10-Q 1 rrr-20220630.htm 10-Q rrr-20220630
0001653653false12/312022Q2P7YP7YP6M00016536532022-01-012022-06-300001653653us-gaap:CommonClassAMember2022-08-01xbrli:shares0001653653us-gaap:CommonClassBMember2022-08-0100016536532022-06-30iso4217:USD00016536532021-12-31iso4217:USDxbrli:shares0001653653us-gaap:CommonClassAMember2022-06-300001653653us-gaap:CommonClassAMember2021-12-310001653653us-gaap:CommonClassBMember2022-06-300001653653us-gaap:CommonClassBMember2021-12-310001653653us-gaap:CasinoMember2022-04-012022-06-300001653653us-gaap:CasinoMember2021-04-012021-06-300001653653us-gaap:CasinoMember2022-01-012022-06-300001653653us-gaap:CasinoMember2021-01-012021-06-300001653653us-gaap:FoodAndBeverageMember2022-04-012022-06-300001653653us-gaap:FoodAndBeverageMember2021-04-012021-06-300001653653us-gaap:FoodAndBeverageMember2022-01-012022-06-300001653653us-gaap:FoodAndBeverageMember2021-01-012021-06-300001653653us-gaap:OccupancyMember2022-04-012022-06-300001653653us-gaap:OccupancyMember2021-04-012021-06-300001653653us-gaap:OccupancyMember2022-01-012022-06-300001653653us-gaap:OccupancyMember2021-01-012021-06-300001653653us-gaap:HotelOtherMember2022-04-012022-06-300001653653us-gaap:HotelOtherMember2021-04-012021-06-300001653653us-gaap:HotelOtherMember2022-01-012022-06-300001653653us-gaap:HotelOtherMember2021-01-012021-06-300001653653us-gaap:ManagementServiceMember2022-04-012022-06-300001653653us-gaap:ManagementServiceMember2021-04-012021-06-300001653653us-gaap:ManagementServiceMember2022-01-012022-06-300001653653us-gaap:ManagementServiceMember2021-01-012021-06-3000016536532022-04-012022-06-3000016536532021-04-012021-06-3000016536532021-01-012021-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-03-310001653653us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-03-310001653653us-gaap:AdditionalPaidInCapitalMember2022-03-310001653653us-gaap:RetainedEarningsMember2022-03-310001653653us-gaap:NoncontrollingInterestMember2022-03-3100016536532022-03-310001653653us-gaap:RetainedEarningsMember2022-04-012022-06-300001653653us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001653653us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-04-012022-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-06-300001653653us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-06-300001653653us-gaap:AdditionalPaidInCapitalMember2022-06-300001653653us-gaap:RetainedEarningsMember2022-06-300001653653us-gaap:NoncontrollingInterestMember2022-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-03-310001653653us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-03-310001653653us-gaap:AdditionalPaidInCapitalMember2021-03-310001653653us-gaap:RetainedEarningsMember2021-03-310001653653us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001653653us-gaap:NoncontrollingInterestMember2021-03-3100016536532021-03-310001653653us-gaap:RetainedEarningsMember2021-04-012021-06-300001653653us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001653653us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001653653us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-04-012021-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-06-300001653653us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-06-300001653653us-gaap:AdditionalPaidInCapitalMember2021-06-300001653653us-gaap:RetainedEarningsMember2021-06-300001653653us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001653653us-gaap:NoncontrollingInterestMember2021-06-3000016536532021-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-12-310001653653us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-12-310001653653us-gaap:AdditionalPaidInCapitalMember2021-12-310001653653us-gaap:RetainedEarningsMember2021-12-310001653653us-gaap:NoncontrollingInterestMember2021-12-310001653653us-gaap:RetainedEarningsMember2022-01-012022-06-300001653653us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001653653us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-01-012022-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-12-310001653653us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-12-310001653653us-gaap:AdditionalPaidInCapitalMember2020-12-310001653653us-gaap:RetainedEarningsMember2020-12-310001653653us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001653653us-gaap:NoncontrollingInterestMember2020-12-3100016536532020-12-310001653653us-gaap:RetainedEarningsMember2021-01-012021-06-300001653653us-gaap:NoncontrollingInterestMember2021-01-012021-06-300001653653us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001653653us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001653653us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-01-012021-06-300001653653us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-01-012021-06-300001653653us-gaap:WhollyOwnedPropertiesMemberrrr:MajorHotelCasinoPropertiesMember2022-06-30rrr:Casino_Property0001653653rrr:SmallerCasinoPropertiesMember2022-06-300001653653rrr:SmallerCasinoPropertiesMemberus-gaap:PartiallyOwnedPropertiesMember2022-06-30xbrli:pure0001653653rrr:StationHoldcoMemberrrr:NonVotingUnitsMemberrrr:RedRockResortsMember2022-06-300001653653rrr:VotingUnitsMemberrrr:RedRockResortsMemberrrr:StationCasinosLlcMember2022-06-300001653653rrr:DisposalGroupNoLongerHeldForSaleNotDiscontinuedOperationsMember2021-12-310001653653us-gaap:CommonClassAMemberrrr:RedRockResortsMember2022-06-300001653653us-gaap:CommonClassAMemberrrr:RedRockResortsMember2021-12-310001653653rrr:LLCUnitHolderMemberus-gaap:CommonClassBMember2022-06-300001653653rrr:LLCUnitHolderMemberus-gaap:CommonClassBMember2021-12-310001653653us-gaap:WhollyOwnedPropertiesMemberrrr:MajorHotelCasinoPropertiesMemberus-gaap:FacilityClosingMember2022-06-300001653653rrr:LandHeldForDevelopmentMemberrrr:NorthForkRancheriaOfMonoIndiansMember2022-06-30utr:acre0001653653rrr:NorthForkRancheriaOfMonoIndiansMembersrt:MinimumMember2022-06-30rrr:Slot_Machines0001653653rrr:NorthForkRancheriaOfMonoIndiansMember2022-06-30rrr:Table_Games0001653653rrr:NorthForkRancheriaOfMonoIndiansMembersrt:MaximumMember2022-06-300001653653rrr:NorthForkRancheriaOfMonoIndiansMember2022-01-012022-06-300001653653rrr:NorthForkRancheriaOfMonoIndiansMembersrt:MinimumMember2022-01-012022-06-300001653653rrr:NorthForkRancheriaOfMonoIndiansMembersrt:MaximumMember2022-01-012022-06-300001653653us-gaap:LineOfCreditMemberrrr:TermLoanBFacilityDueFebruary72027Memberrrr:StationCasinosLlcMember2022-06-300001653653us-gaap:LineOfCreditMemberrrr:TermLoanBFacilityDueFebruary72027Memberrrr:StationCasinosLlcMember2021-12-310001653653us-gaap:LineOfCreditMemberrrr:StationCasinosLlcMemberrrr:TermLoanAFacilityDueFebruary72025Member2022-06-300001653653us-gaap:LineOfCreditMemberrrr:StationCasinosLlcMemberrrr:TermLoanAFacilityDueFebruary72025Member2021-12-310001653653rrr:RevolvingCreditFacilityDueFebruary72025Memberrrr:StationCasinosLlcMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001653653rrr:RevolvingCreditFacilityDueFebruary72025Memberrrr:StationCasinosLlcMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001653653us-gaap:SeniorNotesMemberrrr:StationCasinosLlcMemberrrr:A4625SeniorNotesDueDecember12031Member2021-12-310001653653us-gaap:SeniorNotesMemberrrr:StationCasinosLlcMemberrrr:A4625SeniorNotesDueDecember12031Member2022-06-300001653653rrr:A4.50SeniorNotesDueFebruary152028Memberus-gaap:SeniorNotesMemberrrr:StationCasinosLlcMember2022-06-300001653653rrr:A4.50SeniorNotesDueFebruary152028Memberus-gaap:SeniorNotesMemberrrr:StationCasinosLlcMember2021-12-310001653653rrr:OtherLongTermDebtMemberrrr:StationCasinosLlcMember2022-06-300001653653rrr:OtherLongTermDebtMemberrrr:StationCasinosLlcMember2021-12-310001653653rrr:StationCasinosLlcMember2022-06-300001653653rrr:StationCasinosLlcMember2021-12-310001653653us-gaap:LineOfCreditMemberrrr:TermLoanBFacilityDueFebruary72027Memberrrr:StationCasinosLlcMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-06-30utr:Rate0001653653us-gaap:LineOfCreditMemberrrr:TermLoanBFacilityDueFebruary72027Memberrrr:StationCasinosLlcMemberus-gaap:BaseRateMember2022-01-012022-06-300001653653rrr:LineofCreditandRevolvingCreditFacilityMembersrt:MinimumMemberrrr:StationCasinosLlcMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrrr:RevolvingCreditFacilityandTermLoanAFacilityDueFebruary72025Member2022-01-012022-06-300001653653rrr:LineofCreditandRevolvingCreditFacilityMembersrt:MaximumMemberrrr:StationCasinosLlcMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrrr:RevolvingCreditFacilityandTermLoanAFacilityDueFebruary72025Member2022-01-012022-06-300001653653rrr:LineofCreditandRevolvingCreditFacilityMembersrt:MinimumMemberrrr:StationCasinosLlcMemberus-gaap:BaseRateMemberrrr:RevolvingCreditFacilityandTermLoanAFacilityDueFebruary72025Member2022-01-012022-06-300001653653rrr:LineofCreditandRevolvingCreditFacilityMembersrt:MaximumMemberrrr:StationCasinosLlcMemberus-gaap:BaseRateMemberrrr:RevolvingCreditFacilityandTermLoanAFacilityDueFebruary72025Member2022-01-012022-06-300001653653rrr:LineofCreditandRevolvingCreditFacilityMemberrrr:StationCasinosLlcMembersrt:MinimumMember2022-06-300001653653rrr:LineofCreditandRevolvingCreditFacilityMemberus-gaap:DebtInstrumentRedemptionPeriodOneMembersrt:MaximumMemberrrr:StationCasinosLlcMember2022-06-300001653653rrr:LineofCreditandRevolvingCreditFacilityMembersrt:MaximumMemberrrr:StationCasinosLlcMemberus-gaap:DebtInstrumentRedemptionPeriodFiveMember2022-06-300001653653us-gaap:FairValueInputsLevel2Memberrrr:StationCasinosLlcMember2022-06-300001653653us-gaap:FairValueInputsLevel2Memberrrr:StationCasinosLlcMember2021-12-310001653653us-gaap:ParentMember2022-04-012022-06-300001653653us-gaap:ParentMember2021-04-012021-06-300001653653us-gaap:ParentMember2022-01-012022-06-300001653653us-gaap:ParentMember2021-01-012021-06-300001653653us-gaap:CommonClassAMember2022-04-012022-06-300001653653us-gaap:CommonClassAMember2022-01-012022-06-300001653653us-gaap:CommonClassAMember2021-01-012021-06-300001653653us-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2022-08-092022-08-090001653653us-gaap:SubsequentEventMember2022-08-092022-08-090001653653rrr:EquityRepurchaseProgramMember2022-06-300001653653rrr:EquityRepurchaseProgramMember2022-04-012022-06-300001653653rrr:EquityRepurchaseProgramMember2022-01-012022-06-300001653653rrr:EquityRepurchaseProgramMemberus-gaap:SubsequentEventMember2022-08-040001653653us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2021-12-310001653653us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2021-12-310001653653us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