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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Red Rock Resorts Inc | NASDAQ:RRR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.85 | 1.59% | 54.37 | 52.58 | 56.84 | 54.98 | 53.76 | 54.48 | 382,992 | 01:00:00 |
Delaware
(State or other jurisdiction of
incorporation or organization)
|
47-5081182
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
þ
(Do not check if a
smaller reporting company) |
Smaller reporting company
o
|
Emerging growth company
o
|
Class
|
|
Outstanding at October 31, 2017
|
Class A Common Stock, $0.01 par value
|
|
68,728,266
|
Class B Common Stock, $0.00001 par value
|
|
47,414,413
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share data)
|
|||||||
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
222,427
|
|
|
$
|
133,776
|
|
Restricted cash
|
264,408
|
|
|
2,377
|
|
||
Receivables, net
|
41,825
|
|
|
43,547
|
|
||
Income tax receivable
|
6,982
|
|
|
7,698
|
|
||
Inventories
|
11,460
|
|
|
11,956
|
|
||
Prepaid gaming tax
|
22,186
|
|
|
20,066
|
|
||
Prepaid expenses and other current assets
|
17,222
|
|
|
11,401
|
|
||
Assets held for sale
|
4,290
|
|
|
19,020
|
|
||
Total current assets
|
590,800
|
|
|
249,841
|
|
||
Property and equipment, net of accumulated depreciation of $663,592 and $566,081 at September 30, 2017 and December 31, 2016, respectively
|
2,490,210
|
|
|
2,438,129
|
|
||
Goodwill
|
195,676
|
|
|
195,676
|
|
||
Intangible assets, net of accumulated amortization of $100,388 and $87,471 at September 30, 2017 and December 31, 2016, respectively
|
132,982
|
|
|
149,199
|
|
||
Land held for development
|
177,182
|
|
|
163,700
|
|
||
Investments in joint ventures
|
10,158
|
|
|
10,572
|
|
||
Native American development costs
|
16,960
|
|
|
14,844
|
|
||
Deferred tax asset, net
|
252,114
|
|
|
244,466
|
|
||
Other assets, net
|
61,576
|
|
|
59,728
|
|
||
Total assets
|
$
|
3,927,658
|
|
|
$
|
3,526,155
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
21,417
|
|
|
$
|
30,710
|
|
Accrued interest payable
|
4,491
|
|
|
15,841
|
|
||
Other accrued liabilities
|
155,390
|
|
|
153,142
|
|
||
Current portion of payable pursuant to tax receivable agreement
|
—
|
|
|
1,021
|
|
||
Current portion of long-term debt
|
277,990
|
|
|
46,063
|
|
||
Total current liabilities
|
459,288
|
|
|
246,777
|
|
||
Long-term debt, less current portion
|
2,587,246
|
|
|
2,376,238
|
|
||
Deficit investment in joint venture
|
2,271
|
|
|
2,307
|
|
||
Other long-term liabilities
|
11,584
|
|
|
10,041
|
|
||
Payable pursuant to tax receivable agreement, net of current portion
|
280,074
|
|
|
257,440
|
|
||
Total liabilities
|
3,340,463
|
|
|
2,892,803
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
||||
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; 68,726,966 and 65,893,439 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
|
687
|
|
|
659
|
|
||
Class B common stock, par value $0.00001 per share, 100,000,000 shares authorized; 47,414,413 and 49,956,296 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
335,632
|
|
|
329,002
|
|
||
Retained earnings
|
3,087
|
|
|
17,628
|
|
||
Accumulated other comprehensive income
|
2,600
|
|
|
2,458
|
|
||
Total Red Rock Resorts, Inc. stockholders’ equity
|
342,007
|
|
|
349,748
|
|
||
Noncontrolling interest
|
245,188
|
|
|
283,604
|
|
||
Total stockholders’ equity
|
587,195
|
|
|
633,352
|
|
||
Total liabilities and stockholders’ equity
|
$
|
3,927,658
|
|
|
$
|
3,526,155
|
|
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data, unaudited)
|
|||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Casino
|
$
|
263,153
|
|
|
$
|
232,584
|
|
|
$
|
784,521
|
|
|
$
|
706,151
|
|
Food and beverage
|
71,658
|
|
|
63,551
|
|
|
227,076
|
|
|
196,579
|
|
||||
Room
|
43,118
|
|
|
32,192
|
|
|
137,523
|
|
|
99,555
|
|
||||
Other
|
24,018
|
|
|
17,463
|
|
|
70,537
|
|
|
52,350
|
|
||||
Management fees
|
29,602
|
|
|
27,702
|
|
|
90,505
|
|
|
81,806
|
|
||||
Gross revenues
|
431,549
|
|
|
373,492
|
|
|
1,310,162
|
|
|
1,136,441
|
|
||||
Promotional allowances
|
(31,179
|
)
|
|
(26,352
|
)
|
|
