Red Rock profit grows in Q3 thanks to efficient revenue margins
Of this total, $289.0m was derived from casino operations, a figure which has increased 20.5% when compared to 2020. Food and drink contributed $64.8m, room revenue was $39.5m, while other sources raised $21.1m.
While Red Rock’s Las Vegas operations carried the lion’s share of the revenue total – 99.5% – revenue from tribal sources fell significantly from $30.7m to $205,000. This is due to the company’s sale of the Palms Casino to the San Manuel Band of Mission Indians back in May.
Operating expenses foe the quarter totaled $271.9m, up from $252.3m in 2020. General and administrative costs were the largest expense at $92.6m.
Casino costs were $71.0m, food and drink expenses were $51.9m, depreciation and amortisation came to $34.0m, and room costs were $15.1m. Other expenses amounted to $25.4m.
Net income, after accounting for $354,000 of income tax, came to $117.9m. After losses from non-controlling interests of $46.7m, Red Rock turned a profit of $71.2m for the quarter, up 63.3%.