Company Quick10K Filing
Red Rock Resorts
Price21.10 EPS0
Shares70 P/E90
MCap1,469 P/FCF7
Net Debt2,940 EBIT135
TEV4,409 TEV/EBIT33
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-20
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-06-10
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-06-11
8-K 2020-05-19
8-K 2020-05-11
8-K 2020-05-01
8-K 2020-03-24
8-K 2020-03-17
8-K 2020-02-07
8-K 2020-02-04
8-K 2020-01-24
8-K 2020-01-23
8-K 2019-11-05
8-K 2019-08-06
8-K 2019-06-13
8-K 2019-04-30
8-K 2019-02-18
8-K 2019-02-08
8-K 2018-11-07
8-K 2018-07-31
8-K 2018-06-14
8-K 2018-05-01
8-K 2018-02-27

RRR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities - None.
Item 4. Mine Safety Disclosures - None.
Item 5. Other Information - None.
Item 6. Exhibits
EX-31.1 rrr-06302020xex311cert.htm
EX-31.2 rrr-06302020xex312cert.htm
EX-32.1 rrr-06302020xex321cert.htm
EX-32.2 rrr-06302020xex322cert.htm

Red Rock Resorts Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
4.23.42.51.70.80.02015201620182020
Assets, Equity
0.50.40.30.10.0-0.12015201620182020
Rev, G Profit, Net Income
0.20.1-0.0-0.2-0.3-0.42015201620182020
Ops, Inv, Fin

Document
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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, 2020
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)
Delaware
47-5081182
(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 class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, $.01 par value
RRR
NASDAQ 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 filer
Accelerated 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.
Class
 
Outstanding at July 31, 2020
Class A Common Stock, $0.01 par value
 
71,227,537
Class B Common Stock, $0.00001 par value
 
46,085,804




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,
2020
 
December 31, 2019
 
(unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
270,124

 
$
128,835

Restricted cash
4,360

 
4,080

Receivables, net
51,567

 
56,683

Inventories
14,423

 
17,765

Prepaid gaming tax
21,179

 
24,424

Prepaid expenses and other current assets
16,152

 
17,641

Assets held for sale
32,202

 
32,202

Total current assets
410,007

 
281,630

Property and equipment, net of accumulated depreciation of $1,131,427 and $1,030,088 at June 30, 2020 and December 31, 2019, respectively
2,968,885

 
3,061,762

Goodwill
195,676

 
195,676

Intangible assets, net of accumulated amortization of $59,187 and $54,831 at June 30, 2020 and December 31, 2019, respectively
104,150

 
108,506

Land held for development
238,440

 
238,440

Investments in joint ventures
7,766

 
8,867

Native American development costs
19,220

 
18,749

Deferred tax asset, net

 
113,185

Other assets, net
83,208

 
87,372

Total assets
$
4,027,352

 
$
4,114,187

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
18,986

 
$
33,970

Accrued interest payable
20,793

 
7,477

Other accrued liabilities
141,449

 
200,560

Current portion of long-term debt
20,174

 
33,989

Total current liabilities
201,402

 
275,996

Long-term debt, less current portion
3,265,913

 
2,999,302

Other long-term liabilities
53,475

 
31,228

Payable pursuant to tax receivable agreement
27,409

 
25,064

Total liabilities
3,548,199

 
3,331,590

Commitments and contingencies (Note 16)



Stockholders’ equity:
 
 
 
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; 71,227,537 and 70,465,422 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
712

 
705

Class B common stock, par value $0.00001 per share, 100,000,000 shares authorized; 46,085,804 and 46,827,370 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
1

 
1

Additional paid-in capital
383,246

 
376,229

(Accumulated deficit) retained earnings
(106,420
)
 
124,423

Accumulated other comprehensive loss
(1,382
)
 
(641
)
Total Red Rock Resorts, Inc. stockholders’ equity
276,157

 
500,717

Noncontrolling interest
202,996

 
281,880

Total stockholders’ equity
479,153

 
782,597

Total liabilities and stockholders’ equity
$
4,027,352

 
$
4,114,187

The accompanying notes are an integral part of these condensed consolidated financial statements.