(88,567
|
)
|
|
(78,568
|
)
|
||||
Net revenues
|
400,370
|
|
|
347,140
|
|
|
1,221,595
|
|
|
1,057,873
|
|
||||
Operating costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Casino
|
104,945
|
|
|
90,088
|
|
|
309,769
|
|
|
266,495
|
|
||||
Food and beverage
|
51,555
|
|
|
44,888
|
|
|
161,660
|
|
|
131,913
|
|
||||
Room
|
17,473
|
|
|
12,036
|
|
|
55,779
|
|
|
36,314
|
|
||||
Other
|
9,526
|
|
|
6,411
|
|
|
26,438
|
|
|
18,438
|
|
||||
Selling, general and administrative
|
98,515
|
|
|
82,739
|
|
|
287,719
|
|
|
237,981
|
|
||||
Preopening
|
307
|
|
|
10
|
|
|
705
|
|
|
731
|
|
||||
Depreciation and amortization
|
42,661
|
|
|
36,240
|
|
|
134,721
|
|
|
114,103
|
|
||||
Write-downs and other charges, net
|
15,146
|
|
|
1,379
|
|
|
24,996
|
|
|
14,713
|
|
||||
Related party lease termination
|
1,950
|
|
|
—
|
|
|
100,343
|
|
|
—
|
|
||||
Asset impairment
|
1,829
|
|
|
—
|
|
|
1,829
|
|
|
—
|
|
||||
|
343,907
|
|
|
273,791
|
|
|
1,103,959
|
|
|
820,688
|
|
||||
Operating income
|
56,463
|
|
|
73,349
|
|
|
117,636
|
|
|
237,185
|
|
||||
Earnings from joint ventures
|
407
|
|
|
346
|
|
|
1,242
|
|
|
1,386
|
|
||||
Operating income and earnings from joint ventures
|
56,870
|
|
|
73,695
|
|
|
118,878
|
|
|
238,571
|
|
||||
Other (expense) income:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
(31,330
|
)
|
|
(35,275
|
)
|
|
(100,127
|
)
|
|
(104,421
|
)
|
||||
Loss on extinguishment/modific
ation of debt, net
|
(558
|
)
|
|
(186
|
)
|
|
(3,552
|
)
|
|
(7,270
|
)
|
||||
Change in fair value of derivative instruments
|
(310
|
)
|
|
—
|
|
|
3,059
|
|
|
87
|
|
||||
|
(32,198
|
)
|
|
(35,461
|
)
|
|
(100,620
|
)
|
|
(111,604
|
)
|
||||
Income before income tax
|
24,672
|
|
|
38,234
|
|
|
18,258
|
|
|
126,967
|
|
||||
Provision for income tax
|
(2,364
|
)
|
|
(4,790
|
)
|
|
(1,230
|
)
|
|
(12,292
|
)
|
||||
Net income
|
22,308
|
|
|
33,444
|
|
|
17,028
|
|
|
114,675
|
|
||||
Less: net income attributable to noncontrolling interests
|
10,528
|
|
|
25,172
|
|
|
11,385
|
|
|
43,111
|
|
||||
Net income attributable to Red Rock Resorts, Inc.
|
$
|
11,780
|
|
|
$
|
8,272
|
|
|
$
|
5,643
|
|
|
$
|
71,564
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share (Note 12):
|
|
|
|
|
|
|
|
||||||||
Earnings per share of Class A common stock, basic
|
$
|
0.17
|
|
|
$
|
0.20
|
|
|
$
|
0.08
|
|
|
$
|
0.55
|
|
Earnings per share of Class A common stock, diluted
|
$
|
0.16
|
|
|
$
|
0.20
|
|
|
$
|
0.07
|
|
|
$
|
0.55
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
68,060
|
|
|
41,137
|
|
|
67,030
|
|
|
27,070
|
|
||||
Diluted
|
115,941
|
|
|
41,288
|
|
|
115,877
|
|
|
27,174
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.30
|
|
|
$
|
0.10
|
|
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(amounts in thousands, unaudited)
|
|||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
22,308
|
|
|
$
|
33,444
|
|
|
$
|
17,028
|
|
|
$
|
114,675
|
|
Other comprehensive (loss) income,
net of tax:
|
|
|
|
|
|
|
|
||||||||
(Loss) gain on interest rate swaps:
|
|
|
|
|
|
|
|
||||||||
Unrealized loss arising during period
|
—
|
|
|
(206
|
)
|
|
(1,491
|
)
|
|
(6,700
|
)
|
||||
Reclassification into income
|
(496
|
)
|
|
1,715
|
|
|
1,515
|
|
|
2,953
|
|
||||
(Loss) gain on interest rate swaps recognized in o
ther comprehensive (loss) income
|
(496
|
)
|
|
1,509
|
|
|
24
|
|
|
(3,747
|
)
|
||||
Gain (loss) on available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
Unrealized gain arising during period
|
—
|
|
|
121
|
|
|
8
|
|
|
159
|
|
||||
Reclassification into income
|
—
|
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
||||
Gain (loss) on available-for-sale securities recogniz
ed in other comprehensive (loss) income
|
—
|
|
|
121
|
|
|
(112
|
)
|
|
159
|
|
||||
Other comprehensive (loss) income, net of tax
|
(496
|
)
|
|
1,630
|
|
|
(88
|
)
|
|
(3,588
|
)
|
||||
Comprehensive income
|
21,812
|
|
|
35,074
|
|
|
16,940
|
|
|
111,087
|
|
||||
Less: comprehensive income attributable to noncontrolling interests
|
10,265
|
|
|
26,231
|
|
|
11,348
|
|
|
40,631
|
|
||||
Comprehensive income attributable to Red Rock R
esorts, Inc.
