Red Rock Resorts, Inc. (NASDAQ:RRR) Q4 2022 Earnings Conference Call February 7, 2023 4:30 PM ET

Company Participants

Stephen Cootey - Executive Vice President, Chief Financial Officer and Treasurer

Frank Fertitta - Chairman and Chief Executive Officer

Scott Kreeger - President

Lorenzo Fertitta - Vice Chairman

Conference Call Participants

Joe Greff - J.P. Morgan

Carlo Santarelli - Deutsche Bank

Shaun Kelley - Bank of America

Steve Wieczynski - Stifel

Barry Jonas - Truist Securities

Stephen Grambling - Morgan Stanley

Dan Politzer - Wells Fargo

Chad Beynon - Macquarie

John DeCree - CBRE Securities

Cassandra Lee - Jefferies

Operator

Good afternoon, and welcome to Red Rock Resorts Fourth Quarter and Full Year 2022 Conference Call. All participants will be in a listen-only mode. Please note, this event is being recorded.

I would now like to turn the conference over to Stephen Cootey, Executive Vice President, Chief Financial Officer and Treasurer of Red Rock Resorts. Please go ahead.

Stephen Cootey

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Red Rock Resorts' fourth quarter and full year 2022 earnings conference call.

Joining me on the call today are Frank and Lorenzo Fertitta, Scott Kreeger and our executive management team.

I'd like to remind everyone that our call today will include forward-looking statements under the Safe Harbor provisions of the United States federal securities laws. Developments and results may differ from those projected.

During this call, we will also discuss non-GAAP financial measures. For definitions and complete reconciliation of these figures to GAAP, please refer to the financial tables in our earnings press release, Form 8-K and investor deck, which were filed this afternoon prior to the call. Also, please note that this call is being recorded.

Before we get into any details, we are pleased and proud to say that our fourth quarter represented another strong quarter for the company by any measure. In terms of same store net revenue, we had the best fourth quarter in the history of our company, and in terms of adjusted EBITDA and adjusted EBITDA margin, this quarter represented our second best fourth quarter ever, only surpassed by last year's strong quarter. As we look at our results for the year in terms of same store revenue and adjusted EBITDA, we had the best year in the history of our company, while also achieving our second best adjusted EBITDA margin, only surpassed by last year's record high margin.