3






RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(amounts in thousands, except per share data)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Operating revenues:
 
 
 
 
 
 
 
Casino
$
75,608

 
$
245,268

 
$
283,875

 
$
490,201

Food and beverage
14,985

 
137,791

 
103,316

 
242,724

Room
5,491

 
49,311

 
45,567

 
97,386

Other
6,446

 
26,905

 
27,803

 
52,827

Management fees
5,940

 
23,593

 
25,297

 
46,752

Net revenues
108,470

 
482,868

 
485,858

 
929,890

Operating costs and expenses:
 
 
 
 
 
 
 
Casino
31,625

 
87,716

 
114,900

 
170,656

Food and beverage
22,424

 
140,155

 
114,910

 
232,391

Room
6,402

 
20,559

 
27,075

 
40,755

Other
3,058

 
13,674

 
12,692

 
25,533

Selling, general and administrative
65,232

 
110,602

 
166,505

 
209,667

Depreciation and amortization
57,924

 
55,835

 
116,458

 
106,688

Write-downs and other charges, net
15,466

 
8,846

 
24,273

 
32,574

 
202,131

 
437,387

 
576,813

 
818,264

Operating (loss) income
(93,661
)
 
45,481

 
(90,955
)
 
111,626

(Losses) earnings from joint ventures
(572
)
 
521

 
(370
)
 
1,026

Operating (loss) income and (losses) earnings from joint ventures
(94,233
)
 
46,002

 
(91,325
)
 
112,652

Other (expense) income:
 
 
 
 
 
 
 
Interest expense, net
(33,980
)
 
(40,981
)
 
(70,038
)
 
(78,419
)
Gain (loss) on extinguishment/modification of debt, net
11,164

 

 
(247
)
 
(302
)
Change in fair value of derivative instruments
(1,250
)
 
(12,958
)
 
(21,260
)
 
(19,596
)
Other
(118
)
 
(83
)
 
(162
)
 
(152
)
 
(24,184
)
 
(54,022
)
 
(91,707
)
 
(98,469
)
(Loss) income before income tax
(118,417
)
 
(8,020
)
 
(183,032
)
 
14,183

Benefit (provision) for income tax

 
953

 
(113,185
)
 
(966
)
Net (loss) income
(118,417
)
 
(7,067
)
 
(296,217
)
 
13,217

Less: net (loss) income attributable to noncontrolling interests
(46,875
)
 
(3,221
)
 
(72,476
)
 
5,740

Net (loss) income attributable to Red Rock Resorts, Inc.
$
(71,542
)
 
$
(3,846
)
 
$
(223,741
)
 
$
7,477

 
 
 
 
 
 
 
 
(Loss) earnings per common share (Note 14):
 
 
 
 
 
 
 
(Loss) earnings per share of Class A common stock, basic
$
(1.01
)
 
$
(0.06
)
 
$
(3.19
)
 
$
0.11

(Loss) earnings per share of Class A common stock, diluted
$
(1.01
)
 
$
(0.06
)
 
$
(3.19
)
 
$
0.10

Weighted-average common shares outstanding:
 
 
 
 
 
 
 
Basic
70,518

 
69,556

 
70,240

 
69,477

Diluted
70,518

 
69,556

 
70,240

 
116,715

 
 
 
 
 
 
 
 
Comprehensive (loss) income
$
(118,981
)
 
$
(7,798
)
 
$
(297,443
)
 
$
11,741

Less: comprehensive (loss) income attributable to noncontrolling interests
(47,100
)
 
(3,514
)
 
(72,962
)
 
5,146

Comprehensive (loss) income attributable to Red Rock Resorts, Inc.
$
(71,881
)
 
$
(4,284
)
 
$
(224,481
)
 
$
6,595

The accompanying notes are an integral part of these condensed consolidated financial statements.