|
$
|
11,547
|
|
|
$
|
8,843
|
|
|
$
|
5,592
|
|
|
$
|
70,456
|
|
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands, unaudited)
|
|||||||
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
17,028
|
|
|
$
|
114,675
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
134,721
|
|
|
114,103
|
|
||
Change in fair value of derivative instruments
|
(3,059
|
)
|
|
(87
|
)
|
||
Reclassification of unrealized loss on derivative instruments into income
|
1,897
|
|
|
3,333
|
|
||
Write-downs and other charges, net
|
17,437
|
|
|
1,464
|
|
||
Asset impairment
|
1,829
|
|
|
—
|
|
||
Amortization of debt discount and debt issuance costs
|
13,210
|
|
|
13,315
|
|
||
Interest-paid in kind
|
—
|
|
|
2,130
|
|
||
Share-based compensation
|
5,727
|
|
|
5,714
|
|
||
Settlement of liability-classified equity awards
|
—
|
|
|
(18,739
|
)
|
||
Earnings from joint ventures
|
(1,242
|
)
|
|
(1,386
|
)
|
||
Distributions from joint ventures
|
761
|
|
|
829
|
|
||
Loss on extinguishment/modification of debt, net
|
3,552
|
|
|
7,270
|
|
||
Deferred income tax
|
84
|
|
|
5,250
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Restricted cash
|
(2,656
|
)
|
|
—
|
|
||
Receivables, net
|
2,069
|
|
|
(738
|
)
|
||
Interest on related party notes receivable
|
—
|
|
|
(247
|
)
|
||
Inventories and prepaid expenses
|
(5,148
|
)
|
|
(2,669
|
)
|
||
Accounts payable
|
(4,226
|
)
|
|
8,091
|
|
||
Accrued interest payable
|
(11,269
|
)
|
|
(5,775
|
)
|
||
Income tax payable/receivable, net
|
716
|
|
|
1,849
|
|
||
Other accrued liabilities
|
3,302
|
|
|
(10,709
|
)
|
||
Other, net
|
4,171
|
|
|
1,377
|
|
||
Net cash provided by operating activities
|
178,904
|
|
|
239,050
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures, net of related payables
|
(168,012
|
)
|
|
(119,506
|
)
|
||
Proceeds from asset sales
|
986
|
|
|
8,326
|
|
||
Acquisition of land from related party
|
(23,440
|
)
|
|
—
|
|
||
Proceeds from repayment of related party notes receivable
|
—
|
|
|
18,330
|
|
||
Funding of business acquisition
|
—
|
|
|
(314,168
|
)
|
||
Distributions in excess of earnings from joint ventures
|
859
|
|
|
842
|
|
||
Native American development costs
|
(2,489
|
)
|
|
(1,754
|
)
|
||
Net settlement of derivative instruments
|
345
|
|
|
—
|
|
||
Other, net
|
(7,625
|
)
|
|
(1,566
|
)
|
||
Net cash used in investing activities
|
(199,376
|
)
|
|
(409,496
|
)
|
RED ROCK RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(amounts in thousands, unaudited)
|
|||||||
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings under credit agreements with original maturity dates greater than
three months |
800,592
|
|
|
1,847,500
|
|
||
Payments under credit agreements with original maturity dates greater than three months
|
(627,453
|
)
|
|
(1,475,176
|
)
|
||
Payments under credit agreements with original maturity dates of three months or less, net
|
—
|
|
|
(53,900
|
)
|
||
Proceeds from issuance of 5.00% Senior Notes
|
550,000
|
|
|
—
|
|
||
Partial redemption of 7.50% Senior Notes
|
(250,000
|
)
|
|
—
|
|
||
Advanced funding of notes redemption to restricted cash
|
(259,375
|
)
|
|
—
|
|
||
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discount and offering costs
|
—
|
|
|
531,949
|
|
||
Purchase of LLC Units from existing owners—deemed distribution
|
—
|
|
|
(112,474
|
)
|
||
Purchase of Fertitta Entertainment—deemed distribution
|
—
|
|
|
(389,054
|
)
|
||
Cash paid for early extinguishment of debt
|
(9,401
|
)
|
|
—
|
|
||
Proceeds from exercise of stock options
|
2,292
|
|
|
—
|
|
||
Distributions to members and noncontrolling interests
|
(32,288
|
)
|
|
(114,691
|
)
|
||
Dividends
|
(20,130
|
)
|
|
(4,114
|
)
|
||
Payment of debt issuance costs
|
(29,379
|
)
|
|
(39,815
|
)
|
||
Payments on derivative instruments with other-than-insignificant financing elements
|
—
|
|
|
(10,831
|
)
|
||
Payments on other debt
|
(4,627
|
)
|
|
(22,142
|
)
|
||
Acquisition of subsidiary noncontrolling interests
|
(4,484
|
)
|
|
—
|
|
||
Other, net
|
(6,624
|
)
|
|
(7,100
|
)
|
||
Net cash provided by financing activities
|
109,123
|
|
|
150,152
|
|
||
Cash and cash equivalents:
|
|
|
|
||||
Increase (decrease) in cash and cash equivalents
|
88,651
|
|
|
(20,294
|
)
|
||
Balance, beginning of period
|
133,776
|
|
|
116,623
|
|
||
Balance, end of period
|
$
|
222,427
|
|
|
$
|
96,329
|
|
Supplemental cash flow disclosures:
|
|
|
|
||||
Cash paid for interest, net of $508 and $0 capitalized, respectively
|
$
|
96,383
|
|
|
$
|
94,813
|
|
Cash paid for income taxes
|
$
|
430
|
|
|
$
|
5,193
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Capital expenditures incurred but not yet paid
|
$
|
22,364
|
|
|
$
|
27,408
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||
|
Units
|
|