2022-01-012022-06-300001653653us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2022-01-012022-06-300001653653us-gaap:CommonClassAMemberus-gaap:RestrictedStockMember2022-06-300001653653us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2022-06-300001653653rrr:FrankJ.FertittaIIIandLorenzoJFertittaMember2022-06-300001653653rrr:FrankJ.FertittaIIIandLorenzoJFertittaMember2021-12-310001653653rrr:TaxReceivableAgreementLiabilityAssignedMember2022-06-300001653653us-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-06-300001653653us-gaap:CommonClassBMember2022-04-012022-06-300001653653us-gaap:CommonClassBMember2021-04-012021-06-300001653653us-gaap:CommonClassBMember2022-01-012022-06-300001653653us-gaap:CommonClassBMember2021-01-012021-06-300001653653us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001653653us-gaap:EmployeeStockOptionMember2021-04-012021-06-300001653653us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001653653us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001653653us-gaap:RestrictedStockMember2022-04-012022-06-300001653653us-gaap:RestrictedStockMember2021-04-012021-06-300001653653us-gaap:RestrictedStockMember2022-01-012022-06-300001653653us-gaap:RestrictedStockMember2021-01-012021-06-300001653653rrr:LasVegasOperationsMember2022-01-012022-06-30rrr:Segment0001653653rrr:NativeAmericanManagementMember2022-01-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:CasinoMember2022-04-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:CasinoMember2021-04-012021-06-300001653653rrr:LasVegasOperationsMemberus-gaap:CasinoMember2022-01-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:CasinoMember2021-01-012021-06-300001653653rrr:LasVegasOperationsMemberus-gaap:FoodAndBeverageMember2022-04-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:FoodAndBeverageMember2021-04-012021-06-300001653653rrr:LasVegasOperationsMemberus-gaap:FoodAndBeverageMember2022-01-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:FoodAndBeverageMember2021-01-012021-06-300001653653rrr:LasVegasOperationsMemberus-gaap:OccupancyMember2022-04-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:OccupancyMember2021-04-012021-06-300001653653rrr:LasVegasOperationsMemberus-gaap:OccupancyMember2022-01-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:OccupancyMember2021-01-012021-06-300001653653us-gaap:HotelOtherMemberrrr:LasVegasOperationsMember2022-04-012022-06-300001653653us-gaap:HotelOtherMemberrrr:LasVegasOperationsMember2021-04-012021-06-300001653653us-gaap:HotelOtherMemberrrr:LasVegasOperationsMember2022-01-012022-06-300001653653us-gaap:HotelOtherMemberrrr:LasVegasOperationsMember2021-01-012021-06-300001653653rrr:LasVegasOperationsMemberus-gaap:ManagementServiceMember2022-04-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:ManagementServiceMember2021-04-012021-06-300001653653rrr:LasVegasOperationsMemberus-gaap:ManagementServiceMember2022-01-012022-06-300001653653rrr:LasVegasOperationsMemberus-gaap:ManagementServiceMember2021-01-012021-06-300001653653rrr:LasVegasOperationsMember2022-04-012022-06-300001653653rrr:LasVegasOperationsMember2021-04-012021-06-300001653653rrr:LasVegasOperationsMember2021-01-012021-06-300001653653rrr:NativeAmericanManagementMemberus-gaap:ManagementServiceMember2022-04-012022-06-300001653653rrr:NativeAmericanManagementMemberus-gaap:ManagementServiceMember2021-04-012021-06-300001653653rrr:NativeAmericanManagementMemberus-gaap:ManagementServiceMember2022-01-012022-06-300001653653rrr:NativeAmericanManagementMemberus-gaap:ManagementServiceMember2021-01-012021-06-300001653653rrr:ReportableSegmentsMember2022-04-012022-06-300001653653rrr:ReportableSegmentsMember2021-04-012021-06-300001653653rrr:ReportableSegmentsMember2022-01-012022-06-300001653653rrr:ReportableSegmentsMember2021-01-012021-06-300001653653us-gaap:HotelOtherMemberus-gaap:CorporateAndOtherMember2022-04-012022-06-300001653653us-gaap:HotelOtherMemberus-gaap:CorporateAndOtherMember2021-04-012021-06-300001653653us-gaap:HotelOtherMemberus-gaap:CorporateAndOtherMember2022-01-012022-06-300001653653us-gaap:HotelOtherMemberus-gaap:CorporateAndOtherMember2021-01-012021-06-300001653653rrr:NativeAmericanManagementMember2022-04-012022-06-300001653653rrr:NativeAmericanManagementMember2021-04-012021-06-300001653653rrr:NativeAmericanManagementMember2021-01-012021-06-300001653653us-gaap:CorporateAndOtherMember2022-04-012022-06-300001653653us-gaap:CorporateAndOtherMember2021-04-012021-06-300001653653us-gaap:CorporateAndOtherMember2022-01-012022-06-300001653653us-gaap:CorporateAndOtherMember2021-01-012021-06-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    
For the quarterly period ended June 30, 2022
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to     
Commission file number 001-37754
RED ROCK RESORTS, INC.
(Exact name of registrant as specified in its charter)
Delaware47-5081182
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1505 South Pavilion Center Drive, Las Vegas, Nevada
(Address of principal executive offices)
89135
(Zip Code)
(702495-3000
Registrant’s telephone number, including area code
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, $.01 par valueRRRNASDAQ Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company

Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at August 1, 2022
Class A Common Stock, $0.01 par value58,445,046
Class B Common Stock, $0.00001 par value45,985,804


RED ROCK RESORTS, INC.
INDEX



Part I.    Financial Information
Item 1.    Financial Statements
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
 June 30,
2022
December 31, 2021
(unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$256,268 $275,281 
Receivables, net31,663 36,739 
Inventories12,524 11,734 
Prepaid gaming tax29,543 26,745 
Prepaid expenses and other current assets32,912 20,416 
Assets held for sale7,600 7,600 
Total current assets370,510 378,515 
Property and equipment, net of accumulated depreciation of $1,118,962 and $1,168,813 at June 30, 2022 and December 31, 2021, respectively
1,986,005 2,009,608 
Goodwill195,676 195,676 
Intangible assets, net of accumulated amortization of $17,426 and $17,128 at June 30, 2022 and December 31, 2021, respectively
85,174 87,172 
Land held for development237,335 237,335 
Native American development costs36,764 34,094 
Deferred tax asset, net88,350 98,625 
Other assets, net70,516 99,308 
Total assets$3,070,330 $3,140,333 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)  
Current liabilities:  
Accounts payable$18,667 $17,466 
Accrued interest payable13,988 14,320 
Other accrued liabilities 161,969 147,109 
Current portion of payable pursuant to tax receivable agreement6,664  
Current portion of long-term debt 25,942 25,921 
Total current liabilities227,230 204,816 
Long-term debt, less current portion 2,817,926 2,827,603 
Other long-term liabilities32,429 30,723 
Payable pursuant to tax receivable agreement, less current portion20,494 27,158 
Total liabilities3,098,079 3,090,300 
Commitments and contingencies (Note 11)
Stockholders’ equity (deficit):  
Preferred stock, par value $0.01 per share, 100,000,000 shares authorized; none issued and outstanding
  
Class A common stock, par value $0.01 per share, 500,000,000 shares authorized; 58,445,046 and 61,426,605 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
584 614 
Class B common stock, par value $0.00001 per share, 100,000,000 shares authorized; 45,985,804 shares issued and outstanding at June 30, 2022 and December 31, 2021
1 1 
Additional paid-in capital 55,028 
Retained earnings13,144 3,851 
Total Red Rock Resorts, Inc. stockholders’ equity 13,729 59,494 
Noncontrolling interest (deficit)(41,478)(9,461)
Total stockholders’ equity (deficit)(27,749)50,033 
Total liabilities and stockholders’ equity (deficit)$3,070,330 $3,140,333 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Operating revenues:
Casino$280,636 $304,212 $560,407 $564,150 
Food and beverage73,756 64,885 139,455 111,757 
Room44,283 39,150 81,055 61,094 
Other23,322 19,640 42,503 35,197 
Management fees244 270 457 8,578 
Net revenues422,241 428,157 823,877 780,776 
Operating costs and expenses:
Casino69,746 70,400 138,612 133,516 
Food and beverage57,839 48,879 111,062 89,936 
Room13,293 14,650 25,775 25,741 
Other8,792 5,983 15,162 11,333 
Selling, general and administrative90,193 84,090 176,489 163,000 
Depreciation and amortization33,097 36,160 66,522 90,415 
Write-downs and other, net2,045 1,435 12,225 1,695 
Asset impairment78,992 (1,956)78,992 167,777 
353,997 259,641 624,839 683,413 
Operating income68,244 168,516 199,038 97,363 
Earnings from joint ventures1,012 1,233 1,856 1,623 
Operating income and earnings from joint ventures69,256 169,749 200,894 98,986 
Other expense:
Interest expense, net(28,748)(25,614)(55,422)(52,881)
Loss on extinguishment of debt   (8,140)
Other (204) (380)
(28,748)(25,818)(55,422)(61,401)
Income before income tax40,508 143,931 145,472 37,585 
Provision for income tax(8,070)(581)(20,789)(798)
Net income32,438 143,350 124,683 36,787 
Less: net income attributable to noncontrolling interests16,690 56,636 60,589 14,851 
Net income attributable to Red Rock Resorts, Inc.$15,748 $86,714 $64,094 $21,936 
Earnings per common share (Note 10):
Earnings per share of Class A common stock, basic$0.26 $1.24 $1.06 $0.31 
Earnings per share of Class A common stock, diluted$0.26 $1.12 $1.04 $0.29 
Weighted-average common shares outstanding:
Basic
59,514 70,212 60,255 70,469 
Diluted61,568 117,787 62,707 117,639 
Comprehensive income$32,438 $143,419 $124,683 $36,856 
Less: comprehensive income attributable to noncontrolling interests16,690 56,662 60,589 14,877 
Comprehensive income attributable to Red Rock Resorts, Inc.$15,748 $86,757 $64,094 $21,979 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(amounts in thousands)
(unaudited)
Red Rock Resorts, Inc. Stockholders’ Equity
Common stockAdditional paid-in capitalRetained earningsNoncontrolling interest (deficit)Total stockholders’ equity (deficit)
Class AClass B
SharesAmountSharesAmount
Balances,
March 31, 2022
61,472 $615 45,986 $1 $50,252 $36,942 $8,973 $96,783 
Net income— — — — — 15,748 16,690 32,438 
Share-based compensation— — — — 4,701 — — 4,701 
Distributions— — — — — — (33,133)(33,133)
Dividends— — — — — (14,671)— (14,671)
Stock option exercises and issuance of restricted stock, net12 (1)— — 1,211 — — 1,210 
Withholding tax on share-based compensation(1)— — — (1,398)— — (1,398)
Repurchases of Class A common stock(3,038)(30)— — (88,774)(24,875)— (113,679)
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco— — — — 34,008 — (34,008)— 
Balances,
June 30, 2022
58,445 $584 45,986 $1 $ $13,144 $(41,478)$(27,749)
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (Continued)
(amounts in thousands)
(unaudited)
Red Rock Resorts, Inc. Stockholders’ Equity
Common stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive lossNoncontrolling interestTotal stockholders’ equity
Class AClass B
SharesAmountSharesAmount
Balances,
March 31, 2021
71,002 $710 45,986 $1 $373,278 $(97,849)$(624)$202,250 $477,766 
Net income— — — — — 86,714 — 56,636 143,350 
Other comprehensive income, net of tax— — — — — — 43 26 69 
Share-based compensation— — — — 3,373 — — — 3,373 
Distributions— — — — — — — (23,833)(23,833)
Dividends— — — — — 6 — — 6 
Stock option exercises and issuance of restricted stock, net54 1 — — 673 — — — 674 
Repurchases of Class A common stock(682)(7)— — (26,570)— — — (26,577)
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco— — — — (2,385)— (1)2,386 — 
Balances,
June 30, 2021
70,374 $704 45,986 $1 $348,369 $(11,129)$(582)$237,465 $574,828 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (Continued)
(amounts in thousands)
(unaudited)
Red Rock Resorts, Inc. Stockholders’ Equity
Common stockAdditional paid-in capitalRetained earningsNoncontrolling interest (deficit)Total stockholders’ equity (deficit)
Class AClass B
SharesAmountSharesAmount
Balances,
December 31, 2021
61,427 $614 45,986 $1 $55,028 $3,851 $(9,461)$50,033 
Net income— — — — — 64,094 60,589 124,683 
Share-based compensation— — — — 8,243 — — 8,243 
Distributions— — — — — — (54,931)(54,931)
Dividends— — — — — (29,926)— (29,926)
Stock option exercises and issuance of restricted stock, net281 2 — — (2)— — — 
Withholding tax on share-based compensation(41)— — — (3,344)— — (3,344)
Repurchases of Class A common stock(3,222)(32)— — (97,600)(24,875)— (122,507)
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco— — — — 37,675 — (37,675)— 
Balances,
June 30, 2022
58,445 $584 45,986 $1 $— $13,144 $(41,478)$(27,749)
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (Continued)
(amounts in thousands)
(unaudited)
Red Rock Resorts, Inc. Stockholders’ Equity
Common stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive lossNoncontrolling interestTotal stockholders’ equity
Class AClass B
SharesAmountSharesAmount
Balances,
December 31, 2020
71,228 $712 46,086 $1 $385,579 $(33,071)$(623)$252,043 $604,641 
Net income— — — — — 21,936 — 14,851 36,787 
Other comprehensive income, net of tax— — — — — — 43 26 69 
Share-based compensation— — — — 6,114 — — — 6,114 
Distributions— — — — — — — (31,394)(31,394)
Dividends— — — — — 6 — — 6 
Stock option exercises and issuance of restricted stock, net225 3 — — 1,174 — — — 1,177 
Withholding tax on share-based compensation(14)— (1,285)— — — (1,285)
Repurchases of Class A common stock(1,065)(11)— — (37,813)— — — (37,824)
Exchanges of noncontrolling interests for cash— — (100)— (2,223)— (1)(598)(2,822)
Tax receivable agreement liability resulting from exchanges of noncontrolling interests for cash— — — — (641)— — — (641)
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco— — — — (2,536)— (1)2,537 — 
Balances,
June 30, 2021
70,374 $704 45,986 $1 $348,369 $(11,129)$(582)$237,465 $574,828 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8


RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited)
Six Months Ended
June 30,
20222021
Cash flows from operating activities: 
Net income
$124,683 $36,787 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization66,522 90,415 
Write-downs and other, net 205 312 
Asset impairment78,992 167,777 
Amortization of debt discount and debt issuance costs4,841 4,808 
Share-based compensation8,137 6,114 
Loss on extinguishment of debt
 8,140 
Deferred income tax10,275  
Changes in assets and liabilities:
Receivables, net5,076 428 
Inventories and prepaid expenses(21,090)(16,608)
Accounts payable1,327 3,485 
Accrued interest payable(332)(3,126)
Other accrued liabilities(1,363)12,046 
Other, net387 2,005 
Net cash provided by operating activities
277,660 312,583 
Cash flows from investing activities:
Capital expenditures, net of related payables(101,371)(20,149)
Native American development costs(2,997)(4,388)
Net settlement of derivative instruments (11,526)
Other, net(246)462 
Net cash used in investing activities
(104,614)(35,601)

















9


RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(amounts in thousands)
(unaudited)
Six Months Ended
June 30,
20222021
Cash flows from financing activities: 
Borrowings under credit agreements with original maturity dates greater than three
   months
 220,000 
Payments under credit agreements with original maturity dates greater than three
   months
(12,390)(197,889)
Partial redemption of 5.00% Senior Notes (250,000)
Cash paid for early extinguishment of debt (6,250)
Proceeds from exercise of stock options 1,177 
Distributions to noncontrolling interests(54,931)(31,394)
Repurchases of Class A common stock(122,507)(37,824)
Withholding tax on share-based compensation(3,344)(1,285)
Exchanges of noncontrolling interests for cash (2,822)
Dividends paid(30,286)(60)
Other, net(575)(554)
Net cash used in financing activities
(224,033)(306,901)
Decrease in cash, cash equivalents and restricted cash
(50,987)(29,919)
Balance, beginning of period307,255 125,705 
Balance, end of period$256,268 $95,786 
Cash, cash equivalents and restricted cash:
Cash and cash equivalents$256,268 $90,988 
Cash, cash equivalents and restricted cash included in assets held for sale 4,798 
Balance, end of period$256,268 $95,786 
Supplemental cash flow disclosures: 
Cash paid for interest, net of $1,163 and $0 capitalized, respectively
$50,926 $51,234 
Cash paid for income taxes$17,755 $739 
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid$33,454 $9,299 
The accompanying notes are an integral part of these condensed consolidated financial statements.
10


RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1.    Organization, Basis of Presentation and Significant Accounting Policies
Organization
Red Rock Resorts, Inc. (“Red Rock,” or the “Company”) was formed as a Delaware corporation in 2015 to own an indirect equity interest in and manage Station Casinos LLC (“Station LLC”), a Nevada limited liability company. Station LLC is a gaming, development and management company established in 1976 that owns and operates six major gaming and entertainment facilities and ten smaller casino properties (three of which are 50% owned) in the Las Vegas regional market.
The Company owns all of the outstanding voting interests in Station LLC and has an indirect equity interest in Station LLC through its ownership of limited liability interests in Station Holdco LLC (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At June 30, 2022, the Company held 57% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and is designated as the sole managing member of both Station Holdco and Station LLC. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC, and conducts all of its operations through these entities.
In June 2022, the Company decided to permanently close its Texas Station, Fiesta Henderson and Fiesta Rancho properties, which have been closed since March 2020 as a result of the COVID-19 pandemic. The facilities at these properties are expected to be demolished to reposition the land for sale. See Note 3 for additional information.
A subsidiary of Station LLC managed Graton Resort, a casino in northern California, on behalf of a Native American tribe through February 5, 2021. The property was temporarily closed from March 17, 2020 through June 17, 2020 as a result of the COVID-19 pandemic. The management agreement was originally expected to expire in November 2020 but was extended as a result of the pandemic through February 5, 2021, when the tribe terminated the Company’s management role at the facility. Whether the management agreement provides for an additional extension beyond that date is in dispute.
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments necessary for a fair presentation of the results for the interim periods have been made, and such adjustments were of a normal recurring nature. The interim results reflected in these condensed consolidated financial statements are not necessarily indicative of results to be expected for the full fiscal year. These financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Certain amounts in the condensed consolidated financial statements for the prior year have been reclassified to be consistent with the current year presentation. In the first quarter of 2022, management determined that the held for sale criteria were no longer met for a parcel of land that was previously classified as held for sale, and the carrying amount of $50.6 million was reclassified to Land held for development at December 31, 2021.
Principles of Consolidation
Station Holdco and Station LLC are variable interest entities, of which the Company is the primary beneficiary. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the interest in Station Holdco not owned by Red Rock within noncontrolling interest in the condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated.
The Company has investments in three 50% owned smaller casino properties which are joint ventures accounted for using the equity method.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported and disclosed. Actual results could differ from those estimates.
11


Table of Contents
RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Significant Accounting Policies
A description of the Company’s significant accounting policies is included in the audited financial statements within its Annual Report on Form 10-K for the year ended December 31, 2021.
2.    Noncontrolling Interest in Station Holdco
As discussed in Note 1, Red Rock holds a controlling interest in and consolidates the financial position and results of operations of Station LLC and its subsidiaries and Station Holdco. The interests in Station Holdco not owned by Red Rock are presented within noncontrolling interest in the condensed consolidated financial statements.
The ownership of the LLC Units is summarized as follows:
June 30, 2022December 31, 2021
UnitsOwnership %UnitsOwnership %
Red Rock62,045,936 57.4 %64,425,248 58.4 %
Noncontrolling interest holders45,985,804 42.6 %45,985,804 41.6 %
Total108,031,740 100.0 %110,411,052 100.0 %
The Company uses monthly weighted-average LLC Unit ownership to calculate the pretax income or loss and other comprehensive income or loss of Station Holdco attributable to Red Rock and the noncontrolling interest holders. Station Holdco equity attributable to Red Rock and the noncontrolling interest holders is rebalanced, as needed, to reflect LLC Unit ownership at period end. For the six months ended June 30, 2022, rebalancing was due primarily to Station Holdco’s repurchases of LLC Units from Red Rock in connection with the Company’s repurchases of Class A shares..
3.    Asset Impairment
The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company’s long-lived asset impairment tests are performed at the reporting unit level, and each of its operating properties is considered a separate reporting unit.
The Company’s decision in June 2022 to permanently close three of its properties as described in Note 1 was an indicator of impairment. As a result, the Company tested each of these reporting units for impairment as of June 30, 2022 and recorded asset impairment charges totaling $79.0 million, primarily representing the write-off of the facilities that are expected to be demolished. The recoverability of the carrying amounts of the remaining assets, primarily land, was evaluated based on market prices for similar assets, which are considered Level 2 inputs under the fair value measurement hierarchy. There was no goodwill associated with the properties.
For the three and six months ended June 30, 2021, asset impairment related to the pending sale of Palms Casino Resort, which was completed in December 2021.
4.    Native American Development
The Company has development and management agreements with the North Fork Rancheria of Mono Indians (the “Mono”), a federally recognized Native American tribe located near Fresno, California, which were originally entered into in 2003. In August 2014, the Mono and the Company entered into the Second Amended and Restated Development Agreement (the “Development Agreement”) and the Second Amended and Restated Management Agreement. Pursuant to those agreements, the Company will assist the Mono in developing and operating a gaming and entertainment facility (the “North Fork Project”) to be located in Madera County, California. The Company purchased a 305-acre parcel of land adjacent to Highway 99 north of the city of Madera (the “North Fork Site”), which was taken into trust for the benefit of the Mono by the Department of the Interior (“DOI”) in February 2013.
As currently contemplated, the North Fork Project is expected to include approximately 2,000 Class III slot machines, approximately 40 table games and several restaurants, and future development costs of the project are expected to be between $350 million and $400 million. Development of the North Fork Project is subject to certain governmental and regulatory approvals, including, without limitation, approval of the management agreement by the Chair of the National Indian Gaming Commission (“NIGC”).
12


