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- **Record Financials**: 9th consecutive quarter of record net revenue ($475.6M) and 5th of record EBITDA ($190.9M). 
- **Durango Expansion**: $385M Phase 3 adds bowling, movie theaters, and 400 slots, targeting 6,000+ new households. 
- **Shareholder Returns**: $221M returned YTD via buybacks and dividend increase to $0.26/share. 
- **Project Disruptions**: Q4 impact estimated at $8M (Green Valley) + $1.5M (Sunset Station). 
- **Resilient Locals Market**: 50% of carded guests visit 8+ times/month, ADR outperformed Strip by 25%.

**【CFO Opening Remarks & Financial Summary】**
- **Q3 2025 Financial Highlights**: Net revenue of $475.6M (+1.6% YoY), Adjusted EBITDA of $190.9M (+4.5% YoY), Free Cash Flow of $128.5M ($1.21/share). 
- **Durango Expansion**: Phase 3 includes 275,000 sqft expansion with 400 new slots, bowling, movie theaters, and food halls. Total cost: $385M, completion expected in 18 months. 
- **Capital Allocation**: $300M share repurchase authorization, $221M returned to shareholders YTD (dividends + buybacks). 
- **Dividend Increase**: Regular quarterly dividend raised to $0.26/share, up 4% YoY.

**【Project Updates & Disruptions】**
- **Green Valley Ranch Renovation**: West Tower offline until mid-November, East Tower disruption expected into Q2 2026. Q4 disruption estimate: $8M. 
- **Sunset Station Refresh**: $53M renovation of Country Western bar, Mexican restaurant, and casino floor. Positive customer feedback on completed sections. 
- **North Fork Resort**: Enclosed by end of October, on track for Q4 2026 opening. Total cost: $750M, 100% financed.

**【Q&A Highlights】**
- **Durango Phase 3 Rationale**: Customer demand for non-gaming amenities (bowling, movies) and 6,000+ new households in the area. Expected similar returns to initial build. 
- **Sports Betting Hold**: Normalized in Q4 after unusual 2024 performance. No quantified impact on Q3 results. 
- **Strip Softness Impact**: Hotel RevPAR down 1.3% YoY (excluding Green Valley disruption), but ADR outperformed Strip by 25%. 50% of carded guests visit 8+ times/month. 
- **Project Overlap Feasibility**: 2 projects in ground possible with minor overlap, e.g., Durango North + Green Valley refresh. 
- **Tax Benefits**: $300M+ capital eligible for accelerated depreciation under new tax law, reducing cash tax payments.

Red Rock Resorts, Inc. (RRR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

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Diluted EPS from Discontinued Operations

RRR

RRR fundamentals

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