Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-37754 | ||
Entity Registrant Name | RED ROCK RESORTS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-5081182 | ||
Entity Address, Address Line One | 1505 South Pavilion Center Drive | ||
Entity Address, City or Town | Las Vegas | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89135 | ||
City Area Code | 702 | ||
Local Phone Number | 495-3000 | ||
Title of 12(b) Security | Class A Common Stock, $.01 par value | ||
Trading Symbol | RRR | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,300 | ||
Entity Central Index Key | 0001653653 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year end of December 31, 2023. | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Las Vegas, Nevada | ||
Auditor Firm ID | 42 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 59,202,330 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 45,985,804 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 137,586 | $ 117,289 |
Receivables, net | 61,930 | 43,630 |
Income Taxes Receivable | 14,443 | 0 |
Inventories | 15,255 | 13,199 |
Prepaid gaming tax | 24,888 | 22,834 |
Prepaid expenses and other current assets | 28,190 | 24,043 |
Total current assets | 282,292 | 220,995 |
Property and equipment, net | 2,771,818 | 2,195,017 |
Goodwill | 195,676 | 195,676 |
Intangible assets, net | 82,806 | 84,385 |
Land held for development | 451,010 | 449,017 |
Native American development costs | 45,879 | 41,687 |
Deferred tax asset, net | 43,381 | 75,741 |
Other assets, net | 81,650 | 83,232 |
Total assets | 3,954,512 | 3,345,750 |
Current liabilities: | ||
Accounts payable | 25,353 | 11,381 |
Accrued interest payable | 15,607 | 14,460 |
Other accrued liabilities | 280,493 | 234,718 |
Current portion of payable pursuant to tax receivable agreement | 1,662 | 6,631 |
Current portion of long-term debt | 26,104 | 26,059 |
Total current liabilities | 349,219 | 293,249 |
Long-term debt, less current portion | 3,301,658 | 2,958,717 |
Other long-term liabilities | 39,319 | 39,581 |
Payable to related parties pursuant to tax receivable agreement | 20,429 | 21,960 |
Total liabilities | 3,710,625 | 3,313,507 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 7,345 | 0 |
Retained earnings | 160,904 | 43,203 |
Total Red Rock Resorts, Inc. stockholders’ equity | 168,839 | 43,784 |
Noncontrolling interest | 75,048 | (11,541) |
Total stockholders’ equity | 243,887 | 32,243 |
Total liabilities and stockholders’ equity | 3,954,512 | 3,345,750 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 589 | $ 580 |
Common Stock, Shares, Outstanding | 58,866,439 | 58,012,937 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 58,866,439 | 58,012,937 |
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 1 | $ 1 |
Common Stock, Shares, Outstanding | 45,985,804 | 45,985,804 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares, Issued | 45,985,804 | 45,985,804 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Stockholders’ equity: | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 58,866,439 | 58,012,937 |
Common Stock, Shares, Outstanding | 58,866,439 | 58,012,937 |
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 45,985,804 | 45,985,804 |
Common Stock, Shares, Outstanding | 45,985,804 | 45,985,804 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenues: | |||
Net revenues | $ 1,724,086 | $ 1,663,786 | $ 1,617,899 |
Operating costs and expenses: | |||
Selling, general and administrative | 374,494 | 353,043 | 347,090 |
Depreciation and amortization | 132,536 | 128,368 | 157,791 |
Write-downs and other, net | 31,976 | (47,660) | (18,677) |
Asset impairment | 0 | 80,018 | 177,664 |
Total operating costs and expenses | 1,165,398 | 1,102,484 | 1,216,357 |
Operating income | 558,688 | 561,302 | 401,542 |
Earnings from joint ventures | 3,095 | 3,469 | 3,293 |
Operating income and earnings from joint ventures | 561,783 | 564,771 | 404,835 |
Other expense: | |||
Interest expense, net | (181,023) | (129,889) | (103,206) |
Loss on extinguishment of debt | 0 | 0 | (13,492) |
Other | 0 | 0 | (2,594) |
Total other expense | (181,023) | (129,889) | (119,292) |
Income before income tax | 380,760 | 434,882 | 285,543 |
(Provision) benefit for income tax | (42,984) | (44,530) | 69,287 |
Net income | 337,776 | 390,352 | 354,830 |
Less: net income attributable to noncontrolling interests | 161,772 | 184,895 | 112,980 |
Net income attributable to Red Rock Resorts, Inc. | $ 176,004 | $ 205,457 | $ 241,850 |
Earnings per common share (Note 14): | |||
Earnings per share of Class A common stock, basic | $ 3.04 | $ 3.48 | $ 3.50 |
Earnings per share of Class A common stock, diluted | $ 2.94 | $ 3.36 | $ 2.84 |
Weighted-average common shares outstanding: | |||
Basic | 57,875 | 58,976 | 69,071 |
Diluted | 103,217 | 104,663 | 116,452 |
Casino | |||
Operating revenues: | |||
Net revenues | $ 1,132,154 | $ 1,126,058 | $ 1,142,606 |
Operating costs and expenses: | |||
Operating costs and expenses | 293,993 | 279,537 | 275,462 |
Food and beverage | |||
Operating revenues: | |||
Net revenues | 313,619 | 283,067 | 245,432 |
Operating costs and expenses: | |||
Operating costs and expenses | 244,786 | 224,903 | 196,156 |
Room | |||
Operating revenues: | |||
Net revenues | 183,103 | 164,502 | 143,916 |
Operating costs and expenses: | |||
Operating costs and expenses | 55,064 | 52,017 | 55,336 |
Other | |||
Operating revenues: | |||
Net revenues | 94,403 | 87,089 | 76,746 |
Operating costs and expenses: | |||
Operating costs and expenses | 32,549 | 32,258 | 25,535 |
Management fees | |||
Operating revenues: | |||
Net revenues | $ 807 | $ 3,070 | $ 9,199 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 337,776 | $ 390,352 | $ 354,830 |
Other comprehensive income, net of tax: | |||
Minimum pension liability adjustment, net | 0 | 0 | 1,137 |
Other comprehensive income, net of tax | 0 | 0 | 1,137 |
Comprehensive income | 337,776 | 390,352 | 355,967 |
Less: comprehensive income attributable to noncontrolling interests | 161,772 | 184,895 | 113,513 |
Comprehensive income attributable to Red Rock Resorts, Inc. | $ 176,004 | $ 205,457 | $ 242,454 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class B [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Common Stock, Shares, Outstanding | 71,228,000 | 46,086,000 | |||||||
Balance at Dec. 31, 2020 | $ 604,641 | $ 712 | $ 1 | $ 385,579 | $ (33,071) | $ (623) | $ 252,043 | ||
Net income (loss) | 354,830 | 241,850 | 112,980 | ||||||
Other comprehensive income (loss), net of tax | 1,137 | 604 | 533 | ||||||
Share-based compensation | 12,761 | 12,761 | 0 | ||||||
Distributions | (237,160) | (237,160) | |||||||
Dividends declared | (204,928) | (204,928) | |||||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | 1,177 | $ 6 | 1,171 | ||||||
Issuance of restricted stock awards, net of forfeitures (shares) | 620,000 | ||||||||
Repurchases of Class A common stock | (500,167) | $ (104) | (500,063) | ||||||
Repurchases of Class A common stock (shares) | (10,402,000) | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (3,425) | $ 0 | (3,425) | ||||||
Stock option exercises (shares) | (19,000) | ||||||||
Exchanges of noncontrolling interests | (2,822) | $ 0 | $ 0 | (2,223) | (1) | (598) | |||
Exchanges of noncontrolling interests (shares) | 0 | (100,000) | |||||||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | (641) | (641) | |||||||
Net deferred tax assets resulting from equity transactions | 24,630 | 24,630 | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 137,239 | 20 | (137,259) | |||||
Balance at Dec. 31, 2021 | 50,033 | $ 614 | $ 1 | 55,028 | 3,851 | 0 | (9,461) | ||
Common Stock, Shares, Outstanding | 61,427,000 | 45,986,000 | |||||||
Net income (loss) | 390,352 | 205,457 | 184,895 | ||||||
Other comprehensive income (loss), net of tax | 0 | ||||||||
Share-based compensation | 17,766 | 17,766 | 0 | ||||||
Distributions | (152,449) | (152,449) | |||||||
Dividends declared | (116,980) | (116,980) | |||||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | 0 | $ 3 | (3) | ||||||
Issuance of restricted stock awards, net of forfeitures (shares) | 345,000 | ||||||||
Repurchases of Class A common stock | (141,507) | $ (37) | (92,345) | (49,125) | |||||
Repurchases of Class A common stock (shares) | (3,718,000) | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (4,527) | $ 0 | (4,527) | ||||||
Stock option exercises (shares) | (41,000) | ||||||||
Exchanges of noncontrolling interests | 0 | ||||||||
Net deferred tax assets resulting from equity transactions | (10,445) | (10,445) | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 34,526 | (34,526) | ||||||
Balance at Dec. 31, 2022 | 32,243 | $ 580 | $ 1 | 0 | 43,203 | 0 | (11,541) | ||
Number of shares at Dec. 31, 2022 | 58,013,000 | 45,986,000 | |||||||
Common Stock, Shares, Outstanding | 58,012,937 | 45,985,804 | |||||||
Net income (loss) | 337,776 | 176,004 | 161,772 | ||||||
Other comprehensive income (loss), net of tax | 0 | ||||||||
Share-based compensation | 20,077 | 20,077 | |||||||
Distributions | (76,687) | (76,687) | |||||||
Dividends declared | (58,303) | (58,303) | |||||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | 0 | $ 9 | (9) | ||||||
Issuance of restricted stock awards, net of forfeitures (shares) | 883,000 | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (14,721) | $ 0 | (14,721) | ||||||
Stock option exercises (shares) | (30,000) | ||||||||
Exchanges of noncontrolling interests | 0 | ||||||||
Net deferred tax assets resulting from equity transactions | 3,502 | 3,502 | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | (1,504) | 1,504 | ||||||
Balance at Dec. 31, 2023 | $ 243,887 | $ 589 | $ 1 | $ 7,345 | $ 160,904 | $ 0 | $ 75,048 | ||
Number of shares at Dec. 31, 2023 | 58,866,000 | 45,986,000 | |||||||
Common Stock, Shares, Outstanding | 58,866,439 | 45,985,804 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 337,776 | $ 390,352 | $ 354,830 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 132,536 | 128,368 | 157,791 |
Write-downs and other, net | (38,854) | (83,518) | (20,947) |
Asset impairment | 0 | 80,018 | 177,664 |
Amortization of debt discount and debt issuance costs | 9,608 | 9,626 | 9,592 |
Share-based compensation | 19,673 | 17,515 | 12,728 |
Loss on extinguishment of debt | 0 | 0 | 13,492 |
Deferred income tax | 35,862 | 11,949 | (74,161) |
Changes in assets and liabilities: | |||
Receivables, net | (18,300) | (4,210) | (1,311) |
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable | (14,443) | 0 | 0 |
Inventories and prepaid expenses | (7,969) | (6,274) | (14,406) |
Accounts payable | 13,941 | (6,151) | 7,367 |
Accrued interest payable | 1,147 | 140 | (4,314) |
Other accrued liabilities | 21,666 | 5,517 | (5,358) |
Other, net | 1,694 | (1,108) | (3,004) |
Net cash provided by operating activities | 494,337 | 542,224 | 609,963 |
Cash flows from investing activities: | |||
Capital expenditures, net of related payables | (699,516) | (328,589) | (61,295) |
Net proceeds from asset sales | 59,218 | 121,553 | 678,413 |
Acquisition of land held for development | (2,108) | (232,758) | (4,650) |
Native American development costs | (4,182) | (7,492) | (12,890) |
Net settlement of derivative instruments | 0 | 0 | (13,467) |
Other, net | (7,263) | 5,142 | 148 |
Net cash (used in) provided by investing activities | (653,851) | (442,144) | 586,259 |
Cash flows from financing activities: | |||
Borrowings under credit agreements with original maturity dates greater than three months | 476,500 | 297,500 | 675,000 |
Payments under credit agreements with original maturity dates greater than three months | (138,779) | (172,779) | (696,278) |
Proceeds from issuance of Senior Notes | 0 | 0 | 500,000 |
Redemption of Senior Notes | 0 | 0 | (530,333) |
Cash paid for early extinguishment of debt | 0 | 0 | (9,754) |
Proceeds from Stock Options Exercised | 0 | 0 | 1,177 |
Distributions to members and noncontrolling interests | (76,687) | (152,449) | (237,160) |
Repurchases of Class A common stock | 0 | (141,507) | (500,167) |
Exchanges of noncontrolling interest for cash | 0 | 0 | (2,822) |
Dividends paid | (58,590) | (116,675) | (203,834) |
Payment of debt issuance costs | 0 | 0 | (5,961) |
Other, net | (1,280) | 391 | (1,115) |
Net cash provided by (used in) financing activities | 179,811 | (290,046) | (1,014,672) |
Increase (decrease) in cash and cash equivalents | 20,297 | (189,966) | 181,550 |
Balance, beginning of year | 117,289 | 307,255 | 125,705 |
Balance, end of year | 137,586 | 117,289 | 307,255 |
Cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 137,586 | 117,289 | 275,281 |
Restricted cash included in Other assets, net | 0 | 0 | 31,974 |
Balance, end of year | 137,586 | 117,289 | 307,255 |
Supplemental cash flow disclosures: | |||
Cash paid for interest, net of $29,828, $5,887 and $305 capitalized, respectively | 170,506 | 120,193 | 97,964 |
Cash paid for income taxes, net of refunds received | 21,100 | 31,355 | 4,139 |
Non-cash investing and financing activities: | |||
Capital expenditures incurred but not yet paid | 108,037 | 94,291 | 15,439 |
Payment, Tax Withholding, Share-Based Payment Arrangement | (14,721) | (4,527) | (3,425) |
Tax Receivable Agreement Liability Amount Paid | $ (6,632) | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Costs Capitalized | $ 29,828 | $ 5,887 | $ 305 |
Organization and Background
Organization and Background | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Background | Organization and Background Red Rock Resorts, Inc. (“Red Rock,” or the “Company”) was formed as a Delaware corporation in 2015 to own an indirect equity interest in and manage Station Casinos LLC (“Station LLC”), a Nevada limited liability company. Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming and entertainment facilities, including Durango Casino & Resort (“Durango”) which opened in December 2023, and ten smaller casino properties (three of which are 50% owned), in the Las Vegas regional market. The Company owns all of the outstanding voting interests in Station LLC and has an indirect equity interest in Station LLC through its ownership of limited liability interests in Station Holdco LLC (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At December 31, 2023, the Company held 58% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and is designated as the sole managing member of both Station Holdco and Station LLC. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC, and conducts all of its operations through these entities. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation Station Holdco and Station LLC are variable interest entities (“VIEs”), of which the Company is the primary beneficiary. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC and conducts all of its operations through these entities. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. Substantially all of the Company’s assets and liabilities represent the assets and liabilities of Station Holdco and Station LLC, other than assets and liabilities related to income taxes and the tax receivable agreement. Investments in all 50% or less owned affiliated companies are accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the consolidated financial statements and notes for previous years have been reclassified to be consistent with the current year presentation. Noncontrolling Interest in Station Holdco Noncontrolling interest in Station Holdco represents the LLC Units held by certain owners who held such units prior to the Company’s 2016 initial public offering (the “IPO” and such owners, the “Continuing Owners”). Noncontrolling interest is reduced when Continuing Owners exchange their LLC Units, along with an equal number of shares of Class B common stock, for shares of Class A common stock. The noncontrolling interest holders’ ownership percentage of LLC Units is increased when LLC Units held by Red Rock are repurchased by Station Holdco, typically in connection with the Company’s repurchases of its issued and outstanding shares of its Class A common stock. Entities controlled by Frank J. Fertitta III, the Company’s Chairman of the Board and Chief Executive Officer, and Lorenzo J. Fertitta, the Company’s Vice Chairman of the Board and a vice president of the Company (the “Fertitta Family Entities”), hold 99% of the noncontrolling interest. The ownership of the LLC Units is summarized as follows: December 31, 2023 December 31, 2022 Units Ownership % Units Ownership % Red Rock 63,027,745 57.8 % 62,113,911 57.5 % Noncontrolling interest holders 45,985,804 42.2 % 45,985,804 42.5 % Total 109,013,549 100.0 % 108,099,715 100.0 % The Company uses monthly weighted-average LLC Unit ownership to calculate the pretax income or loss and other comprehensive income or loss of Station Holdco attributable to Red Rock and the noncontrolling interest holders. Station Holdco equity attributable to Red Rock and the noncontrolling interest holders is rebalanced, as needed, to reflect LLC Unit ownership at period end. For the years ended December 31, 2022 and 2021, rebalancing was due primarily to Station Holdco’s repurchase of LLC Units from Red Rock in connection with the Company’s repurchases of Class A shares. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements For assets and liabilities accounted for or disclosed at fair value, the Company utilizes the fair value hierarchy established by the accounting guidance for fair value measurements and disclosures to categorize the inputs to valuation techniques used to measure fair value into three levels. The three levels of inputs are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value primarily because of the short maturities of these instruments. At December 31, 2023 and 2022, the Company had no other financial assets or liabilities measured at fair value on a recurring basis. The accounting guidance for fair value measurements and disclosures provides the option to measure certain financial assets and liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to measure any financial assets or liabilities at fair value that are not required to be measured at fair value. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and investments with an original maturity of 90 days or less. Receivables, Net and Credit Risk The Company’s accounts receivable primarily represent receivables from contracts with customers and consist mainly of casino, hotel, ATM, cash advance, retail, management fees and other receivables, which are typically non-interest bearing. Receivables are initially recorded at cost and an allowance for credit losses is maintained to reduce receivables to their carrying amount, which approximates fair value. The allowance is based on an expected loss model and is estimated based on a specific review of customer accounts, historical collection experience, the age of the receivable and other relevant factors. Accounts are written off when management deems the account to be uncollectible, and recoveries of accounts previously written off are recorded when received. At December 31, 2023 and 2022, the allowance for credit losses was $6.8 million and $5.1 million, respectively. Management believes there are no significant concentrations of credit risk with respect to its receivables, net. Inventories Inventories primarily represent food and beverage items and retail merchandise which are stated at the lower of cost or net realizable value. Cost is determined on a weighted-average basis. Property and Equipment Property and equipment is initially recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the estimated useful life of the asset or the lease term, as follows: Buildings and improvements 10 to 45 years Furniture, fixtures and equipment 3 to 10 years Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Construction in progress is related to the construction or development of property and equipment that has not yet been placed in service for its intended use. Depreciation and amortization of property and equipment commences when the asset is placed in service. When an asset is retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and the gain or loss on disposal is recognized within Write-downs and other, net. The Company makes estimates and assumptions when accounting for capital expenditures. The Company’s depreciation expense is dependent on the assumptions made for the estimated useful lives of its assets. Useful lives are estimated by the Company based on its experience with similar assets and estimates of the usage of the asset. Whenever events or circumstances occur that change the estimated useful life of an asset, the Company accounts for the change prospectively. Native American Development Costs The Company incurs certain costs associated with development and management agreements with Native American tribes that are reimbursable by such tribes. The reimbursable costs are recognized as long-term assets as incurred, and primarily include advances associated with the acquisition of land and development of the tribal gaming facility. The Company earns interest on the reimbursable advances. The repayment of the advances and the related interest may come from the proceeds of the gaming facility’s third-party financing, from cash flows from the gaming facility’s operations, or from a combination of both, and the repayment is typically subordinated to debt service obligations under the gaming facility’s third-party financing. Due to the uncertainty surrounding the timing and amount of the repayment, the Company does not recognize accrued interest on the advances until the carrying amount of the advances has been recovered and the interest is received. The Company evaluates the recoverability of its Native American development costs taking into consideration all available information. Among other things, the Company considers the status of the project, the impact of contingencies, the achievement of milestones, existing or potential litigation, and regulatory matters when evaluating the recoverability of its Native American development costs. The Company estimates the future cash flows of a Native American development project based on consideration of all positive and negative evidence about its cash flow potential including, but not limited to, the likelihood that the project will be successfully completed, the status of required approvals, and the status and timing of the construction of the project, as well as current and projected economic, political, regulatory and competitive conditions that may adversely impact the project’s operating results. At December 31, 2023 and 2022, the Company’s Native American development costs were related to development and management agreements with the North Fork Rancheria of Mono Indians. See Note 6 for additional information. Goodwill At December 31, 2023, the Company’s goodwill totaled $195.7 million, approximately 86.8% of which is associated with one of its properties. The Company tests its goodwill for impairment annually as of October 1, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s operating properties is considered a separate reporting unit. When performing its goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes in facts and circumstances, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit. When performing the quantitative test, the Company estimates the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on current valuation multiples of the Company and comparable publicly traded companies. The estimation of fair value involves judgment by management. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from such estimates. Cash flow estimates are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, competition, events affecting various forms of travel and access to the Company’s properties, and other factors. If the Company’s estimates of future cash flows are not met, it may have to record impairment charges in the future. Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets primarily represent brands. The Company tests its indefinite-lived intangible assets for impairment annually as of October 1, and whenever events or circumstances indicate that it is more likely than not that an asset is impaired. If the Company determines it is more likely than not that an asset is impaired, it then performs a quantitative test by comparing the carrying amount of the asset to its estimated fair value. If the carrying amount of the asset exceeds its estimated fair value, the Company recognizes an impairment charge equal to the excess. The fair value of the Company’s brands is estimated using a derivation of the income approach to valuation based on estimated royalties avoided through ownership of the assets, utilizing market indications of fair value. The Company’s fair value estimates are subject to change as a result of changes in its projected operating results. Indefinite-lived intangible assets are not amortized unless it is determined that an asset’s useful life is no longer indefinite. The Company periodically reviews its indefinite-lived assets to determine whether events and circumstances continue to support an indefinite useful life. If an indefinite-lived intangible asset no longer has an indefinite life, the asset is tested for impairment and is subsequently accounted for as a finite-lived intangible asset. Finite-lived Intangible Assets The Company’s finite-lived intangibles primarily include assets related to its customer relationships and management contracts. The Company amortizes its finite-lived intangible assets over their estimated useful lives using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company’s customer relationship intangible assets represent the value associated with its rated casino guests. The management contract intangible assets represent the value associated with agreements under which the Company provides, or will provide, management services to various casino properties, primarily a Native American casino project that is currently under development. The Company amortizes its management contract intangible assets over their expected useful lives beginning when the property commences operations and management fees are being earned. Impairment of Long-lived Assets The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is evaluated by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying amount. If the undiscounted estimated future cash flows exceed the carrying amount, no impairment is indicated. If the undiscounted estimated future cash flows do not exceed the carrying amount, impairment is measured based on the difference between the asset’s estimated fair value and its carrying amount. To estimate fair values, the Company typically uses a discounted cash flow model or market comparables. The Company’s long-lived asset impairment tests are performed at the reporting unit level. The estimation of undiscounted future cash flows involves judgment by management. The Company’s estimates of future cash flows expected to be generated by an asset or asset group are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, changes in consumer preferences, or events affecting various forms of travel and access to its properties. If the Company’s estimates of future cash flows are not met, it may have to record impairment charges in the future. Land Held for Development At December 31, 2023, the Company owned land comprising strategically-located parcels in Las Vegas and Reno, each of which is zoned for casino gaming and other uses. Debt Discounts and Debt Issuance Costs Debt discounts and costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense using the effective interest method over the expected term of the related debt agreements. Costs incurred in connection with the issuance of revolving lines of credit are presented in Other assets, net on the Consolidated Balance Sheets. All other capitalized costs incurred in connection with the issuance of long-term debt are presented as a direct reduction of Long-term debt, less current portion on the Consolidated Balance Sheets. Leases The Company leases certain equipment, buildings, land and other assets used in its operations. The Company determines whether an arrangement is or contains a lease at inception, and determines the classification of the lease based on facts and circumstances as of the lease commencement date. For leases with an initial term greater than twelve months, the Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. For leases with an initial term of twelve months or less, the Company has elected not to recognize ROU assets or lease liabilities. The Company measures its ROU assets and lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. To calculate the present value of lease payments for leases that do not contain an implicit interest rate, the Company uses its incremental borrowing rate based on information available at the lease commencement date. For leases under which the Company has options to extend or terminate the lease, such options are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company includes operating lease ROU assets within Other assets, net on its Consolidated Balance Sheets. Operating lease liabilities are included in Other accrued liabilities and Other long-term liabilities. For arrangements that contain both lease and non-lease components under which the Company is the lessee, the components are not combined for accounting purposes. The Company’s leases do not include any significant residual value guarantees, restrictions or covenants. For operating leases with fixed rental payments or variable rental payments based on an index or rate, the Company recognizes lease expense on a straight-line basis over the lease term. For operating leases with variable payments not based on an index or rate, the Company recognizes the variable lease expense in the period in which the obligation for the payment is incurred. The Company’s variable lease payments not based on an index or rate are primarily related to short-term leases for slot machines under which lease payments are based on a percentage of the revenue earned. The Company leases space within its properties to third-party tenants, primarily food and beverage outlets and movie theaters. The Company also leases space to tenants within commercial and industrial buildings located on certain land held for development. All of the Company’s tenant leases are classified as operating leases and do not contain options for the lessee to purchase the underlying real property. Revenue from tenant leases is included in Other revenues in the Company’s Consolidated Statements of Income. Lease payments from tenants at the Company’s properties typically include variable rent based on a percentage of the tenant’s net sales, and may also include a fixed base rent amount, which may increase by a rate or index over time. The Company recognizes variable rental income in the period in which the right to receive such rental income is established according to the lease agreements and base rental income on a straight-line basis over the lease term. Lease payments from the Company’s tenants at commercial and industrial buildings are typically based on a fixed rental amount, which may increase by a rate or index over time. Non-lease components within tenant lease agreements, which primarily comprise utilities, property taxes and common area maintenance charges, are included within operating lease income. Derivative Instruments From time to time, the Company has used interest rate swaps to hedge its exposure to variability in expected future cash flows related to interest payments. At December 31, 2023 and 2022, the Company had no outstanding interest rate swaps. Through July 2021, the Company held interest rate swaps that were not designated in cash flow hedging relationships. The Company recognized the change in fair value in the Consolidated Statements of Operations in the period in which the change occurred and classified the cash flows for these instruments within investing activities in the Consolidated Statements of Cash Flows. The Company recorded all derivatives at fair value, which was determined using widely accepted valuation techniques, including discounted cash flow analyses and credit valuation adjustments, as well as observable market-based inputs such as forward interest rate curves. Comprehensive Income Comprehensive income includes net income and other comprehensive income, which includes all other non-owner changes in equity. Components of the Company’s comprehensive income are reported in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Stockholders’ Equity. The Company had no accumulated other comprehensive income (loss) at December 31, 2023 or 2022. Revenues The Company’s revenue contracts with customers consist of gaming wagers, sales of food, beverage, hotel rooms and other amenities, and agreements to provide management services. Revenues are recognized when control of the promised goods or services is transferred to the guest, in an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for those goods or services, referred to as the transaction price. Other revenues also include rental income from tenants, which is recognized over the lease term, and contingent rental income, which is recognized when the right to receive such rental income is established according to the lease agreements. Revenue is recognized net of cash sales incentives and discounts and excludes sales and other taxes collected from guests on behalf of governmental authorities. The Company accounts for its gaming and non-gaming contracts on a portfolio basis. This practical expedient is applied because individual customer contracts have similar characteristics, and the Company reasonably expects the effects on the financial statements of applying its revenue recognition policy to the portfolio would not differ materially from applying its policy to the individual contracts. Casino Revenue Casino revenue includes gaming activities such as slot, table game and sports wagering. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price is reduced for consideration payable to a guest, such as cash sales incentives and the change in progressive jackpot liabilities. Gaming contracts are typically completed daily based on the outcome of the wagering transaction and include a distinct performance obligation to provide gaming activities. Guests may receive discretionary incentives for complimentary food, beverage, rooms, entertainment and merchandise to encourage additional gaming, or may earn loyalty points based on their slot play. The Company allocates the transaction price to each performance obligation in the gaming wagering contract. The amount allocated to loyalty points earned is based on an estimate of the standalone selling price of the loyalty points, which is determined by the redemption value less an estimate for points not expected to be redeemed. The amount allocated to discretionary complimentaries is the standalone selling price of the underlying goods or services, which is determined using the retail price at which those goods or services would be sold separately in similar transactions. The remaining amount of the transaction price is allocated to wagering activity using the residual approach as the standalone selling price for gaming wagers is highly variable and no set established price exists for gaming wagers. Amounts allocated to wagering are recognized as casino revenue when the result of the wager is determined, and amounts allocated to loyalty points and discretionary complimentaries are recognized as revenue when the goods or services are provided. Non-gaming Revenue Non-gaming revenue include sales of food, beverage, hotel rooms and other amenities such as retail merchandise, bowling, spa services and entertainment. The transaction price is the net amount collected from the guest and includes a distinct performance obligation to provide such goods or services. Non-gaming revenue is recognized when the goods or services are provided to the guest. Guests may also receive discretionary complimentaries that require the transaction price to be allocated to each performance obligation on a relative standalone selling price basis. Non-gaming revenue also includes the portion of the transaction price from gaming or non-gaming contracts allocated to discretionary complimentaries and the value of loyalty points redeemed for food, beverage, room and other amenities. Discretionary complimentaries are classified in the departmental revenue category fulfilling the complimentary with a corresponding reduction in the departmental revenues that provided the complimentary, which is primarily casino revenue. Included in non-gaming revenues are discretionary complimentaries and loyalty point redemptions of $171.4 million, $157.5 million and $144.