Red Rock Resorts Reports Second-Best Q2 Ever, Moves Closer to New Vegas Casino Projects

Red Rock Resorts reported the second-highest second-quarter results in company history this week, with executives saying the Las Vegas-focused operator is edging closer to announcing new casino development projects for the market as early as 2027. The Station Casinos parent posted consolidated net revenue of $510.3 million and adjusted EBITDA of $208 million for the quarter, both down from last year’s record pace but still enough to mark the second-best Q2 the company has ever posted.

The results come as Red Rock manages construction disruption across several of its properties simultaneously, including the Durango North expansion, ongoing renovations at Green Valley Ranch and Sunset Station, and continued work on the Durango casino floor itself. Despite that, executives framed the quarter as proof of the company’s underlying strength heading into a stacked development pipeline.

Durango Keeps Driving Growth Despite Construction

Chief Financial Officer Stephen Cootey said Las Vegas operations generated net revenue of $503.2 million, down 2% year over year, with adjusted EBITDA of $227.5 million, off 5% from the prior-year quarter’s record pace. Even with those declines, Cootey called the results proof the company is “as strong as it’s ever been.”

“Our Durango (Casino & Resort) continued to perform exceptionally well, despite ongoing construction impacts,” Cootey said. “It has firmly established itself as a meaningful growth driver within the Las Vegas locals market.” The Durango North expansion remains on schedule to open in the second half of 2027, and Cootey said the property’s performance reinforces the company’s belief that new integrated resorts can expand the broader Las Vegas locals market rather than simply pull customers away from existing casinos.

Cootey added that Durango saw minimal disruption during the second quarter but that the company still expects roughly $2.5 million in construction-related disruption per quarter until that work wraps up in late 2027. Vice Chair Lorenzo Fertitta credited part of the quarter’s traffic boost to the World Cup in June, saying properties “leaned into activation and promotion of the event.”

New Vegas Projects Could Be Announced in Early 2027

Fertitta said the company continues refining the design of multiple new resort projects for the Las Vegas market and is currently working with several general contractors to nail down construction pricing before committing to a timeline. “We have two we’re working on now and we have to figure out which one will go first,” Fertitta said, adding the company hopes to have more clarity “as we turn the corner and get into the early part of 2027.”

Beyond the Las Vegas Strip-adjacent locals market, Red Rock’s North Fork project in California remains on track for an early fourth-quarter 2026 opening. Cootey said the roughly $750 million project is fully financed and on budget, with the company holding an outstanding note receivable from the tribe of about $83.4 million at quarter’s end.

Red Rock also confirmed a new $8 million marketing push tied to its 50th anniversary, branded “From Vegas, For Vegas, Always Vegas,” which will hit the books in the third quarter. Fertitta said the campaign was designed to reinforce the brand’s roots in the locals market that his father, company founder Frank Fertitta Jr., built decades ago. The company generated $100 million in operating free cash flow during the quarter, or $0.95 per share, representing 48% of adjusted EBITDA, and maintained its 2026 capital-spending guidance of $375 million to $425 million.

President Scott Kreeger said early third-quarter trends look encouraging, pointing to steady demand from both drive-in and fly-in visitors even as renovation work continues at Green Valley Ranch, with those hotel rooms expected back online in late September. As competition heats up on the Strip, Kreeger downplayed any threat from rival value packages aimed at drawing bettors and gamblers to downtown casinos and resorts. “I don’t think we’ve seen any impact on us as a company,” he said, “but I do think it’s good for the Strip long term to offer value to their customers.”