4






RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(amounts in thousands)
(unaudited)


 
Red Rock Resorts, Inc. Stockholders’ Equity
 
 
 
 
Common stock
 
Additional paid-in capital
 
Accumulated deficit
 
Accumulated other comprehensive loss
Noncontrolling interest
Total stockholders’ equity
Class A
 
Class B
Shares
 
Amount
Shares
 
Amount
Balances,
March 31, 2020
71,141

 
$
711

 
46,186

 
$
1

 
$
380,966

 
$
(34,889
)
 
$
(1,040
)
 
$
249,130

 
$
594,879

Net loss

 

 

 

 

 
(71,542
)
 

 
(46,875
)
 
(118,417
)
Other comprehensive loss, net of tax

 

 

 

 

 

 
(339
)
 
(225
)
 
(564
)
Share-based compensation

 

 

 

 
3,592

 

 

 

 
3,592

Dividends

 

 

 

 

 
11

 

 

 
11

Forfeitures of restricted stock awards
(13
)
 

 

 

 

 

 

 

 

Exchanges of noncontrolling interests for Class A common stock
100

 
1

 
(100
)
 

 
398

 

 

 
(399
)
 

Tax receivable agreement liability resulting from exchanges of noncontrolling interests for Class A common stock

 

 

 

 
(348
)
 

 

 

 
(348
)
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco

 

 

 

 
(1,362
)
 

 
(3
)
 
1,365

 

Balances,
June 30, 2020
71,228

 
$
712

 
46,086

 
$
1

 
$
383,246

 
$
(106,420
)
 
$
(1,382
)
 
$
202,996

 
$
479,153

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

5






RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(amounts in thousands)
(unaudited)

 
Red Rock Resorts, Inc. Stockholders’ Equity
 
 
 
 
Common stock
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive income
Noncontrolling interest
Total stockholders’ equity
Class A
 
Class B
Shares
 
Amount
Shares
 
Amount
Balances,
March 31, 2019
70,274

 
$
703

 
46,884

 
$
1

 
$
367,039

 
$
160,183

 
$
641

 
$
303,901

 
$
832,468

Net loss

 

 

 

 

 
(3,846
)
 

 
(3,221
)
 
(7,067
)
Other comprehensive loss, net of tax

 

 

 

 

 

 
(438
)
 
(293
)
 
(731
)
Share-based compensation

 

 

 

 
4,554

 

 

 

 
4,554

Distributions

 

 

 

 

 

 

 
(4,689
)
 
(4,689
)
Dividends

 

 

 

 

 
(7,020
)
 

 

 
(7,020
)
Forfeitures of restricted stock awards
(18
)
 

 

 

 

 

 

 

 

Repurchases of Class A common stock
(6
)
 

 

 

 
(163
)
 

 

 

 
(163
)
Stock option exercises, net
21

 

 

 

 
295

 

 

 

 
295

Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco

 

 

 

 
(1,795
)
 

 
2

 
1,793

 

Balances,
June 30, 2019
70,271

 
$
703

 
46,884

 
$
1

 
$
369,930

 
$
149,317

 
$
205

 
$
297,491

 
$
817,647

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

6






RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(amounts in thousands)
(unaudited)

 
Red Rock Resorts, Inc. Stockholders’ Equity
 
 
 
 
Common stock
 
Additional paid-in capital
 
Retained earnings (accumulated deficit)
 
Accumulated other comprehensive loss
Noncontrolling interest
Total stockholders’ equity
Class A
 
Class B
Shares
 
Amount
Shares
 
Amount
Balances,
December 31, 2019
70,465

 
$
705

 
46,827

 
$
1

 
$
376,229

 
$
124,423

 
$
(641
)
 
$
281,880

 
$
782,597

Net loss

 

 

 

 

 
(223,741
)
 