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Management Fee Revenue Management fee revenue represents fees earned from the Company’s three 50%-owned smaller properties, as well as management fees earned from the Company’s previous management agreement with Graton Resort & Casino (“Graton Resort”) which it managed on behalf of the Federated Indians of Graton Rancheria through February 5, 2021. There were no management fees from Graton Resort for the year ended December 31, 2023. For the years ended December 31, 2022 and 2021, management fees from Graton Resort totaled $2.2 million and $7.8 million, respectively. The transaction price for management contracts is the management fee to which the Company is entitled for its management services. The management fee represents variable consideration as it is based on a percentage of net income of the managed property, as defined in the management agreements. The management services are a single performance obligation to provide a series of distinct services over the term of the management agreement. The Company allocates and recognizes the management fee monthly as the management services are performed because there is a consistent measure throughout the contract period that reflects the value to the managed property each month. Player Rewards Program The Company has a player rewards program (the “Rewards Program”) that allows customers to earn points based on their slot play. Guests may accumulate loyalty points over time that may be redeemed at their discretion under the terms of the Rewards Program. Loyalty points may be redeemed for cash, slot play, food, beverage, rooms, entertainment and merchandise at all of the Company’s properties. When guests earn points under the Rewards Program, the Company recognizes a liability for future performance obligations. The Rewards Program point liability represents deferred gaming revenue, which is measured at the redemption value of loyalty points earned under the Rewards Program that management ultimately believes will be redeemed. The recognition of the Rewards Program point liability reduces casino revenue. When points are redeemed for cash, the point liability is reduced for the amount of cash paid out. When points are redeemed for slot play, food, beverage, rooms, entertainment and merchandise, revenues are recognized when the goods or services are provided, and such revenues are classified based on the type of goods or services provided with a corresponding reduction to the point liability. The Company’s performance obligation related to its loyalty point liability is generally completed within one year, as a guest’s loyalty point balance is forfeited after six months of inactivity for a local guest and after thirteen months for an out-of-town guest, as defined in the Rewards Program. Loyalty points are generally earned and redeemed continually over time. As a result, the loyalty point liability balance remains relatively constant. The loyalty point liability is presented within Other accrued liabilities on the Consolidated Balance Sheets. Slot Machine Jackpots The Company does not accrue base jackpots if it is not legally obligated to pay the jackpot. A jackpot liability is accrued with a related reduction in casino revenue when the Company is obligated to pay the jackpot, such as the incremental amount in excess of the base jackpot on a progressive game. Gaming Taxes The Company is assessed taxes based on gross gaming revenue, subject to applicable jurisdictional adjustments. Gaming taxes are included in Casino costs and expenses in the Consolidated Statements of Income. Gaming tax expense was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Gaming tax expense $ 86,034 $ 84,544 $ 84,277 Share-based Compensation The Company measures its share-based compensation cost at the grant date based on the fair value of the award, and recognizes the cost over the requisite service period. The fair value of stock options is estimated at the grant date using the Black-Scholes option pricing model. The fair value of restricted stock is based on the closing share price of the Company’s stock on the grant date. The Company uses the straight-line method to recognize compensation cost for share-based awards with graded service-based vesting, and cumulative compensation cost recognized to date at least equals the grant-date fair value of the vested portion of the awards. Forfeitures are accounted for as they occur. Advertising The Company expenses advertising costs the first time the advertising takes place. Advertising expense is primarily included in selling, general and administrative expense in the Consolidated Statements of Income. Advertising expense was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Advertising expense $ 10,319 $ 11,305 $ 14,278 Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco. Station Holdco operates as a partnership for federal, state and local tax reporting and holds 100% of the economic interests in Station LLC. The members of Station Holdco are liable for any income taxes resulting from income allocated to them by Station Holdco as a pass-through entity. The Company recognizes deferred tax assets and liabilities based on the differences between the book value of assets and liabilities for financial reporting purposes and those amounts applicable for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company classifies all deferred tax assets and liabilities as noncurrent. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period in which the enactment date occurs. Deferred tax assets represent future tax deductions or credits. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. Each reporting period, the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (amounts in thousands): December 31, 2023 2022 Land $ 203,317 $ 203,256 Buildings and improvements 2,956,328 2,182,922 Furniture, fixtures and equipment 827,307 598,667 Construction in progress 73,336 379,156 4,060,288 3,364,001 Accumulated depreciation (1,288,470) (1,168,984) Property and equipment, net $ 2,771,818 $ 2,195,017 Depreciation expense was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Depreciation expense $ 130,957 $ 126,766 $ 155,966 At December 31, 2023 and 2022, substantially all of the Company’s property and equipment was pledged as collateral for its long-term debt. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill, net of accumulated impairment losses of $1.2 million, was $195.7 million at December 31, 2023 and 2022. The Company’s goodwill is primarily related to the Las Vegas operations segment. The Company’s intangibles, other than goodwill, consisted of the following (amounts in thousands): December 31, 2023 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 76,200 $ — $ 76,200 License rights Indefinite 300 — 300 Customer relationships 15 22,100 (18,474) 3,626 Management contracts 7 - 20 4,000 (1,320) 2,680 Intangible assets $ 102,600 $ (19,794) $ 82,806 December 31, 2022 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 76,200 $ — $ 76,200 License rights Indefinite 300 — 300 Customer relationships 15 22,100 (17,000) 5,100 Management contracts 7 - 20 4,000 (1,215) 2,785 Intangible assets $ 102,600 $ (18,215) $ 84,385 Amortization expense for intangibles was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Amortization expense $ 1,579 $ 1,602 $ 1,825 Estimated annual amortization expense for intangibles for each of the next five years is as follows (amounts in thousands): Years Ending December 31, 2024 $ 1,579 2025 1,579 2026 785 2027 105 2028 105 |
Native American Development
Native American Development | 12 Months Ended |
Dec. 31, 2023 | |
Development Disclosure [Abstract] | |
Native American Development | Native American Development The Company, the North Fork Rancheria of Mono Indians (the “Mono”), a federally recognized Native American tribe located near Fresno, California and the North Fork Rancheria Economic Development Authority (the “Authority”) have entered into a Third Amended and Restated Management Agreement (the “Management Agreement”) and a Third Amended and Restated Development Agreement (the “Development Agreement”), each dated as of November 7, 2023. Pursuant to the Development Agreement, the Company has assisted and will assist the Mono and the Authority in developing a gaming and entertainment facility (the “North Fork Project”) to be located in Madera County, California. Pursuant to the Management Agreement, the Company will assist the Mono and the Authority in operating the North Fork Project. The Company purchased a 305-acre parcel of land adjacent to Highway 99 north of the city of Madera (the “North Fork Site”), which was taken into trust for the benefit of the Mono by the Department of the Interior (“DOI”) in February 2013. As currently contemplated, the North Fork Project is expected to include approximately 2,000 Class III slot machines and additional Class II slot machines, approximately 40 table games and several restaurants. Future development costs of the project are expected to be between $375 million and $425 million. The following table summarizes the Company’s evaluation at December 31, 2023 of each of the critical milestones that it has identified as necessary to complete the North Fork Project. As of January 5, 2024, the date the Mono received the approval of the Management Agreement from the Chair of the National Indian Gaming Commission (“NIGC”), each of these critical milestones has substantially been resolved. The following table summarizes the Company’s evaluation at December 31, 2023 (or, in the case of approval of the Management Agreement, at January 5, 2024) of each of the critical milestones necessary to complete the North Fork Project. Federally recognized as an Indian tribe by the Bureau of Indian Affairs (“BIA”) Yes Date of recognition Federal recognition was terminated in 1966 and restored in 1983. Tribe has possession of or access to usable land upon which the project is to be built The DOI accepted approximately 305 acres of land for the project into trust for the benefit of the Mono in February 2013. Status of obtaining regulatory and governmental approvals: Tribal-state compact A compact was negotiated and signed by the Governor of California and the Mono in August 2012. The California State Assembly and Senate passed Assembly Bill 277 (“AB 277”) which ratified the Compact in May 2013 and June 2013, respectively. Opponents of the North Fork Project qualified a referendum, “Proposition 48,” for a state-wide ballot challenging the legislature’s ratification of the Compact. In November 2014, Proposition 48 failed. The State took the position that the failure of Proposition 48 nullified the ratification of the Compact and, therefore, the Compact did not take effect under California law. In March 2015, the Mono filed suit against the State to obtain a compact with the State or procedures from the Secretary of the Interior under which Class III gaming may be conducted on the North Fork Site. In July 2016, the DOI issued Secretarial procedures (the “Secretarial Procedures”) pursuant to which the Mono may conduct Class III gaming on the North Fork Site. Approval of gaming compact by DOI The Compact was submitted to the DOI in July 2013. In October 2013, notice of the Compact taking effect was published in the Federal Register. The Secretarial Procedures supersede and replace the Compact. Record of decision regarding environmental impact published by BIA In November 2012, the record of decision for the Environmental Impact Statement for the North Fork Project was issued by the BIA. In December 2012, the Notice of Intent to take land into trust was published in the Federal Register. BIA accepting usable land into trust on behalf of the tribe The North Fork Site was accepted into trust in February 2013. Approval of management agreement by NIGC In December 2015, the Mono submitted a Second Amended and Restated Management Agreement, and certain related documents, to the NIGC. In July 2016, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Second Amended and Restated Management Agreement. In March 2018, the Mono submitted the Management Agreement and certain related documents to the NIGC. In June 2018, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Management Agreement. In April 2021, the Mono received an issues letter from the NIGC identifying issues to be addressed prior to approval of the Management Agreement. In September 2022, the Mono received an additional issues letter from the NIGC identifying remaining issues to be addressed prior to approval of the Management Agreement. Following dialogue with the NIGC, the Mono submitted executed North Fork Project agreements to the NIGC in November, 2023. On January 5, 2024, the Chairman of the NIGC approved the Management Agreement. Gaming licenses: Type The North Fork Project will include the operation of Class II and Class III gaming, which are allowed pursuant to the terms of the Secretarial Procedures and the provisions of the Indian Gaming Regulatory Act (“IGRA”), following approval of the Management Agreement by the NIGC. Number of gaming devices allowed The Secretarial Procedures allow for the operation of a maximum of 2,000 Class III slot machines at the facility during the first two years of operation and thereafter up to 2,500 