Ownership %
|
|
Units
|
|
Ownership %
|
||||
Red Rock
|
68,726,966
|
|
|
59.2
|
%
|
|
65,893,439
|
|
|
56.9
|
%
|
Noncontrolling interest holders
|
47,414,413
|
|
|
40.8
|
%
|
|
49,956,296
|
|
|
43.1
|
%
|
Total
|
116,141,379
|
|
|
100.0
|
%
|
|
115,849,735
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
September 30,
2017 |
|
December 31, 2016
|
||||
Term Loan B Facility, due June 8, 2023, interest at a margin above LIBOR or base rate (3.74% and 3.75% at September 30, 2017 and December 31, 2016, respectively), net of unamortized discount and deferred issuance costs of $55.4 million and $42.9 million at September 30, 2017 and December 31, 2016, respectively
|
$
|
1,777,919
|
|
|
$
|
1,449,591
|
|
Term Loan A Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (3.24% and 3.20% at September 30, 2017 and December 31, 2016, respectively), net of unamortized discount and deferred issuance costs of $5.6 million and $7.4 million at September 30, 2017 and December 31, 2016, respectively
|
266,952
|
|
|
211,978
|
|
||
$781 million Revolving Credit Facility, due June 8, 2022, interest at a margin above LIBOR or base rate (3.44% weighted average at December 31, 2016)
|
—
|
|
|
120,000
|
|
||
5.00% Senior Notes, due October 1, 2025, net of deferred issuance costs of $6.4 million at September 30, 2017
|
543,604
|
|
|
—
|
|
||
7.50% Senior Notes, due March 1, 2021, net of unamortized discount and deferred issuance costs of $4.0 million and $9.4 million at September 30, 2017 and December 31, 2016, respectively
|
246,021
|
|
|
490,568
|
|
||
Restructured Land Loan, due June 17, 2017, interest at a margin above LIBOR or base rate (5.27% at December 31, 2016), net of unamortized discount of $0.6 million at December 31, 2016
|
—
|
|
|
115,378
|
|
||
Other long-term debt, weighted-average interest of 3.65% and 3.92% at September 30, 2017 and December 31, 2016, respectively, maturity dates ranging from 2027 to 2037
|
30,740
|
|
|
34,786
|
|
||
Total long-term debt
|
2,865,236
|
|
|
2,422,301
|
|
||
Current portion of long-term debt
|
(277,990
|
)
|
|
(46,063
|
)
|
||
Total long-term debt, net
|
$
|
2,587,246
|
|
|
$
|
2,376,238
|
|
Years Beginning October 1,
|
Percentage
|
|
2020
|
102.50
|
%
|
2021
|
101.25
|
%
|
2022 and thereafter
|
100.00
|
%
|
|
September 30,
2017 |
|
December 31, 2016
|
||||
Interest Rate Swaps Designated in Cash Flow Hedging Relationships
|
|
|
|
||||
Prepaid expenses and other current assets
|
$
|
—
|
|
|
$
|
19
|
|
Other assets, net
|
—
|
|
|
10,661
|
|
||
Other accrued liabilities
|
—
|
|
|
8
|
|
||
Interest Rate Swaps Not Designated in Cash Flow Hedging Relationships
|
|
|
|
||||
Prepaid expenses and other current assets
|
2,788
|
|
|
—
|
|
||
Other assets, net
|
8,586
|
|
|
—
|
|
Derivatives Designated in Cash Flow Hedging Relationships
|
|
Amount of Loss on Derivatives Recognized in Other Comprehensive (Loss) Income (Effective Portion)
|
|
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)
|
|
Location of Gain (Loss) on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
|
Amount of Gain (Loss) on Derivatives Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
||||||||||||||||||
|
Three Months Ended September 30,
|
|
|
Three Months Ended September 30,
|
|
|
Three Months Ended September 30,
|
|||||||||||||||||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|||||||||||||||
Interest rate swaps
|
|
$
|
—
|
|
|
$
|
(219
|
)
|
|
Interest expense, net
|
|
$
|
624
|
|
|
$
|
(1,732
|
)
|
|
Change in fair value of derivative instruments
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives Not Designated in Cash Flow Hedging Relationships
|
|
Location of (Loss) Gain on Derivatives Recognized in Income
|
|
Amount of (Loss) Gain on Derivatives Recognized in Income
|
||||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||
Interest rate swaps
|
|
Change in fair value of derivative instruments
|
|
$
|
(310
|
)
|
|
$
|
—
|
|
|
$
|
3,057
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurement at Reporting Date Using
|
||||||||||||
|
Balance at September 30, 2017
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
11,374
|
|
|
$
|
—
|
|
|
$
|
11,374
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurement at Reporting Date Using
|
||||||||||||
|
Balance at December 31, 2016
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
$
|
248
|
|
|
$
|
248
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swaps
|
10,680
|
|
|
—
|
|
|
10,680
|
|
|
—
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
September 30,
2017 |
|
December 31, 2016
|
||||
Aggregate fair value
|
$
|
2,944
|
|
|
$
|
2,521
|
|
Aggregate carrying amount
|
2,865
|
|
|
2,422
|
|
|
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, 2016 |
65,893
|
|
|
$
|
659
|
|
