Red Rock Resorts just dropped numbers that sent investors cheering Tuesday: the Las Vegas locals casino giant posted its strongest quarter ever, with revenue climbing to $511.8 million and adjusted EBITDA jumping more than 5% year-over-year, even as net income dipped slightly.
The operator of Station Casinos properties across the Las Vegas valley reported net revenue of $511.8 million for the fourth quarter ended December 31, 2025. That marks a solid 3.2% jump from the $495.7 million recorded in the same period of 2024.
Company executives pointed to steady growth across gaming, food and beverage, and hotel operations at its core properties. Same-store performance stayed strong even when facing tough year-over-year comparisons from the prior period that included major events and concerts.
Adjusted EBITDA Hits New High
The real headline grabbed attention lower in the earnings release. Adjusted EBITDA soared to $213.3 million, up 5.4% or $10.9 million from $202.4 million a year earlier. Wall Street analysts had expected around $205 million, making this a clear beat that lit up trading in after-hours action.
Management highlighted continued cost discipline and operating leverage as key drivers behind the EBITDA expansion. Labor and marketing expenses stayed under tight control while revenue kept rising.
Net Income Takes Small Step Back
Net income came in at $84.6 million for the quarter, down 3.5% from $87.7 million in the fourth quarter of 2024. Higher depreciation from recent property upgrades and a slightly elevated tax rate accounted for most of the decline.
Even with the dip, earnings per share remained robust and the company maintained its healthy balance sheet. Cash flow stayed strong enough to support ongoing development projects and shareholder returns.
Durango Success Fuels Optimism
Much of the positive momentum traces back to Durango Casino & Resort, the newest property that opened in southwest Las Vegas at the end of 2023.
Early numbers show Durango already performing above expectations:
- Capturing market share faster than any recent Station opening
- Drawing younger customers from across the valley
- Boosting overall company spend per visit metrics
Executives said the property continues to ramp and still has room to grow as more people discover the resort.
| Key Metric | Q4 2025 | Q4 2024 | Change |
|---|---|---|---|
| Net Revenue | $511.8M | $495.7M | +3.2% |
| Adjusted EBITDA | $213.3M | $202.4M | +5.4% |
| Net Income | $84.6M | $87.7M | -3.5% |
The strong finish capped a resilient year for Red Rock Resorts. While many gaming companies battled softer national trends, the locals-focused strategy kept delivering steady gains in America’s fastest-growing metro area.
Investors now look ahead to 2026 projects and potential new developments as the company keeps cash flowing and market share growing in its Las Vegas backyard.
For anyone who lives in or visits Las Vegas regularly, these numbers matter. They signal that neighborhood casinos remain a daily habit for millions of residents, not just a tourist play. When locals keep spending through inflation and higher rates, it shows real strength in the underlying economy.
