Overview

* Red Rock Resorts ( RRR ) Q2 revenue rises 8.2% yr/yr, beating analyst expectations

* Adjusted EBITDA for Q2 beats consensus, rising 13.7% yr/yr

* Net income for Q2 increases 55.1% yr/yr to $108.3 mln

Result Drivers

* LAS VEGAS OPERATIONS - Net revenues from Las Vegas operations increased by 6.2%, contributing significantly to overall revenue growth

* NATIVE AMERICAN FEES - $10 mln revenue catch-up from Native American management activities boosted results

* DEVELOPMENT GAINS - Gain on Native American development contributed positively to net income

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $526.27 $485.60

Revenue mln mln (11

Analysts

)

Q2 EPS $0.96

Q2 Net $108.25

Income mln

Q2 Beat $229.40 $195.70

Adjusted mln mln (11

EBITDA Analysts

)

Q2 EBIT $168.03

mln

Q2 $124.18

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the casinos & gaming peer group is "buy"

* Wall Street's median 12-month price target for Red Rock Resorts Inc ( RRR ) is $58.00, about 5.7% above its July 28 closing price of $54.72

* The stock recently traded at 27 times the next 12-month earnings vs. a P/E of 23 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)