|
49,956
|
|
|
$
|
1
|
|
|
$
|
329,002
|
|
|
$
|
17,628
|
|
|
$
|
2,458
|
|
|
$
|
283,604
|
|
|
$
|
633,352
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,643
|
|
|
—
|
|
|
11,385
|
|
|
17,028
|
|
|||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(37
|
)
|
|
(88
|
)
|
|||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,778
|
|
|||||||
Distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,288
|
)
|
|
(32,288
|
)
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,184
|
)
|
|
—
|
|
|
—
|
|
|
(20,184
|
)
|
|||||||
Issuance of restricted stock awards, net of forfeitures
|
177
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Stock option exercises
|
118
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2,291
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,292
|
|
|||||||
Exchanges of noncontrolling interests for Class A common stock
|
2,542
|
|
|
25
|
|
|
(2,542
|
)
|
|
—
|
|
|
13,888
|
|
|
—
|
|
|
218
|
|
|
(14,131
|
)
|
|
—
|
|
|||||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests for Class A common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,841
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,841
|
)
|
|||||||
Deferred tax assets resulting from exchanges of noncontrolling interests for Class A common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,704
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,704
|
|
|||||||
Repurchase of Class A common stock
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
|||||||
Acquisition of subsidiary noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,850
|
|
|
—
|
|
|
—
|
|
|
(7,334
|
)
|
|
(4,484
|
)
|
|||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,964
|
)
|
|
—
|
|
|
(25
|
)
|
|
3,989
|
|
|
—
|
|
|||||||
Balances,
September 30, 2017 |
68,727
|
|
|
$
|
687
|
|
|
47,414
|
|
|
$
|
1
|
|
|
$
|
335,632
|
|
|
$
|
3,087
|
|
|
$
|
2,600
|
|
|
$
|
245,188
|
|
|
$
|
587,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income
|
||||||||||||||
|
Unrealized Gain on Interest Rate Swaps
|
|
Unrealized Gain on Available-for-sale Securities
|
|
Unrecognized Pension Liability
|
|
Total
|
||||||||
Balances, December 31, 2016
|
$
|
2,404
|
|
|
$
|
52
|
|
|
$
|
2
|
|
|
$
|
2,458
|
|
Unrealized (loss) gain arising during the period (a)
|
(702
|
)
|
|
4
|
|
|
—
|
|
|
(698
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income into income (b)
|
703
|
|
|
(56
|
)
|
|
—
|
|
|
647
|
|
||||
Net current-period other comprehensive income (loss)
|
1
|
|
|
(52
|
)
|
|
—
|
|
|
(51
|
)
|
||||
Exchanges of noncontrolling interests for Class A common stock
|
218
|
|
|
—
|
|
|
—
|
|
|
218
|
|
||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
||||
Balances, September 30, 2017
|
$
|
2,598
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2,600
|
|
(a)
|
Net of
$0.4 million
tax benefit.
|
(b)
|
Net of
$0.4 million
tax expense.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income attributable to Red Rock Resorts, Inc.
|
$
|
11,780
|
|
|
$
|
8,272
|
|
|
$
|
5,643
|
|
|
$
|
71,564
|
|
Transfers from (to) noncontrolling interests:
|
|
|
|
|
|
|
|
||||||||
Allocation of equity to noncontrolling interests of Station Holdco in the reorganization transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
(362,908
|
)
|
||||
Exchanges of noncontrolling interests for Class A
common stock
|
2,731
|
|
|
—
|
|
|
14,131
|
|
|
—
|
|
||||
Acquisition of subsidiary noncontrolling interests
|
—
|
|
|
—
|
|
|
2,850
|
|
|
—
|
|
||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco
|
(1,064
|
)
|
|
451
|
|
|
(3,989
|
)
|
|
451
|
|
||||
Net transfers from (to) noncontrolling interests
|
1,667
|
|
|
451
|
|
|
12,992
|
|
|
(362,457
|
)
|
||||
Change from net income attributable to Red Rock Resorts, Inc. and net transfers from (to) noncontrolling interests
|
$
|
13,447
|
|
|
$
|
8,723
|
|
|
$
|
18,635
|
|
|
$
|
(290,893
|
)
|
|
|
|
|
|
|
|
|
|
Restricted Class A
Common Stock
|
|
Stock Options
|
||||||||||
|
Shares
|
|
Weighted-average grant date fair value
|
|
Shares
|
|
Weighted-average exercise price
|
||||||
Outstanding at January 1, 2017
|
222,487
|
|
|
$
|
15.70
|
|
|
1,637,029
|
|
|
$
|
19.71
|
|
Activity during the period:
|
|
|
|
|
|
|
|
||||||
Granted
|
285,097
|
|
|
21.95
|
|
|
3,519,627
|
|
|
21.80
|
|
||
Vested/exercised
|
(99,776
|
)
|
|
11.18
|
|
|
(117,548
|
)
|
|
19.50
|
|
||
Forfeited
|
(107,830
|
)
|
|
20.83
|
|
|
(787,768
|
)
|
|
21.03
|
|
||
Outstanding at September 30, 2017
|
299,978
|
|
|
|
|
4,251,340
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
22,308
|
|
|
$
|
33,444
|
|
|
$
|
17,028
|
|
|
$
|
114,675
|
|
Less: net income attributable to noncontrolling interests
|
10,528
|
|
|
25,172
|
|
|
11,385
|
|
|
99,786
|
|
||||
