Station Casinos’ parent company rode the best fourth-quarter net revenue and cash flow performance in its history to a profitable 2024, executives of Red Rock Resorts Inc., reported Tuesday in an earnings call with investors.
And, the company is gearing up to add to it.
Buoyed by the success of its year-old Durango property – which already has begun an expansion program – Red Rock officials said its newest property has been responsible for adding 85,000 new customers to the company’s database with the cannibalization of customers from Red Rock Resort within the company’s anticipated range.
“Durango continues to grow the Las Vegas locals market as the team continues to execute and improve the property’s operational performance while at the same time driving incremental play from our existing customers and attracting new customers to our brand,” Executive Vice President and Chief Financial Officer Stephen Cootey told investors in a conference call.
While company officials didn’t talk specifically about plans, representatives are expected to address a public hearing of the Henderson Planning and Zoning Commission Thursday on its planned Inspirada Station project in the master-planned community of Inspirada in the Seven Hills area of Henderson.
According to city documents, the company is seeking approval to add 14.1 acres to a 52.6-acre site located near the intersection of Via Inspirada and Bicentennial Parkway.
City documents say the original approved resort hotel is expected to consist of 58,000 square feet of gaming area, 6,670 square feet of banquet space, an 8,400-square-foot sportsbook, 201 hotel rooms, three specialty restaurants with outdoor dining, an eight-box food hall, four bars, a 12-lane bowling alley, a six-box movie theater and surface parking lot with 1,708 parking spaces. A definitive construction date has not been set.
Durango, Red Rocks’ newest property and located in southwest Las Vegas, began its expansion program in January, 13 months after the property’s doors first opened.
“We began construction last month on the next phase of our Durango master plan,” Cootey said. “This expansion will add over 25,000 square feet of casino space, including a new high-limit slot area and bar. In total, 230 new slot machines will be added, with 120 dedicated to the high-limit room. Additionally, we will be constructing a covered parking garage with nearly 2,000 spaces, improving customer access and providing flexibility for future expansions. The project, with a budget of approximately $120 million, is expected to be completed in January of 2026. Some disruption on the south side of the property is anticipated during construction.”
For the fourth quarter, which ended Dec. 31, Red Rock reported net income of $87.7 million, 76 cents a share, on revenue of $495.7 million, a 7.1 percent increase over the fourth quarter a year earlier.
For 2024, the company reported net income of $291.3 million, $2.53 a share, on revenue of $1.94 billion, a 12.5 percent increase.
The company also plans to issue a 25-cent-per-share dividend on March 31 to shareholders of record March 17.
Red Rock shares, traded on the Nasdaq exchange, closed up 51 cents a share, 1 percent, to $50.92 on Tuesday on volume nearly twice the daily average.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.