Table of Contents
RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Under the terms of the Development Agreement, the Company has agreed to arrange the financing for the ongoing development costs and construction of the facility, and has contributed significant financial support to the North Fork Project. Through June 30, 2022, the Company has paid approximately $51.9 million of reimbursable advances to the Mono, primarily to complete the environmental impact study, purchase the North Fork Site and pay the costs of litigation. The advances are expected to be repaid from the proceeds of the project’s financing or from the Mono’s cash flows from the North Fork Project’s operations; however, there can be no assurance that the advances will be repaid. The carrying amount of the advances was reduced to fair value upon the Company’s adoption of fresh-start reporting in 2011. At June 30, 2022, the carrying amount of the advances was $36.8 million. The Company earns a return on the advances to the Mono. Due to uncertainty surrounding the timing and amount of the stated return, the Company will recognize the return when it is received.
The Company expects to receive a development fee of 4% of the costs of construction (as defined in the Development Agreement) for its development services, which will be paid upon the commencement of gaming operations at the facility. In March 2018, the Mono submitted a proposed Third Amended and Restated Management Agreement (the “Management Agreement”) to the NIGC. The Management Agreement allows the Company to receive a management fee of 30% of the North Fork Project’s net income. The Management Agreement and the Development Agreement have a term of seven years from the opening of the North Fork Project. The Management Agreement includes termination provisions whereby either party may terminate the agreement for cause, and the Management Agreement may also be terminated at any time upon agreement of the parties. There is no provision in the Management Agreement allowing the tribe to buy-out the agreement prior to its expiration. The Management Agreement provides that the Company will train the Mono tribal members such that they may assume responsibility for managing the North Fork Project upon the expiration of the agreement.
Upon termination or expiration of the Management Agreement and Development Agreement, the Mono will continue to be obligated to repay any unpaid principal and interest on the advances from the Company, as well as certain other amounts that may be due, such as management fees. Amounts due to the Company under the Development Agreement and Management Agreement are secured by substantially all of the assets of the North Fork Project except the North Fork Site. In addition, the Development Agreement and Management Agreement contain waivers of the Mono’s sovereign immunity from suit for the purpose of enforcing the agreements or permitting or compelling arbitration and other remedies.
The timing of this type of project is difficult to predict and is dependent upon the receipt of the necessary governmental and regulatory approvals. There can be no assurance as to when, or if, these approvals will be obtained. The Company currently estimates that construction of the North Fork Project may begin in the next six months and estimates that the North Fork Project would be completed and opened for business approximately 15 to 18 months after construction begins. There can be no assurance, however, that the North Fork Project will be completed and opened within this time frame or at all. The Company expects to assist the Mono in obtaining financing for the North Fork Project once all necessary regulatory approvals have been received and prior to commencement of construction; however, there can be no assurance that the Company will be able to obtain such financing for the North Fork Project on acceptable terms or at all.
The Company has evaluated the likelihood that the North Fork Project will be successfully completed and opened, and has concluded that the likelihood of successful completion is in the range of 75% to 85% at June 30, 2022. The Company’s evaluation is based on its consideration of all available positive and negative evidence about the status of the North Fork Project, including, but not limited to, the status of required regulatory approvals, as well as the progress being made toward the achievement of all milestones and the successful resolution of all litigation and contingencies. There can be no assurance that the North Fork Project will be successfully completed or that future events and circumstances will not change the Company’s estimates of the timing, scope, and potential for successful completion or that any such changes will not be material. In addition, there can be no assurance that the Company will recover all of its investment in the North Fork Project even if it is successfully completed and opened for business.
13


Table of Contents
RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The following table summarizes the Company’s evaluation at June 30, 2022 of each of the critical milestones necessary to complete the North Fork Project.
Federally recognized as an Indian tribe by the Bureau of Indian Affairs (“BIA”)Yes
Date of recognitionFederal recognition was terminated in 1966 and restored in 1983.
Tribe has possession of or access to usable land upon which the project is to be built
The DOI accepted approximately 305 acres of land for the project into trust for the benefit of the Mono in February 2013.

Status of obtaining regulatory and governmental approvals:
Tribal-state compactA compact was negotiated and signed by the Governor of California and the Mono in August 2012. The California State Assembly and Senate passed Assembly Bill 277 (“AB 277”) which ratified the Compact in May 2013 and June 2013, respectively. Opponents of the North Fork Project qualified a referendum, “Proposition 48,” for a state-wide ballot challenging the legislature’s ratification of the Compact. In November 2014, Proposition 48 failed. The State took the position that the failure of Proposition 48 nullified the ratification of the Compact and, therefore, the Compact did not take effect under California law. In March 2015, the Mono filed suit against the State to obtain a compact with the State or procedures from the Secretary of the Interior under which Class III gaming may be conducted on the North Fork Site. In July 2016, the DOI issued Secretarial procedures (the “Secretarial Procedures”) pursuant to which the Mono may conduct Class III gaming on the North Fork Site.
Approval of gaming compact by DOIThe Compact was submitted to the DOI in July 2013. In October 2013, notice of the Compact taking effect was published in the Federal Register. The Secretarial Procedures supersede and replace the Compact.
Record of decision regarding environmental impact published by BIAIn November 2012, the record of decision for the Environmental Impact Statement for the North Fork Project was issued by the BIA. In December 2012, the Notice of Intent to take land into trust was published in the Federal Register.
BIA accepting usable land into trust on behalf of the tribeThe North Fork Site was accepted into trust in February 2013.
Approval of management agreement by NIGCIn December 2015, the Mono submitted a Second Amended and Restated Management Agreement, and certain related documents, to the NIGC. In July 2016, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Second Amended and Restated Management Agreement. In March 2018, the Mono submitted the Management Agreement and certain related documents to the NIGC. In June 2018, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Management Agreement. In April 2021, the Mono received an issues letter from the NIGC identifying issues to be addressed prior to approval of the Management Agreement. Approval of the Management Agreement by the NIGC is expected to occur following the Mono’s response to the issues letter. The Company believes the Management Agreement will be approved because the terms and conditions thereof are consistent with the provisions of the Indian Gaming Regulatory Act (“IGRA”).
Gaming licenses:
TypeThe North Fork Project will include the operation of Class II and Class III gaming, which are allowed pursuant to the terms of the Secretarial Procedures and IGRA, following approval of the Management Agreement by the NIGC.
Number of gaming devices allowed
The Secretarial Procedures allow for the operation of a maximum of 2,000 Class III slot machines at the facility during the first two years of operation and thereafter up to 2,500 Class III slot machines. There is no limit on the number of Class II gaming devices that the Mono can offer.
Agreements with local authoritiesThe Mono has entered into memoranda of understanding with the City of Madera, the County of Madera and the Madera Irrigation District under which the Mono agreed to pay one-time and recurring mitigation contributions, subject to certain contingencies. The memoranda of understanding have all been amended to restructure the timing of certain payments due to delays in the development of the North Fork Project.
14


