Red Rock Resorts Inc, a casino operator, has released its Q1 financial update, noting a decrease in net sales, increased adjusted EBITDA, and a slowing of net losses for the quarter ended March 31, 2021.
During the first quarter, the company proceeded to execute on its phased reopening programme, operating Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station, and Sunset Station, as well as its Wildfire Assets, which were the first to reopen.
In terms of the headline numbers, net sales were $352.6 million, down 6.6 percent, or $24.8 million, from $377.4 million the previous year. Net sales were down 21.1 percent, or $94.4 million, from $447 million in the same timeframe last year.
The net loss for the quarter was $106.6 million, down $71.2 million from $177.8 million in 2020. In comparison to the same time last year, the net loss was $126.8 million, down from $20.3 million in net profits.
Q1 adjusted EBITDA was $156.6 million, up 110.8 percent, or $82.3 million, from $74.3 million the previous year. As compared to the same time last year, adjusted EBITDA increased by 8 percent, or $11.6 million, to $145.1 million.
Red Rock revealed Q1 net sales of $342.8 million, down 3.8 percent, or $13.6 million, from $356.5 million the previous year. Adjusted EBITDA from Las Vegas operations was $160.7 million in the quarter, up from $68.5 million the previous year by 134.6 percent, or $92.2 million.
Due to the termination of the management contract of Graton Resort and Casino on February 5, 2021, adjusted EBITDA from Native American activities was $7.6 million in Q1, down 56.8 percent from $17.6 million in the same timeframe of 2020.