Red Rock Resorts, Inc. (NASDAQ:RRR) Q3 2023 Earnings Conference Call November 7, 2023 4:30 PM ET

Company Participants

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

Frank Fertitta - Chief Executive Officer

Lorenzo Fertitta - Vice Chairman

Scott Kreeger - President

Conference Call Participants

Joe Greff - JPMorgan

Carlo Santarelli - Deutsche Bank

Shaun Kelley - Bank of America

Jordan Bender - JMP Securities

Steve Wieczynski - Stifel

Barry Jonas - Truist Securities

Dan Politzer - Wells Fargo

Chad Beynon - Macquarie

Joe Stauff - Susquehanna

John DeCree - CBRE

David Katz - Jefferies

Operator

Good afternoon, and welcome to Red Rock Resorts Third Quarter 2023 Conference Call. All participants will be in a listen-only mode. Please note, this conference is being recorded. Please note, this conference 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 Resort. Please go ahead.

Stephen Cootey

Thank you, operator, and good afternoon, everyone. Thank you for joining us today on Red Rock Resorts third quarter 2023 earnings conference call. Joining me on the call today are Frank and Lorenzo Fertitta, Scott Kreger, 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. Definitions and a 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 of the details, similar to our financial and operating results in the first half of the year, the third quarter represented another strong quarter for the company. The quarter represented our third best third quarter in the history of the company in terms of same-store net revenue, adjusted EBITDA and adjusted EBITDA margin only surpassed by the unprecedented third quarters of 2021 and 2022.

Team continued to validate our core strategy of reinvesting in our properties to deliver fresh and relevant amenities to our guests, while remaining focused on best-in-class customer service. In executing this strategy, the team delivered another strong quarter across all business lines, this quarter, marking the 13th consecutive quarter that the company delivered adjusted EBITDA margins in excess of 45%. And through the first nine months of the year, the company remains on pace to have the best financial year in the history of our company.