Net income attributable to Red Rock, basic
|
$
|
11,780
|
|
|
$
|
8,272
|
|
|
$
|
5,643
|
|
|
$
|
14,889
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Red Rock, basic
|
$
|
11,780
|
|
|
$
|
8,272
|
|
|
$
|
5,643
|
|
|
$
|
14,889
|
|
Effect of dilutive securities
|
6,503
|
|
|
(39
|
)
|
|
2,969
|
|
|
(38
|
)
|
||||
Net income attributable to Red Rock, diluted
|
$
|
18,283
|
|
|
$
|
8,233
|
|
|
$
|
8,612
|
|
|
$
|
14,851
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Weighted average shares of Class A common stock outstanding, basic
|
68,060
|
|
|
41,137
|
|
|
67,030
|
|
|
27,070
|
|
Effect of dilutive securities
|
47,881
|
|
|
151
|
|
|
48,847
|
|
|
104
|
|
Weighted average shares of Class A common stock outstanding, diluted
|
115,941
|
|
|
41,288
|
|
|
115,877
|
|
|
27,174
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Shares issuable in exchange for Class B common stock and LLC Units
|
—
|
|
|
74,427
|
|
|
—
|
|
|
74,427
|
|
Shares issuable upon exercise of stock options
|
3,962
|
|
|
1,715
|
|
|
3,962
|
|
|
1,134
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net revenues
|
|
|
|
|
|
|
|
||||||||
Las Vegas operations
|
$
|
369,493
|
|
|
$
|
318,253
|
|
|
$
|
1,127,223
|
|
|
$
|
972,587
|
|
Native American management
|
29,478
|
|
|
27,597
|
|
|
90,126
|
|
|
81,404
|
|
||||
Reportable segment net revenues
|
398,971
|
|
|
345,850
|
|
|
1,217,349
|
|
|
1,053,991
|
|
||||
Corporate and other
|
1,399
|
|
|
1,290
|
|
|
4,246
|
|
|
3,882
|
|
||||
Net revenues
|
$
|
400,370
|
|
|
$
|
347,140
|
|
|
$
|
1,221,595
|
|
|
$
|
1,057,873
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
22,308
|
|
|
$
|
33,444
|
|
|
$
|
17,028
|
|
|
$
|
114,675
|
|
Adjustments
|
|
|
|
|
|
|
|
||||||||
Preopening
|
307
|
|
|
10
|
|
|
705
|
|
|
731
|
|
||||
Depreciation and amortization
|
42,661
|
|
|
36,240
|
|
|
134,721
|
|
|
114,103
|
|
||||
Share-based compensation
|
1,989
|
|
|
1,413
|
|
|
5,727
|
|
|
5,714
|
|
||||
Write-downs and other charges, net
|
15,146
|
|
|
1,379
|
|
|
24,996
|
|
|
14,713
|
|
||||
Related party lease termination
|
1,950
|
|
|
—
|
|
|
100,343
|
|
|
—
|
|
||||
Asset impairment
|
1,829
|
|
|
—
|
|
|
1,829
|
|
|
—
|
|
||||
Interest expense, net
|
31,330
|
|
|
35,275
|
|
|
100,127
|
|
|
104,421
|
|
||||
Loss on extinguishment/modific
ation of debt, net
|
558
|
|
|
186
|
|
|
3,552
|
|
|
7,270
|
|
||||
Change in fair value of derivative instruments
|
310
|
|
|
—
|
|
|
(3,059
|
)
|
|
(87
|
)
|
||||
Adjusted EBITDA attributable to MPM noncontrolling interest
|
(2,426
|
)
|
|
(3,715
|
)
|
|
(13,482
|
)
|
|
(13,047
|
)
|
||||
Provision for income tax
|
2,364
|
|
|
4,790
|
|
|
1,230
|
|
|
12,292
|
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,133
|
)
|
||||
Adjusted EBITDA (a)
|
$
|
118,326
|
|
|
$
|
109,022
|
|
|
$
|
373,717
|
|
|
$
|
359,652
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
||||||||
Las Vegas operations
|
$
|
101,779
|
|
|
$
|
94,322
|
|
|
$
|
327,056
|
|
|
$
|
317,959
|
|
Native American management
|
25,337
|
|
|
21,624
|
|
|
71,349
|
|
|
62,152
|
|
||||
Reportable segment Adjusted EBITDA
|
127,116
|
|
|
115,946
|
|
|
398,405
|
|
|
380,111
|
|
||||
Corporate and other
|
(8,790
|
)
|
|
(6,924
|
)
|
|
(24,688
|
)
|
|
(20,459
|
)
|
||||
Adjusted EBITDA
|
$
|
118,326
|
|
|
$
|
109,022
|
|
|
$
|
373,717
|
|
|
$
|
359,652
|
|
|
|
|
|
|
|
|
|
(a)
|
Adjusted EBITDA includes net income plus preopening, depreciation and amortization, share-based compensation, write-downs and other charges, net, related party lease termination, asset impairment, interest expense, net, loss on extinguishment/modification of debt, net, change in fair value of derivative instruments and income taxes, and excludes Adjusted EBITDA attributable to the noncontrolling interests of MPM.
|
•
|
Slot handle and table game drop are measures of volume. Slot handle represents the dollar amount wagered in slot machines, and table game drop represents the total amount of cash and net markers issued that are deposited in table game drop boxes.
|
•
|
Win represents the amount of wagers retained by us and recorded as casino revenue.
|
•
|
Hold represents win as a percentage of slot handle or table game drop.
|
•
|
Average guest check is a measure of sales and represents the average amount spent per customer visit.
|
•
|
Number of guests served is an indicator of volume.
|
•
|
Occupancy is calculated by dividing total occupied rooms, including complimentary rooms, by total rooms available.
|
•
|
Average daily rate (“ADR”) is calculated by dividing total room revenue, which includes the retail value of complimentary rooms, by total rooms occupied, including complimentary rooms.
|
•
|
Revenue per available room is calculated by dividing total room revenue by total rooms available.
