was $223.1 million for the second quarter of 2024, an increase of 15.6%, or $30.1 million, from $193.1 million in the same period of 2023.
Balance Sheet Highlights
The Company’s cash and cash equivalents at June 30, 2024 were $136.4 million and total principal amount of debt outstanding at the end of the second quarter was $3.5 billion.
Quarterly Dividend
The Company’s Board of Directors has declared a cash dividend of $0.25 per Class A common share for the third quarter of 2024. The dividend will be payable on September 30, 2024 to all stockholders of record as of the close of business on September 16, 2024.
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 $0.25 per unit for a total distribution of approximately $27.5 million, approximately $16.0 million of which is expected to be distributed to the Company and approximately $11.5 million of which is expected to be distributed to the other unit holders of record of Station Holdco.
Bingo Paradise, a prominent UK iGaming affiliate, has announced its most successful quarter ever, achieving record growth during Q3 2024. The portal saw an unprecedented rise in first-time depositors (FTDs), a testament to its commitment to delivering value to players and operators in the highly competitive iGaming space.
“Q3 2024 has been a standout quarter for Bingo Paradise,” said Tom Waite, Manager of Bingo Paradise. “Our success is thanks to the hard work of our small team of talented writers and the oversight of our dedicated compliance manager. Together, they ensure that we provide honest, transparent reviews and operate within the highest industry standards. This, combined with our marketing efforts, including SEO and negotiating exciting player offers with operators, has been key to sending substantially more FTD’s to the operators.”
Bingo Paradise achieved a 65.24% year-over-year increase in FTDs compared to Q3 2023. This impressive growth underscores the affiliate’s focus on player-first strategies, such as creating honest, well-researched reviews that empower users to make informed decisions. The team’s compliance manager ensures every piece of content adheres to strict regulations, building trust with both players and operators.
A key factor in the platform’s success is its ability to negotiate exclusive offers with UKGC-licensed operators. These partnerships allow Bingo Paradise to provide unique deals that resonate strongly with players, enhancing its appeal as a go-to player resource. The focus on promoting only licensed operators also ensures fairness and security for users, which further solidifies the portals reputation.
The brands approach is a model of integrity and innovation. By prioritising compliance and transparency, Bingo Paradise, which itself is owned by Meteor Marketing Ltd has positioned itself as a trusted affiliate partner, both for operators seeking reliable collaborations and for players looking for guidance in the iGaming world. As the platform celebrates its Q3 2024 achievements, it remains committed to exploring new opportunities and maintaining its high standards.
Eagerly anticipated release now confirmed following a highly successful exclusivity period with Rush Street Interactive
Play’n GO has today announced the official US release of its hit title Colt Lightning Firestorm, following a three-week period of exclusivity with Rush Street Interactive brands BetRivers and SugarHouse.
Colt Lightning Firestorm was released in Europe and other jurisdictions in May 2024, and its release in the US comes with much fanfare following the game’s rave reviews in its short exclusivity period. The game is a sequel to the wildly popular Colt Lightning game which was released early last year, and indications at this stage suggest that this sequel may prove even more successful.
This announcement sees Colt Lightning Firestorm available to players in each state and operator with whom Play’n GO is licensed. Play’n GO first entered the online casino market in the US in 2022, and has reiterated its commitment to becoming active in every regulated market around the world.
Magnus Olsson, Chief Commercial Officer at Play’n GO said: “We’re excited to unveil Colt Lightning Firestorm to the wider online casino gaming community in the US, and have been very pleased to see its strong performance during its exclusivity period with Rush Street Interactive. We had high hopes for the game following the success of its predecessor, and we’re confident that these robust results will continue now that the game is available to an even bigger audience.”
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