Red Rock Resorts, Inc. (NASDAQ:RRR) Q3 2024 Earnings Conference Call November 7, 2024 6:00 PM ET
Company Participants
Stephen Cootey - Chief Financial Officer, Executive Vice President and Treasurer
Scott Kreeger - President
Lorenzo Fertitta - Vice Chairman, Board
Conference Call Participants
Joseph Greff - JPMorgan
Carlo Santarelli - Deutsche Bank
Steve Wieczynski - Stifel
David Katz - Jefferies
Stephen Grambling - Morgan Stanley
Barry Jonas - Truist Securities
Brandt Montour - Barclays
John DeCree - CBRE
Daniel Politzer - Wells Fargo
Operator
Good afternoon and welcome to Red Rock Resorts Third Quarter 2024 Conference Call. All participants will be in a listen-only mode. 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 Resorts. Please go ahead.
Stephen Cootey
Thank you, operator, and good afternoon, everyone. Thank you for joining us today on Red Rock Resorts third quarter 2024 earnings conference call.
Joining me on the call today are Frank and Lorenzo Fertitta, Scott Krieger, 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.
Let us start off by stating that the third quarter represented another strong quarter for the company by any measure. In terms of net revenue and adjusted EBITDA, our Las Vegas operations had their best third quarter in our history, while offering at near record adjusted EBITDA margin in the quarter.
In addition to showing strong financial results in the quarter, we continue to be pleased with the financial performance of our Durango Casino Resort. Durango continues to grow the Las Vegas locals market as the team continues to execute and improve the property's operational performance, while at the same time, driving incremental play from our existing customers and attracting new customers to our brand.
With three full quarters under our belt, the property increased visitation and net theoretical wind in the surrounding Durango area by approximately 91% and 92%, respectively, while signing up over 70,000 new customers to our database.