|
|
Three Months Ended September 30,
|
|
Percent
change
|
|
Nine Months Ended September 30,
|
|
Percent
change
|
||||||||||||||
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
||||||||||||
Net revenues
|
$
|
400,370
|
|
|
$
|
347,140
|
|
|
15.3
|
%
|
|
$
|
1,221,595
|
|
|
$
|
1,057,873
|
|
|
15.5
|
%
|
Operating income
|
56,463
|
|
|
73,349
|
|
|
(23.0
|
)%
|
|
117,636
|
|
|
237,185
|
|
|
(50.4
|
)%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino revenues
|
263,153
|
|
|
232,584
|
|
|
13.1
|
%
|
|
784,521
|
|
|
706,151
|
|
|
11.1
|
%
|
||||
Casino expenses
|
104,945
|
|
|
90,088
|
|
|
16.5
|
%
|
|
309,769
|
|
|
266,495
|
|
|
16.2
|
%
|
||||
Margin
|
60.1
|
%
|
|
61.3
|
%
|
|
|
|
|
60.5
|
%
|
|
62.3
|
%
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Food and beverage revenues
|
71,658
|
|
|
63,551
|
|
|
12.8
|
%
|
|
227,076
|
|
|
196,579
|
|
|
15.5
|
%
|
||||
Food and beverage expenses
|
51,555
|
|
|
44,888
|
|
|
14.9
|
%
|
|
161,660
|
|
|
131,913
|
|
|
22.6
|
%
|
||||
Margin
|
28.1
|
%
|
|
29.4
|
%
|
|
|
|
28.8
|
%
|
|
32.9
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Room revenues
|
43,118
|
|
|
32,192
|
|
|
33.9
|
%
|
|
137,523
|
|
|
99,555
|
|
|
38.1
|
%
|
||||
Room expenses
|
17,473
|
|
|
12,036
|
|
|
45.2
|
%
|
|
55,779
|
|
|
36,314
|
|
|
53.6
|
%
|
||||
Margin
|
59.5
|
%
|
|
62.6
|
%
|
|
|
|
59.4
|
%
|
|
63.5
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other revenues
|
24,018
|
|
|
17,463
|
|
|
37.5
|
%
|
|
70,537
|
|
|
52,350
|
|
|
34.7
|
%
|
||||
Other expenses
|
9,526
|
|
|
6,411
|
|
|
48.6
|
%
|
|
26,438
|
|
|
18,438
|
|
|
43.4
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Management fee revenue
|
29,602
|
|
|
27,702
|
|
|
6.9
|
%
|
|
90,505
|
|
|
81,806
|
|
|
10.6
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expenses
|
98,515
|
|
|
82,739
|
|
|
19.1
|
%
|
|
287,719
|
|
|
237,981
|
|
|
20.9
|
%
|
||||
Percent of net revenues
|
24.6
|
%
|
|
23.8
|
%
|
|
|
|
23.6
|
%
|
|
22.5
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
42,661
|
|
|
36,240
|
|
|
17.7
|
%
|
|
134,721
|
|
|
114,103
|
|
|
18.1
|
%
|
||||
Write-downs and other charges, net
|
15,146
|
|
|
1,379
|
|
|
n/m
|
|
|
24,996
|
|
|
14,713
|
|
|
n/m
|
|
||||
Related party lease termination
|
1,950
|
|
|
—
|
|
|
n/m
|
|
|
100,343
|
|
|
—
|
|
|
n/m
|
|
||||
Asset impairment
|
1,829
|
|
|
—
|
|
|
n/m
|
|
|
1,829
|
|
|
—
|
|
|
n/m
|
|
||||
Interest expense, net
|
31,330
|
|
|
35,275
|
|
|
(11.2
|
)%
|
|
100,127
|
|
|
104,421
|
|
|
(4.1
|
)%
|
||||
Loss on extinguishment/modification of debt, net
|
558
|
|
|
186
|
|
|
n/m
|
|
|
3,552
|
|
|
7,270
|
|
|
n/m
|
|
||||
Provision for income tax
|
2,364
|
|
|
4,790
|
|
|
n/m
|
|
|
1,230
|
|
|
12,292
|
|
|
n/m
|
|
||||
Net income attributable to noncontrolling interests
|
10,528
|
|
|
25,172
|
|
|
n/m
|
|
|
11,385
|
|
|
43,111
|
|
|
n/m
|
|
||||
Net income attributable to Red Rock
|
11,780
|
|
|
8,272
|
|
|
n/m
|
|
|
5,643
|
|
|
71,564
|
|
|
n/m
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Occupancy
|
90.9
|
%
|
|
94.4
|
%
|
|
91.5
|
%
|
|
94.3
|
%
|
||||
Average daily rate
|
$
|
94.30
|
|
|
$
|
83.13
|
|
|
$
|
95.97
|
|
|
$
|
85.72
|
|
Revenue per available room
|
$
|
85.72
|
|
|
$
|
78.44
|
|
|
$
|
87.83
|
|
|
$
|
80.82
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net revenues
|
|
|
|
|
|
|
|
||||||||
Las Vegas operations
|
$
|
369,493
|
|
|
$
|
318,253
|
|
|
$
|
1,127,223
|
|
|
$
|
972,587
|
|
Native American management
|
29,478
|
|
|
27,597
|
|
|
90,126
|
|
|
81,404
|
|
||||
Reportable segment net revenues
|
398,971
|
|
|
345,850
|
|
|
1,217,349
|
|
|
1,053,991
|
|
||||
Corporate and other
|
1,399
|
|
|
1,290
|
|
|
4,246
|
|
|
3,882
|
|
||||
Net revenues
|
$
|
400,370
|
|
|
$
|
347,140
|
|
|
$
|
1,221,595
|
|
|
$
|
1,057,873
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
22,308
|
|
|
$
|
33,444
|
|
|
$
|
17,028
|
|
|
$
|
114,675
|
|
Adjustments
|
|
|
|
|
|
|
|
||||||||
Preopening
|
307
|
|
|
10
|
|
|
705
|
|
|
731
|
|
||||
Depreciation and amortization
|
42,661
|
|
|
36,240
|
|
|
134,721
|
|
|
114,103
|
|
||||
Share-based compensation
|
1,989
|
|
|
1,413
|
|
|
5,727
|
|
|
5,714
|
|
||||
Write-downs and other charges, net
|
15,146
|
|
|
1,379
|
|
|
24,996
|
|
|
14,713
|
|
||||
Related party lease termination
|
1,950
|
|
|
—
|
|
|
100,343
|
|
