Red Rock Resorts Q2 revenue falls on Las Vegas weaker operations
RRR•Outlook
- Company did not provide specific guidance or outlook for the current or future periods
Overview
- US casino operator's Q2 revenue fell 3% yr/yr but beat analyst expectations
- Adjusted EBITDA for Q2 declined 9% yr/yr but beat analyst expectations
- Net income for Q2 dropped 29% yr/yr
Analyst coverage
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
- The average consensus recommendation for the casinos & gaming peer group is "buy"
- Wall Street's median 12-month price target for Red Rock Resorts Inc is $72.00, about 9.7% above its August 3 closing price of $65.61
- The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 19 three months ago
Result drivers and key details
- LAS VEGAS OPERATIONS - Lower revenues from Las Vegas operations contributed to overall decline in Q2 results
- NATIVE AMERICAN SEGMENT - Sharp drop in Native American management and development fees weighed on revenue and profit