Class III slot machines. There is no limit on the number of Class II gaming devices that the Mono can offer. Agreements with local authorities The Mono has entered into memoranda of understanding with the City of Madera, the County of Madera and the Madera Irrigation District under which the Mono agreed to pay one-time and recurring mitigation contributions, subject to certain contingencies. The memoranda of understanding have all been amended to restructure the timing of certain payments due to delays in the development of the North Fork Project. In addition to the critical milestones, there is a remaining unresolved legal matter related to the North Fork Project. In March 2016, Picayune Rancheria of Chukchansi Indians (“Picayune”) filed a complaint for declaratory relief and petition for writ of mandate in California Superior Court for the County of Madera against Governor Edmund G. Brown, Jr., alleging that the referendum that invalidated the Compact also invalidated Governor Brown’s concurrence with the Secretary of the Interior’s determination that gaming on the North Fork Site would be in the best interest of the Mono and not detrimental to the surrounding community. The complaint seeks to vacate and set aside the Governor’s concurrence and was stayed from December 2016 to September 2021, when the Supreme Court of California denied the Mono’s and the State of California’s petition for review in Stand Up for California! v. Brown. As a result of the denial, litigation of this matter has resumed and a first amended complaint was filed by Picayune in December 2022. Each of the State of California and the Mono filed demurrers challenging the first amended complaint; in July 2023, the State of California’s demurrer was granted and the Mono’s demurrer was denied. The Mono has answered the first amended complaint and each of the Mono and Picayune have filed motions for summary judgment, which motions are fully briefed. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (amounts in thousands): December 31, 2023 2022 Contract and customer-related liabilities: Unpaid wagers, outstanding chips and other customer-related liabilities $ 23,361 $ 20,508 Advance deposits and future wagers 20,195 18,346 Rewards Program liability 11,192 11,620 Other accrued liabilities: Construction payables and equipment purchase accruals 118,316 94,291 Accrued payroll and related 42,048 36,607 Accrued gaming and related 29,497 22,513 Operating lease liabilities, current portion 6,137 4,800 Other 29,747 26,033 $ 280,493 $ 234,718 Construction payables and equipment purchase accruals at December 31, 2023 and 2022 included $100.2 million and $67.3 million, respectively, related to the development of Durango. Contract Balances Customer contract liabilities related to future performance obligations consist of the Rewards Program liability, advance deposits on goods or services yet to be provided and wagers for future sporting events. Advance deposits and wagers for future sporting events represent cash payments received from guests that are typically recognized in revenues within one year from the date received. The Company also has other customer-related liabilities that primarily include unpaid wagers and outstanding chips. Unpaid wagers include unredeemed gaming tickets that are exchanged for cash, and outstanding chips represent amounts owed to guests in exchange for gaming chips in their possession that may be redeemed for cash or recognized as revenue. Fluctuations in contract liabilities and other customer-related liabilities are typically a result of normal operating activities. The Company had no material contract assets at December 31, 2023 and 2022, respectively. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (amounts in thousands): December 31, 2023 2022 Term Loan B Facility due February 7, 2027, interest at a margin above SOFR or base rate (7.71%) at December 31, 2023, interest at a margin above LIBOR or base rate (6.64%) at December 31, 2022, net of unamortized discount and deferred issuance costs of $15.9 million and $20.4 million at December 31, 2023 and 2022, respectively $ 1,442,054 $ 1,452,926 Term Loan A Facility due February 7, 2025, interest at a margin above SOFR or base rate (6.96%) at December 31, 2023, interest at a margin above LIBOR or base rate (5.89%) at December 31, 2022, net of unamortized discount and deferred issuance costs of $0.6 million and $1.1 million at December 31, 2023 and 2022, respectively 152,955 161,898 Revolving Credit Facility due February 7, 2025, interest at a margin above SOFR or base rate (6.96%) at December 31, 2023 and interest at a margin above LIBOR or base rate (5.89%) at December 31, 2022 512,000 149,500 4.625% Senior Notes due December 1, 2031, net of unamortized deferred issuance costs of $4.9 million and $5.5 million at December 31, 2023 and 2022, respectively 495,006 494,499 4.50% Senior Notes due February 15, 2028, net of unamortized discount and deferred issuance costs of $4.7 million and $5.6 million at December 31, 2023 and 2022, respectively 686,129 685,126 Other long-term debt, weighted-average interest of 3.88% at December 31, 2023 and 2022, respectively, net of unamortized discount and deferred issuance costs of $0.1 million and $0.2 million at December 31, 2023 and 2022, respectively 39,618 40,827 Total long-term debt 3,327,762 2,984,776 Current portion of long-term debt (26,104) (26,059) Long-term debt, net $ 3,301,658 $ 2,958,717 Credit Facility Station LLC’s credit facility consists of the Term Loan B Facility, the Term Loan A Facility and the Revolving Credit Facility (collectively, the “Credit Facility”). On June 6, 2023, the Company entered into the Seventh Amendment to the Credit Agreement for its Credit Facility to replace customary LIBOR language, including, but not limited to, the use of rates based on Term SOFR (“SOFR”). Effective July 1, 2023, the Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either SOFR plus 2.25% or base rate plus 1.25% and the Term Loan A Facility and Revolving Credit Facility bear interest at a rate per annum, at Station LLC’s option, equal to either SOFR plus an amount ranging from 1.50% to 1.75% or base rate plus an amount ranging from 0.50% to 0.75%, depending on Station LLC’s consolidated total leverage ratio. No other material terms of the Credit Facility were amended. Prior to the amendment of the Credit Facility described above, the Term Loan B Facility bore interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus 2.25% or base rate plus 1.25%, and the Term Loan A Facility and Revolving Credit Facility bore interest at a rate per annum, at Station LLC’s option, equal to either LIBOR plus an amount ranging from 1.50% to 1.75% or base rate plus an amount ranging from 0.50% to 0.75%, depending on whether Station LLC’s consolidated total leverage ratio exceeds 4.00 to 1.00. Station LLC is required to make quarterly principal payments of $3.8 million on the Term Loan B Facility and $2.4 million on the Term Loan A Facility on the last day of each quarter, unless otherwise reduced by prepayments. Station LLC also is required to make mandatory payments of amounts outstanding under the Credit Facility with the proceeds of certain casualty events, debt issuances, asset sales and equity issuances and, depending on its consolidated total leverage ratio, Station LLC is required to apply a portion of its excess cash flow to repay amounts outstanding under the Term Loan B Facility, which would reduce future quarterly principal payments. The Company is not required to make an excess cash flow payment for 2023. Borrowings under the Credit Facility are guaranteed by all of Station LLC’s existing and future material restricted subsidiaries and are secured by pledges of all of the equity interests in Station LLC and its material restricted subsidiaries, a security interest in substantially all of the personal property of Station LLC and the subsidiary guarantors, and mortgages on the real property and improvements owned or leased by certain of Station LLC’s subsidiaries. The Credit Facility contains a number of customary covenants that, among other things, restrict, subject to certain exceptions, the ability of Station LLC and the subsidiary guarantors to incur debt; create a lien on collateral; engage in mergers, consolidations or asset dispositions; pay distributions; make investments, loans or advances; engage in certain transactions with affiliates or subsidiaries; or modify their lines of business. The Credit Facility also includes certain financial ratio covenants that Station LLC is required to maintain throughout the term of the Credit Facility and measure as of the end of each quarter. At December 31, 2023, these financial ratio covenants included an interest coverage ratio of not less than 2.50 to 1.00 and a maximum consolidated total leverage ratio of 5.25 to 1.00. A breach of the financial ratio covenants shall only become an event of default under the Term Loan B Facility if the lenders within the Term Loan A Facility and the Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants. Management believes the Company was in compliance with all applicable covenants at December 31, 2023. At December 31, 2023, Station LLC’s borrowing availability under its Revolving Credit Facility, subject to continued compliance with the terms of the Credit Facility, was $479.3 million, which was net of $512.0 million in outstanding borrowings and $39.8 million in outstanding letters of credit and similar obligations. In February 2025, the Revolving Credit Facility and Term Loan A with outstanding balances as of December 31, 2023 of $512.0 million and $153.6 million, respectively, will become due. The Company is currently in discussions with its lenders and believes it is probable that these obligations will be refinanced on a long-term basis in 2024. 4.625% Senior Notes In November 2021, Station LLC issued $500.0 million in aggregate principal amount of 4.625% Senior Notes due 2031, pursuant to an indenture dated as of November 26, 2021, among Station LLC, the guarantors party thereto and Computershare Trust Company, National Association, as Trustee. The net proceeds of the sale of the 4.625% Senior Notes were used, together with borrowings under the Revolving Credit Facility, to (i) make a distribution of approximately $344 million to holders of LLC Units, including the Company, (ii) pay the purchase price for shares of Class A common stock tendered in the equity tender offer described in Note 9, (iii) pay fees and costs associated with such transactions and (iv) for general corporate purposes. Interest on the 4.625% Senior Notes is paid every six months in arrears on June 1 and December 1, which commenced on June 1, 2022. The 4.625% Senior Notes and the guarantees of such notes by certain of Station LLC’s subsidiaries are general senior unsecured obligations. On or after June 1, 2031 (the date that is six months prior to the maturity date of the notes), Station LLC may redeem all or a portion of the 4.625% Senior Notes at a redemption price equal to 100.00% of the principal amount redeemed, plus accrued and unpaid interest, if any, to the redemption date. The indenture governing the 4.625% Notes requires Station LLC to offer to purchase the 4.625% Notes at a purchase price in cash equal to 101.00% of the aggregate principal amount outstanding plus accrued and unpaid interest thereon if Station LLC experiences certain change of control events (as defined in the indenture). The indenture also requires Station LLC to make an offer to repurchase the 4.625% Notes at a purchase price equal to 100.00% of the principal amount of the purchased notes if it has excess net proceeds (as defined in the indenture) from certain asset sales. The indenture governing the 4.625% Notes contains a number of customary covenants that, among other things and subject to certain exceptions, restrict the ability of Station LLC and its restricted subsidiaries to incur or guarantee additional indebtedness; issue disqualified stock or create subordinated indebtedness that is not subordinated to the 4.625% Notes; create liens; engage in mergers, consolidations or asset dispositions; enter into certain transactions with affiliates; engage in lines of business other than its core business and related businesses; or make investments or pay distributions (other than customary tax distributions). These covenants are subject to a number of exceptions and qualifications as set forth in the indenture. The indenture governing the 4.625% Notes also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such 4.625% Notes to be declared due and payable. 