|
—
|
|
||||
Asset impairment
|
1,829
|
|
|
—
|
|
|
1,829
|
|
|
—
|
|
||||
Interest expense, net
|
31,330
|
|
|
35,275
|
|
|
100,127
|
|
|
104,421
|
|
||||
Loss on extinguishment/modific
ation of debt, net
|
558
|
|
|
186
|
|
|
3,552
|
|
|
7,270
|
|
||||
Change in fair value of derivative instruments
|
310
|
|
|
—
|
|
|
(3,059
|
)
|
|
(87
|
)
|
||||
Adjusted EBITDA attributable to MPM noncontrolling interest
|
(2,426
|
)
|
|
(3,715
|
)
|
|
(13,482
|
)
|
|
(13,047
|
)
|
||||
Provision for income tax
|
2,364
|
|
|
4,790
|
|
|
1,230
|
|
|
12,292
|
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,133
|
)
|
||||
Adjusted EBITDA
|
$
|
118,326
|
|
|
$
|
109,022
|
|
|
$
|
373,717
|
|
|
$
|
359,652
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
||||||||
Las Vegas operations
|
$
|
101,779
|
|
|
$
|
94,322
|
|
|
$
|
327,056
|
|
|
$
|
317,959
|
|
Native American management
|
25,337
|
|
|
21,624
|
|
|
71,349
|
|
|
62,152
|
|
||||
Reportable segment Adjusted EBITDA
|
127,116
|
|
|
115,946
|
|
|
398,405
|
|
|
380,111
|
|
||||
Corporate and other
|
(8,790
|
)
|
|
(6,924
|
)
|
|
(24,688
|
)
|
|
(20,459
|
)
|
||||
Adjusted EBITDA
|
$
|
118,326
|
|
|
$
|
109,022
|
|
|
$
|
373,717
|
|
|
$
|
359,652
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
178,904
|
|
|
$
|
239,050
|
|
Investing activities
|
(199,376
|
)
|
|
(409,496
|
)
|
||
Financing activities
|
109,123
|
|
|
150,152
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
Thereafter
|
|
Total
|
||||||||||
Long-term debt (a)
|
$
|
282.0
|
|
|
$
|
118.8
|
|
|
$
|
265.4
|
|
|
$
|
2,270.4
|
|
|
$
|
2,936.6
|
|
Interest on long-term debt and interest rate swaps (b)
|
111.6
|
|
|
225.4
|
|
|
210.7
|
|
|
128.8
|
|
|
676.5
|
|
|||||
Operating leases
|
3.0
|
|
|
6.1
|
|
|
8.9
|
|
|
212.7
|
|
|
230.7
|
|
|||||
Obligation under the tax receivable agreement
|
—
|
|
|
20.8
|
|
|
17.8
|
|
|
241.5
|
|
|
280.1
|
|
(a)
|
Includes scheduled principal payments and estimated excess cash flow payments on long-term debt outstanding at
September 30, 2017
, including
$250.0 million
in remaining principal on the 7.50% Senior Notes to be paid from restricted cash.
|
(b)
|
Includes contractual interest payments based on outstanding amounts and interest rates in effect at
September 30, 2017
and projected net cash payments on our interest rate swaps.
|
|
Expected maturities during the twelve months ending September 30,
|
|
|
||||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair value
|
||||||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate
|
$
|
252.4
|
|
|
$
|
2.5
|
|
|
$
|
2.6
|
|
|
$
|
2.7
|
|
|
$
|
2.9
|
|
|
$
|
567.7
|
|
|
$
|
830.8
|
|
|
$
|
840.1
|
|
Weighted-average interest rate
|
7.46
|
%
|
|
3.60
|
%
|
|
3.60
|
%
|
|
3.60
|
%
|
|
3.60
|
%
|
|
4.96
|
%
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate (a)
|
$
|
29.6
|
|
|
$
|
35.8
|
|
|
$
|
77.9
|
|
|
$
|
23.0
|
|
|
$
|
236.8
|
|
|
$
|
1,702.7
|
|
|
$
|
2,105.8
|
|
|
$
|
2,103.6
|
|
Weighted-average interest rate
|
3.51
|
%
|
|
3.55
|
%
|
|
3.65
|
%
|
|
3.45
|
%
|
|
3.28
|
%
|
|
3.74
|
%
|
|
|
|
|
(a)
|
Based on variable interest rates and margins in effect at
September 30, 2017
.
|
|
Contractual maturities during the twelve months ending September 30,
|
|
|
||||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair value
|
||||||||||||||||
Interest rate swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Notional amount
|
$
|
44.3
|
|
|
$
|
52.3
|
|
|
$
|
236.0
|
|
|
$
|
1,250.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,582.6
|
|
|
$
|
11.4
|
|
Fixed interest rate payable (a)
|
1.25
|
%
|
|
1.53
|
%
|
|
1.78
|
%
|
|
1.94
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
|
|
||||||||||
Variable interest rate receivable (b)
|
1.24
|
%
|
|
1.24
|
%
|
|
1.24
|
%
|
|
1.24
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
|
|
(a)
|
Represents the weighted average fixed interest rate payable on our interest rate swaps.
|
(b)
|
Represents the variable receive rate in effect at
September 30, 2017
.
|
(a)
|
Exhibits
|
|
|
RED ROCK RESORTS, INC.,
Registrant
|
|
|
|
Date:
|
November 9, 2017
|
/s/ STEPHEN L. COOTEY
|
|
|
Stephen L. Cootey
Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
1 Year Red Rock Resorts Chart |
1 Month Red Rock Resorts Chart |
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