 
(72,476
)
 
(296,217
)
Other comprehensive loss, net of tax

 

 

 

 

 

 
(740
)
 
(486
)
 
(1,226
)
Share-based compensation

 

 

 

 
7,649

 

 

 

 
7,649

Distributions

 

 

 

 

 

 

 
(4,620
)
 
(4,620
)
Dividends

 

 

 

 

 
(7,102
)
 

 

 
(7,102
)
Issuance of restricted stock awards, net of forfeitures
4

 

 

 

 

 

 

 

 

Repurchases of Class A common stock
(6
)
 

 

 

 
(68
)
 

 

 

 
(68
)
Stock option exercises, net
24

 

 

 

 
485

 

 

 

 
485

Exchanges of noncontrolling interests for Class A common stock
741

 
7

 
(741
)
 

 
4,404

 

 
1

 
(4,412
)
 

Tax receivable agreement liability resulting from exchanges of noncontrolling interests for Class A common stock

 

 

 

 
(2,345
)
 

 

 

 
(2,345
)
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco

 

 

 

 
(3,108
)
 

 
(2
)
 
3,110

 

Balances,
June 30, 2020
71,228

 
$
712

 
46,086

 
$
1

 
$
383,246

 
$
(106,420
)
 
$
(1,382
)
 
$
202,996

 
$
479,153

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

7






RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(amounts in thousands)
(unaudited)

 
Red Rock Resorts, Inc. Stockholders’ Equity
 
 
 
 
Common stock
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive income
Noncontrolling interest
Total stockholders’ equity
Class A
 
Class B
Shares
 
Amount
Shares
 
Amount
Balances,
December 31, 2018
69,663

 
$
697

 
46,884

 
$
1

 
$
361,970

 
$
155,869

 
$
1,083

 
$
297,375

 
$
816,995

Net income

 

 

 

 

 
7,477

 

 
5,740

 
13,217

Other comprehensive loss, net of tax

 

 

 

 

 

 
(882
)
 
(594
)
 
(1,476
)
Share-based compensation

 

 

 

 
8,428

 

 

 

 
8,428

Distributions

 

 

 

 

 

 

 
(9,377
)
 
(9,377
)
Dividends

 

 

 

 

 
(14,029
)
 

 

 
(14,029
)
Issuance of restricted stock awards, net of forfeitures
406

 
4

 

 

 
(4
)
 

 

 

 

Repurchases of Class A common stock
(14
)
 

 

 

 
(376
)
 

 

 

 
(376
)
Stock option exercises, net
216

 
2

 

 

 
4,263

 

 

 

 
4,265

Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco

 

 

 

 
(4,351
)
 

 
4

 
4,347

 

Balances,
June 30, 2019
70,271

 
$
703

 
46,884

 
$
1

 
$
369,930

 
$
149,317

 
$
205

 
$
297,491

 
$
817,647

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net (loss) income
$
(296,217
)
 
$
13,217

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
 
 
 
Depreciation and amortization
116,458

 
106,688

Change in fair value of derivative instruments
21,260

 
19,596

Reclassification of unrealized gain on derivative instruments into income
(1,302
)
 
(1,476
)
Write-downs and other charges, net
6,458

 
1,220

Amortization of debt discount and debt issuance costs
5,493

 
8,082

Share-based compensation
7,642

 
8,385

Losses (earnings) from joint ventures
370

 
(1,026
)
Distributions from joint ventures
493

 
954

Loss on extinguishment/modification of debt, net
247

 
302

Deferred income tax
113,185

 
966

Changes in assets and liabilities:
 
 
 
Receivables, net
149

 
(1,992
)
Inventories and prepaid expenses
8,102

 
(32,812
)
Accounts payable
(14,398
)
 
12,243

Accrued interest payable
13,316

 
1,118

Other accrued liabilities
(39,117
)
 
7,656

Other, net
1,446

 
26

Net cash (used in) provided by operating activities
(56,415