4.50% Senior Notes In February 2020, Station LLC issued $750.0 million in aggregate principal amount of 4.50% Senior Notes due 2028 pursuant to an indenture dated as of February 7, 2020, among Station LLC, the guarantors party thereto and Wells Fargo Bank, National Association, as Trustee. The net proceeds of the sale of the 4.50% Senior Notes were used (i) to repay a portion of the amounts outstanding under the Credit Facility, (ii) to pay fees and costs associated with the offering and (iii) for general corporate purposes. Interest on the 4.50% Senior Notes is paid every six months in arrears on February 15 and August 15, commencing on August 15, 2020. The 4.50% Senior Notes and the guarantees of such notes by certain of Station LLC’s subsidiaries are general senior unsecured obligations. On or after February 15, 2023, Station LLC may redeem all or a portion of the 4.50% Senior Notes at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest to the applicable redemption date: Years Beginning February 15, Percentage 2023 102.250 % 2024 101.125 % 2025 and thereafter 100.000 % The indenture governing the 4.50% Senior Notes requires Station LLC to offer to purchase the 4.50% Senior Notes at a purchase price in cash equal to 101.00% of the aggregate principal amount outstanding plus accrued and unpaid interest thereon if Station LLC experiences certain change of control events (as defined in the indenture). The indenture also requires Station LLC to make an offer to repurchase the 4.50% Senior Notes at a purchase price equal to 100.00% of the principal amount of the purchased notes if it has excess net proceeds (as defined in the indenture) from certain asset sales. The indenture governing the 4.50% Senior Notes contains a number of customary covenants that, among other things and subject to certain exceptions, restrict the ability of Station LLC and its restricted subsidiaries to incur or guarantee additional indebtedness; issue disqualified stock or create subordinated indebtedness that is not subordinated to the 4.50% Senior Notes; create liens; engage in mergers, consolidations or asset dispositions; enter into certain transactions with affiliates; engage in lines of business other than its core business and related businesses; or make investments or pay distributions (other than customary tax distributions). These covenants are subject to a number of exceptions and qualifications as set forth in the indenture. The indenture governing the 4.50% Senior Notes also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on such 4.50% Senior Notes to be declared due and payable. Other Long-term Debt Other long-term debt primarily represents a term loan agreement, which matures in December 2025. The term loan is secured by the Company’s corporate office building and is not guaranteed by Station LLC or its restricted subsidiaries under the Credit Facility. Principal Maturities As of December 31, 2023, scheduled principal maturities of Station LLC’s long-term debt for each of the next five years and thereafter were as follows (amounts in thousands): Years Ending December 31, 2024 $ 26,104 2025 708,616 2026 15,440 2027 1,412,068 2028 690,905 Thereafter 500,895 3,354,028 Debt discounts and issuance costs (26,266) $ 3,327,762 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company has two classes of common stock. The Company’s Certificate of Incorporation authorizes 500,000,000 shares of Class A common stock, par value $0.01 per share and 100,000,000 shares of Class B common stock, par value $0.00001 per share. The Certificate of Incorporation also authorizes up to 100,000,000 shares of preferred stock, par value of $0.01 per share, none of which have been issued. The holders of the Company’s Class A common stock hold 100% of the economic interests in the Company. Class A Common Stock Voting Rights The holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. Holders of shares of the Company’s Class A common stock and Class B common stock vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval, except as otherwise required by applicable law or the Certificate of Incorporation. Dividend Rights Subject to preferences that may be applicable to any outstanding preferred stock, the holders of Class A common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally available therefor. The declaration, amount and payment of any future dividends on shares of Class A common stock will be at the sole discretion of the board of directors and it may increase, reduce or discontinue entirely the payment of such dividends at any time. The board of directors may take into account general economic and business conditions, the Company’s financial condition and operating results, its available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and implications on the payment of dividends to stockholders or the payment of distributions by subsidiaries (including Station Holdco) to the Company, and such other factors as the board of directors may deem relevant. Red Rock is a holding company. Other than a note receivable from Station LLC and assets and liabilities related to income taxes and the tax receivable agreement, its only material assets are its equity interest in Station Holdco and its voting interest in Station LLC. Red Rock has no operations outside of its management of Station LLC. The Company intends to cause Station Holdco to make distributions in an amount sufficient to cover cash dividends declared, if any. If Station Holdco makes such distributions to Red Rock, the other holders of LLC Units will be entitled to receive proportionate distributions based on their percentage ownership of Station Holdco. The existing debt agreements of Station LLC, including those governing the Credit Facility, contain restrictive covenants that limit its ability to make cash distributions. Because the only asset of Station Holdco is its interest in Station LLC, the limitations on such distributions will effectively limit the ability of Station Holdco to make distributions to Red Rock, and any financing arrangements that the Company or any of its subsidiaries enter into in the future may contain similar restrictions. Station Holdco is generally prohibited under Delaware law from making a distribution to a member to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of Station Holdco (with certain exceptions) exceed the fair value of its assets. Subsidiaries of Station Holdco, including Station LLC and its subsidiaries, are generally subject to similar legal limitations on their ability to make distributions to their members or equityholders. Because the Company must pay taxes and make payments under the TRA, amounts ultimately distributed as dividends to holders of Class A common stock may be less than the amounts distributed by Station Holdco to its members on a per LLC Unit basis. During each of the years ended December 31, 2023 and 2022, the Company declared and paid quarterly cash dividends totaling $1.00 per share of Class A common stock, which included $8.5 million paid to Fertitta Family Entities during each year. On February 7, 2024, the Company announced that it would pay a dividend of $0.25 per share to Class A shareholders of record as of March 15, 2024 to be paid on March 29, 2024, of which $2.1 million is expected to be paid to Fertitta Family Entities. Prior to the payment of the dividend, Station Holdco will make a cash distribution to all LLC Unit Holders, including the Company, of $0.25 per LLC Unit, of which $11.3 million is expected to be paid to Fertitta Family Entities. Special Dividends On February 7, 2024, the Company announced that it would pay a special cash dividend of $1.00 per share of Class A common stock to shareholders of record as of February 22, 2024, to be paid on March 4, 2024. Prior to the payment of the special dividend, Station Holdco will make a cash distribution to all LLC Unit holders, including the Company, of $1.00 per unit. For the special dividend and the related distribution to LLC Unit holders, $53.9 million will be paid to Fertitta Family Entities. In November 2022, the Company declared a special cash dividend of $1.00 per share of Class A common stock to holders of record as of November 30, 2022, which was paid on December 9, 2022, and included $8.5 million paid to Fertitta Family Entities. Prior to the payment of the special dividend, Station Holdco made a cash distribution to all LLC Unit holders, including the Company, of $1.00 per unit and included $45.4 million paid to Fertitta Family Entities. In November 2021, the Company declared a special cash dividend of $3.00 per share of Class A common stock to holders of record as of November 23, 2021, which was paid on December 22, 2021, and included $25.4 million paid to Fertitta Family Entities. Prior to the payment of the special dividend, Station Holdco made a cash distribution to all LLC Unit holders, including the Company, of $3.00 per unit and included $136.2 million paid to Fertitta Family Entities. Rights upon Liquidation In the event of liquidation, dissolution or winding-up of Red Rock, whether voluntarily or involuntarily, the holders of Class A common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. Other Rights The holders of Class A common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Class A common stock. The rights, preferences and privileges of holders of Class A common stock will be subject to those of the holders of any shares of preferred stock the Company may issue in the future. Equity Repurchase Program The Company’s board of directors has authorized $600 million for repurchases of Class A common stock under the Company’s equity repurchase program through June 30, 2024. As of December 31, 2023, the Company had repurchased an aggregate of 7.2 million shares of Class A common stock pursuant to the program, and the remaining amount authorized for repurchases was $312.9 million. The Company is not obligated to repurchase any shares under this program. Subject to applicable laws and the provisions of any agreements restricting the Company’s ability to do so, repurchases may be made at the Company’s discretion from time to time through open market purchases, negotiated transactions or tender offers, depending on market conditions and other factors. The Company made no repurchases during the year ended December 31, 2023 under the program. During the year ended December 31, 2022, the Company repurchased 3.7 million shares of its Class A common stock for an aggregate purchase price of $141.5 million in open market transactions. During the year ended December 31, 2021, the Company repurchased 3.5 million shares of its Class A common stock for an aggregate purchase price of $142.8 million in open market transactions. The Class A shares were retired upon repurchase. Equity Tender Offer In December 2021, the Company purchased 6.9 million shares of its issued and outstanding Class A common stock for an aggregate purchase price of $354.6 million and a price per share of $51.50 pursuant to a “modified Dutch Auction” tender offer, and the shares were retired upon repurchase. The Class A share repurchases made under the tender offer were not a part of the Company’s publicly-announced equity repurchase program. Class B Common Stock Voting Rights The Continuing Owners of Station Holdco hold shares of Class B common stock in an amount equal to the number of LLC Units owned. Although Class B shares have no economic rights, they allow those owners of Station Holdco to exercise voting power at Red Rock, which is the sole managing member of Station Holdco. Each outstanding share of Class B common stock that is held by a holder that, together with its affiliates, owned LLC Units representing at least 30% of the outstanding LLC Units following the IPO and, at the applicable record date, maintains direct or indirect beneficial ownership of at least 10% of the outstanding shares of Class A common stock (determined on an as-exchanged basis assuming that all of the LLC Units were exchanged for Class A common stock) is entitled to ten votes and each other outstanding share of Class B common stock is entitled to one vote. The Fertitta Family Entities hold all of the Company’s issued and outstanding shares of Class B common stock that have ten votes per share. As a result, Frank J. Fertitta III and Lorenzo J. Fertitta, together with their affiliates, control any action requiring the general approval of the Company’s