Table of Contents
RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Following is a discussion of the unresolved legal matter related to the North Fork Project.
Picayune Rancheria of Chukchansi Indians v. Brown. In March 2016, Picayune Rancheria of Chukchansi Indians (“Picayune”) filed a complaint for declaratory relief and petition for writ of mandate in California Superior Court for the County of Madera against Governor Edmund G. Brown, Jr., alleging that the referendum that invalidated the Compact also invalidated Governor Brown’s concurrence with the Secretary of the Interior’s determination that gaming on the North Fork Site would be in the best interest of the Mono and not detrimental to the surrounding community. The complaint seeks to vacate and set aside the Governor’s concurrence and was stayed from December 2016 to September 2021, when the Supreme Court of California denied the Mono’s and the State of California’s petition for review in Stand Up for California! v. Brown. As a result of the denial, litigation of this matter has resumed and dispositive motions have been filed by Picayune, the State of California and the Mono.
5.    Other Accrued Liabilities
Other accrued liabilities consisted of the following (amounts in thousands):
 June 30,
2022
December 31, 2021
Contract and customer-related liabilities:
Rewards Program liability$12,108 $12,711 
Advance deposits and future wagers12,239 15,897 
Unpaid wagers, outstanding chips and other customer-related liabilities19,752 21,963 
Other accrued liabilities:
Accrued payroll and related36,531 30,019 
Accrued gaming and related24,650 25,372 
Construction payables and equipment purchase accruals33,498 15,437 
Operating lease liabilities, current portion2,981 2,976 
Other20,210 22,734 
$161,969 $147,109 

15


Table of Contents
RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
6.    Long-term Debt
Long-term debt consisted of the following indebtedness of Station LLC (amounts in thousands):
June 30,
2022
December 31, 2021
Term Loan B Facility due February 7, 2027, interest at a margin above LIBOR or base rate (3.92% and 2.50% at June 30, 2022 and December 31, 2021, respectively), net of unamortized discount and deferred issuance costs of $22.6 million and $24.9 million at June 30, 2022 and December 31, 2021, respectively
$1,458,359 $1,463,731 
Term Loan A Facility due February 7, 2025, interest at a margin above LIBOR or base rate (3.17% and 1.61% at June 30, 2022 and December 31, 2021, respectively), net of unamortized discount and deferred issuance costs of $1.3 million and $1.6 million at June 30, 2022 and December 31, 2021, respectively
166,362 170,819 
Revolving Credit Facility due February 7, 2025, interest at a margin above LIBOR or base rate  
4.625% Senior Notes due December 1, 2031, net of unamortized deferred issuance costs of $5.7 million and $6.0 million at June 30, 2022 and December 31, 2021, respectively
494,254 494,015 
4.50% Senior Notes due February 15, 2028, net of unamortized discount and deferred issuance costs of $6.2 million and $6.6 million at June 30, 2022 and December 31, 2021, respectively
684,642 684,170 
Other long-term debt, weighted-average interest of 3.82% at June 30, 2022 and December 31, 2021, net of unamortized discount and deferred issuance costs of $0.2 million and $0.3 million at June 30, 2022 and December 31, 2021, respectively
40,251 40,789 
Total long-term debt
2,843,868 2,853,524 
Current portion of long-term debt
(25,942)(25,921)
Total long-term debt, net
$2,817,926 $2,827,603 
Credit Facility
Station LLC’s credit facility consists of the Term Loan B Facility, the Term Loan A Facility and the Revolving Credit Facility (collectively, the “Credit Facility”). The Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus 2.25% or base rate plus 1.25%. The Term Loan A Facility and Revolving Credit Facility bear interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus an amount ranging from 1.50% to 1.75% or base rate plus an amount ranging from 0.50% to 0.75%, depending on Station LLC’s consolidated total leverage ratio. The Credit Facility contains a number of customary covenants, including requirements that Station LLC maintain throughout the term of the Credit Facility and measured as of the end of each quarter, an interest coverage ratio of not less than 2.50 to 1.00 and a maximum consolidated total leverage ratio, with step-downs over the term of the Credit Facility, ranging from 6.00 to 1.00 at June 30, 2022 to 5.25 to 1.00 at December 31, 2023 and thereafter. A breach of the financial ratio covenants shall only become an event of default under the Term Loan B Facility if the lenders within the Term Loan A Facility and the Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants. Management believes the Company was in compliance with all applicable covenants at June 30, 2022.
Revolving Credit Facility
At June 30, 2022, Station LLC’s borrowing availability under the Revolving Credit Facility, subject to continued compliance with the terms of the Credit Facility, was $1.0 billion, which was net of $29.4 million in outstanding letters of credit and similar obligations.
Fair Value of Long-term Debt
The estimated fair value of Station LLC’s long-term debt compared with its carrying amount is presented below (amounts in millions):
June 30,
2022
December 31, 2021
Aggregate fair value$2,577 $2,887 
Aggregate carrying amount2,844 2,854 
16


Table of Contents
RED ROCK RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The estimated fair value of Station LLC’s long-term debt is based on quoted market prices from various banks for similar instruments, which is considered a Level 2 input under the fair value measurement hierarchy.
7.    Stockholders’ Equity (Deficit)    
Net Income Attributable to Red Rock Resorts, Inc. and Transfers from (to) Noncontrolling Interests
The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net income and transfers from (to) noncontrolling interests (amounts in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net income attributable to Red Rock Resorts, Inc.$15,748 $86,714 $64,094 $21,936 
Transfers from (to) noncontrolling interests:
Exchanges of noncontrolling interests   598 
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco 34,008 (2,386)37,675 (