Red Rock Resorts, Inc. (NASDAQ:RRR) Q1 2022 Results Conference Call May 3, 2022 4:30 PM ET

Company Participants

Frank Fertitta - Chief Executive Officer

Stephen Cootey - Executive Vice President, Chief Financial Officer

Conference Call Participants

Joseph Greff - JPMorgan Chase

Carlo Santarelli - Deutsche Bank

Shaun Kelley - BofA Securities

Stephen Grambling - Goldman Sachs Group

Steven Wieczynski - Stifel, Nicolaus & Company

Chad Beynon - Macquarie Research

Barry Jonas - Truist Securities

Daniel Politzer - Wells Fargo Securities

Operator

Good afternoon, and welcome to Red Rock Resorts’ First Quarter 2022 Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I would now like to turn the conference over to Stephen Coty, 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 First Quarter 2022 Earnings Conference Call. Joining me on the call today are Frank and Lorenzo Fertitta as well as our executive management team.

I would 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 this call is being recorded.

Now let’s take a look at our first quarter results. On a consolidated basis, excluding great management fees, our first quarter net revenue was 401.6 million, up 16.6% from 344.5 million in the prior year’s first quarter.

Our adjusted EBITDA was 178.7 million, up 19.9% from 149 million in the prior year’s first quarter. Our adjusted EBITDA margin was 44.5% for the quarter, an increase of 13 basis points from the first quarter of 2021.

With respect to our Las Vegas operations, excluding the impact from our closed properties, our first quarter net revenue was 399.5 million, up 18.1% from 338.4 million in the prior year’s first quarter.

Our adjusted EBITDA was 196.7 million, up 18.8% from 165.6 million in the prior year’s first quarter. Our adjusted EBITDA margin was 49.2%, an increase of 29 basis points from the first quarter of 2021.