stockholders, including the election of the board of directors, the adoption of amendments to the Certificate of Incorporation and bylaws and the approval of any merger or sale of substantially all of the Company’s assets. Holders of LLC Units are entitled at any time to exchange LLC Units, together with an equal number of shares of Class B common stock, for shares of Class A common stock or for cash, at the Company’s election. Accordingly, as members of Station Holdco entitled to ten votes per share exchange LLC Units, the voting power afforded to them by their shares of Class B common stock will be correspondingly reduced. Exchanges of LLC Units and shares of Class B common stock for shares of Class A common stock are based on an exchange ratio. The exchange ratio is a fraction, the numerator of which is the number of shares of Class A common stock outstanding immediately prior to the applicable exchange and the denominator of which is the number of LLC Units owned by Red Rock and its subsidiaries immediately prior to the applicable exchange. The initial exchange ratio at the IPO date was one share of Class A common stock for each LLC Unit and share of Class B common stock. The exchange ratio is subject to adjustment in the event that the number of outstanding shares of Class A common stock does not equal the number of LLC Units held by Red Rock. At December 31, 2023, the exchange ratio was 0.934 shares of Class A common stock for each LLC Unit and share of Class B common stock. No shares of Class B common stock were exchanged for Class A shares for the years ended December 31, 2023 and 2022. Automatic Transfer In the event that any outstanding share of Class B common stock shall cease to be held by a holder of an LLC Unit (including a transferee of an LLC Unit), such share shall automatically be transferred to the Company and thereupon shall be retired. Dividend Rights Class B stockholders will not participate in any dividends declared by the board of directors. Rights upon Liquidation In the event of any liquidation, dissolution, or winding-up of Red Rock, whether voluntary or involuntary, the Class B stockholders will not be entitled to receive any of the Company’s assets. Other Rights The holders of Class B common stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Class B common stock. The rights, preferences and privileges of holders of Class B common stock will be subject to those of the holders of any shares of preferred stock the Company may issue in the future. Preferred Stock Subject to limitations prescribed by Delaware law and the Certificate of Incorporation, the board of directors is authorized to issue preferred stock and to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers, designations, preferences and rights of the shares. The board of directors is authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of the Company. The Company has no current plan to issue any shares of preferred stock. Net Income Attributable to Red Rock Resorts, Inc. and Transfers (to) from Noncontrolling Interests The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net income and changes in its ownership of Station Holdco (amounts in thousands): Year Ended December 31, 2023 2022 2021 Net income attributable to Red Rock Resorts, Inc. $ 176,004 $ 205,457 $ 241,850 Transfers (to) from noncontrolling interests: Exchanges of noncontrolling interests for Class A common stock — — 598 Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco (1,504) 34,526 137,259 Net transfers (to) from noncontrolling interests (1,504) 34,526 137,857 Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests $ 174,500 $ 239,983 $ 379,707 |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-based Compensation The Red Rock Resorts, Inc. 2016 Amended and Restated Equity Incentive Plan (the “Equity Incentive Plan”) is designed to attract, retain and motivate employees and to align the interests of those individuals with the interests of the Company. The Equity Incentive Plan was approved by the Company’s stockholders and is administered by the compensation committee or other designated committee of the board of directors (the “Committee”). The Equity Incentive Plan authorizes the Committee to grant share-based compensation awards, including stock options, restricted stock, performance awards, stock appreciation rights and certain other stock-based awards, to eligible participants. The Committee may designate plan participants, determine the types of awards to be granted and the number of shares covered by awards, and set the terms and conditions of awards, subject to limitations set forth in the plan. At December 31, 2023, a total of 23.7 million shares of Class A common stock were reserved for issuance under the plan, of which approximately 12.3 million shares were available to be issued. Stock Options Stock option awards issued under the plan generally vest over a requisite service period of four years and have a term of seven years from the grant date. The exercise price of stock options awarded under the plan is equal to the fair market value of the Company’s stock at the grant date. A summary of stock option activity is presented below: Shares Weighted-average exercise price Weighted-average remaining contractual life (years) Aggregate intrinsic value (amounts in thousands) Outstanding at January 1, 2023 7,364,157 $ 28.52 Granted 1,214,742 46.99 Exercised (a) (2,145,948) 23.90 Forfeited or expired (253,441) 38.47 Outstanding at December 31, 2023 6,179,510 $ 33.35 3.6 $ 123,472 Unvested instruments expected to vest 2,916,519 $ 41.32 5.3 $ 35,030 Exercisable at December 31, 2023 3,262,991 $ 26.23 2.1 $ 88,443 ___________________________________ n/m = not meaningful (a) Includes 1,355,685 options that were not converted into shares due to net share settlements to cover the aggregate exercise price and employee withholding taxes. The following information is provided for stock options awarded under the plan: Year Ended December 31, 2023 2022 2021 Weighted-average grant date fair value $ 22.31 $ 21.17 $ 14.60 Total intrinsic value of stock options exercised (amounts in thousands) $ 51,559 $ 8,682 $ 23,980 The Company estimates the grant date fair value of stock option awards using the Black-Scholes model. The weighted- average assumptions used by the Company were as follows: Year Ended December 31, 2023 2022 2021 Expected stock price volatility 62.8% 60.8% 59.1% Expected term (in years) 5.0 5.0 5.0 Risk-free interest rate 3.9% 2.1% 0.6% Expected dividend yield 2.4% 2.2% —% The Company uses the simplified method to estimate the expected term of stock option awards as it does not have sufficient historical exercise data on which to base its estimate. The expected volatility assumption is estimated based on the Company’s historical stock price volatility for a period equal to the expected term of the award. The risk-free interest rate is based on the U.S. Treasury yield in effect at the date of grant for a period equal to the award’s expected term. The expected dividend yield is based on the Company’s current annualized dividend as of the grant date and its average daily stock price for the year preceding the option grant. At December 31, 2023, unrecognized share-based compensation cost related to stock options was $36.9 million which is expected to be recognized over a weighted-average period of 2.6 years. Restricted Stock Awards Restricted stock awards issued under the plan generally vest over requisite service periods of two Shares Weighted-average grant date fair value Nonvested at January 1, 2023 449,151 $ 37.51 Granted 131,969 46.96 Vested (119,400) 29.33 Forfeited (39,036) 41.53 Nonvested at December 31, 2023 422,684 $ 42.39 The following information is provided for restricted stock awarded under the plan: Year Ended December 31, 2023 2022 2021 Weighted-average grant date fair value per share $ 46.96 $ 47.32 $ 29.33 Total fair value of shares vested (amounts in thousands) $ 5,554 $ 4,387 $ 2,430 At December 31, 2023, unrecognized share-based compensation cost for restricted stock awards was $10.0 million which is expected to be recognized over a weighted-average period of 2.5 years. Share-based compensation is classified in the same financial statement line items as cash compensation. The following table presents the location of share-based compensation expense in the Consolidated Statements of Operations (amounts in thousands): Year Ended December 31, 2023 2022 2021 Operating costs and expenses: Casino $ 200 $ 163 $ 402 Food and beverage 71 (8) 30 Room 120 83 44 Selling, general and administrative 19,282 17,277 12,252 Total share-based compensation expense $ 19,673 $ 17,515 $ 12,728 |
Write-downs and Other, Net
Write-downs and Other, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Write-downs and Other Charges, Net | Write-downs and Other, Net Write-downs and other, net include various charges and gains related to non-routine transactions, such as net gains or losses on asset disposals, demolition and other costs associated with our closed properties, development expenses, preopening expenses, business innovation and technology enhancements, contract termination costs and other. For the year ended December 31, 2023, write-downs and other, net was a loss of $32.0 million, comprising preopening and development expenses of $53.4 million, $10.1 million of demolition costs associated with the permanently closed properties, $4.0 million in business innovation projects, and other, partially offset by net gains on land sales of $38.6 million. For the year ended December 31, 2022, write-downs and other, net was a gain of $47.7 million, comprising net gains on capital asset transactions of $79.0 million (including land sales of $76.3 million), partially offset by preopening expense of $3.7 million for Durango, $9.3 million of demolition costs associated with the permanently closed properties, $9.2 million in business innovation development, $6.7 million in artist performance agreement termination costs associated with Palms, and other. For the year ended December 31, 2021, write-downs and other, net was a gain of $18.7 million, primarily representing gains on land sales. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco based upon Red Rock’s economic interest held in Station Holdco. Station Holdco is treated as a pass-through partnership for income tax reporting purposes. Station Holdco’s members, including the Company, are liable for federal, state and local income taxes based on their share of Station Holdco’s pass-through taxable income. Income Tax Expense (Benefit) The components of income tax expense (benefit) were as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Current income taxes: Federal $ 7,095 $ 32,581 $ 4,874 State and local — — — Total current income taxes 7,095 32,581 4,874 Deferred income taxes: Federal 35,888 11,970 (74,161) State and local 1 (21) — Total deferred income taxes 35,889 11,949 (74,161) Total income tax expense (benefit) $ 42,984 $ 44,530 $ (69,287) A reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Expected U.S. federal income taxes at statutory rate $ 79,960 $ 91,326 $ 59,964 Income attributable to noncontrolling interests (33,972) (38,828) (23,726) Change in valuation allowance (322) (3,077) (105,676) Other (2,682) (4,891) 151 Income tax expense (benefit) $ 42,984 $ 44,530 $ (69,287) The Company’s effective tax rate was 11.3%, 10.2% and (24.3)% for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to income attributable to noncontrolling interests, for which the Company generally does not record income taxes. Additionally, the effective tax rate is impacted by the change in valuation allowance at each reporting period. The components of deferred tax assets are as follows (amounts in thousands): December 31, 2023 2022 Deferred tax assets: Interest expense carryforwards and other attributes $ 16,195 $ 22 Investment in partnership 22,547 71,461 Payable pursuant to tax receivable agreement 4,639 6,004 Total gross deferred tax assets 43,381 77,487 Valuation allowance — (1,746) Total deferred tax assets, net of valuation allowance $ 43,381 $ 75,741 As a result of the Company’s IPO in 2016 and certain reorganization transactions, the Company recorded a net deferred tax asset resulting from the outside basis difference of its interest in Station Holdco. The Company also recorded a deferred tax asset for its liability related to payments to be made pursuant to the TRA representing 85% of the tax savings the Company expects to realize from the amortization deductions associated with the step up in the basis of depreciable assets under Section 743 of the Internal Revenue Code. In addition, the Company has recorded deferred tax assets related to tax attributes including net operating losses, interest limitations and capital losses. As of December 31, 2023, the Company had no material net operating loss carryforwards. As of December 31, 2023, the Company had $72.3 million of federal U.S. interest limitation carryforwards, which can be carried forward indefinitely. As of December 31, 2023, the Company had $4.6 million of federal U.S. capital loss carryforwards, which begin to expire in 2026. The Company considers both positive and negative evidence when measuring the need for a valuation allowance. A valuation allowance is not required to the extent that, in management’s judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not (a likelihood of more than 50%) that the Company’s deferred tax assets will be realized. Historically, the Company has recorded a valuation allowance on the portion of the deferred tax asset for its investment in Station Holdco that would not be realized unless the Company disposes of its investment in Station Holdco. As of each reporting date, the Company considers new evidence that could impact the assessment of the future realizability of the Company’s deferred tax assets. The Company had no valuation allowance recorded against deferred tax assets at December 31, 2023. At December 31, 2022 the Company recorded a valuation allowance of $1.7 million against the Company’s deferred tax assets related to the portion of the Company’s investment in Station Holdco that is not expected to be realized. Uncertain Tax Positions The Company recorded $1.8 million of unrecognized tax benefits as of December 31, 2023 and December 31, 2022. Included in the balance of unrecognized tax benefits as of December 31, 2023 and December 31, 2022 are tax benefits of $1.8 million that, if recognized, would affect the effective tax rate. The Company recorded interest of $0.1 million for the year ended December 31, 2023. The Company did not record interest or penalties for unrecognized tax benefits for prior periods, as any recognition would have resulted in a reduction of its net operating loss or other tax attributes and would not have resulted in the underpayment of tax. The Company recognizes interest and penalties related to income taxes within the provision for income taxes. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. The Company files annual income tax returns for Red Rock and Station Holdco in the U.S. federal jurisdiction and California. The Internal Revenue Service (“IRS”) has concluded its examination of Red Rock for the 2016 tax year. Station Holdco has also concluded examination for the 2016 tax year and is currently in appeals with the IRS for the 2017 tax year. The Company regularly assesses the likelihood of adverse outcomes resulting from any examinations to determine the adequacy of the Company’s provision for income taxes. The results of the 2016 and 2017 agreed audit adjustments were reflected as a reduction in carryforward net operating losses during the year ended December 31, 2021. The IRS has also issued a Notice of Proposed Adjustment under the 2017 tax year examination. The Company is appealing this proposed adjustment relating to land lease expense in 2017. There are no other ongoing income tax audits as of December 31, 2023. For federal income tax purposes, the years 2020, 2021 and 2022 are subject to examination as the normal three-year statute of limitations would expire three years after the actual filing date of the returns. The Company had the following activity for unrecognized tax benefits (amounts in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 1,798 $ 2,249 $ 1,237 Tax positions related to current year additions — — 1,012 Adjustments for tax positions of prior years — (451) — Balance at end of year $ 1,798 $ 1,798 $ 2,249 Tax Receivable Agreement Pursuant to the election under Section 754 of the Internal Revenue Code, the Company continues to expect to obtain an increase in its share of the tax basis in the net assets of Station Holdco when LLC Units are exchanged by Station Holdco’s noncontrolling interest holders and other qualifying transactions. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The Company expects to realize these tax benefits based on current projections of taxable income. For the years ended December 31, 2023 and 2022, there were no exchanges of LLC Units and Class B common shares for Class A common stock. For the year ended December 31, 2021, exchanges of LLC Units and Class B common shares for Class A common stock resulted in an increase of $0.6 million in amounts payable under the TRA liability. At December 31, 2023 and 2022, the Company’s liability under the TRA with respect to previously consummated transactions was $22.1 million and $28.6 million, respectively, which is due primarily to current and former executives of the Company or members of their respective family group. Of these amounts, $6.0 million is payable to Fertitta Family Entities. Future payments to the pre-IPO owners in respect of any subsequent exchanges of LLC Units and Class B common shares for Class A common stock would be in addition to these amounts and are expected to be substantial. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 401(k) Plan The Company has a defined contribution 401(k) plan that covers all employees who meet certain age and length of service requirements and allows an employer contribution of up to 50% of the first 4% of each participating employee’s compensation contributed to the plan. Participants may elect to defer pretax compensation through payroll deductions, which are regulated under Section 401(k) of the Internal Revenue Code, and may also make after-tax contributions. Effective January 1, 2020, the plan was amended to include a discretionary employer contribution for all employees who meet certain eligibility requirements, including a maximum annual salary threshold. Employer matching and discretionary contribution expense was $8.8 million, $9.0 million and $8.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, which included discretionary contributions of $5.2 million, $5.6 million and $5.3 million for the years ended December 31, 2023, 2022 and 2021 respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic earnings or loss per share is calculated by dividing net income or loss attributable to Red Rock by the weighted-average number of shares of Class A common stock outstanding during the period. The calculation of diluted earnings or loss per share gives effect to all potentially dilutive shares, including shares issuable pursuant to outstanding stock options and nonvested restricted shares of Class A common stock, based on the application of the treasury stock method, and outstanding Class B common stock that is exchangeable, along with an equal number of LLC Units, for Class A common stock, based on the application of the if-converted method. A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share is presented below (amounts in thousands): Year Ended December 31, 2023 2022 2021 Net income, basic $ 337,776 $ 390,352 $ 354,830 Less: net income attributable to noncontrolling interests, basic (161,772) (184,895) (112,980) Net income attributable to Red Rock, basic 176,004 205,457 $ 241,850 Effect of dilutive securities 127,800 146,067 89,252 Net income attributable to Red Rock, diluted $ 303,804 $ 351,524 $ 331,102 Year Ended December 31, 2023 2022 2021 Weighted-average shares of Class A common stock outstanding, basic 57,875 58,976 69,071 Effect of dilutive securities 45,342 45,687 47,381 Weighted-average shares of Class A common stock outstanding, diluted 103,217 104,663 116,452 The calculation of diluted earnings per share of Class A common stock excluded the following shares that could potentially dilute basic earnings per share in the future because their inclusion would have been antidilutive (amounts in thousands): As of December 31, 2023 2022 2021 Shares issuable upon exercise of stock options 2,257 1,208 43 Shares issuable upon vesting of restricted stock 149 104 5 Shares of Class B common stock are not entitled to share in the earnings of the Company and are not participating securities. Accordingly, separate presentation of earnings per share of Class B common stock under the two-class method has not been presented. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases Lessee The components of lease expense were as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Operating lease cost $ 7,375 $ 4,633 $ 5,159 Short-term lease cost 669 1,018 917 Variable lease cost 21,383 21,317 24,153 Total lease expense $ 29,427 $ 26,968 $ 30,229 Supplemental balance sheet information related to leases under which the Company is the lessee was as follows (amounts in thousands): December 31, 2023 2022 Operating lease right-of-use assets $ 30,464 $ 30,800 Operating lease liabilities: Current portion $ 6,137 $ 4,800 Noncurrent portion 29,418 29,662 Total operating lease liabilities $ 35,555 $ 34,462 Weighted-average remaining lease term - operating leases (years) 17.6 17.7 Weighted-average discount rate - operating leases 5.34 % 5.20 % Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,886 $ 3,922 $ 4,602 Right-of use assets obtained in exchange for new lease liabilities: Operating leases $ 2,522 $ 13,002 $ 15,106 Future minimum lease payments required under operating leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2023 are as follows (amounts in thousands): Year Ending December 31, 2024 $ 7,172 2025 6,859 2026 6,024 2027 5,518 2028 3,739 Thereafter 45,918 Total future lease payments 75,230 Less imputed interest (39,675) Total operating lease liabilities $ 35,555 |
Lessor, Operating Leases | Lessor For the years ended December 31, 2023, 2022 and 2021, revenue from tenant leases was $25.3 million, $20.6 million and $16.0 million, respectively. Revenue from tenant leases is included in Other revenues in the Company’s Consolidated Statements of Income. At December 31, 2023, the Company’s tenant leases had remaining lease terms ranging from less than one Year Ending December 31, 2024 $ 9,959 2025 7,602 2026 5,818 2027 3,604 2028 2,025 Thereafter 6,604 $ 35,612 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Matters The Company and its subsidiaries are defendants in various lawsuits relating to routine matters incidental to their business. No assurance can be provided as to the outcome of any legal matters and litigation inherently involves significant risks. The Company does not believe there are any legal matters outstanding that would have a material impact on its financial condition or results of operations. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segments The Company views each of its Las Vegas casino properties and each of its Native American management arrangements as an individual operating segment. The Company aggregates all of its Las Vegas properties into one reportable segment because all of the properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing techniques, are directed by a centralized management structure and have similar economic characteristics. The Company also aggregates its Native American management arrangements into one reportable segment. The Company utilizes adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as its primary performance measure. The Company’s segment information and a reconciliation of consolidated net income to Adjusted EBITDA are presented below (amounts in thousands): Year Ended December 31, 2023 2022 2021 Net revenues Las Vegas operations: Casino $ 1,132,154 $ 1,126,058 $ 1,142,606 Food and beverage 313,619 283,067 245,432 Room 183,103 164,502 143,916 Other (a) 80,268 76,558 69,577 Management fees 807 863 907 Las Vegas operations net revenues 1,709,951 1,651,048 1,602,438 Native American management: Management fees — 2,207 8,292 Reportable segment net revenues 1,709,951 1,653,255 1,610,730 Corporate and other (a) 14,135 10,531 7,169 Net revenues $ 1,724,086 $ 1,663,786 $ 1,617,899 Net income $ 337,776 $ 390,352 $ 354,830 Adjustments Depreciation and amortization 132,536 128,368 157,791 Share-based compensation 19,673 17,515 12,728 Write-downs and other, net 31,976 (47,660) (18,677) Asset impairment — 80,018 177,664 Interest expense, net 181,023 129,889 103,206 Loss on extinguishment/modification of debt, net — — 13,492 Provision (benefit) for income tax 42,984 44,530 (69,287) Other — 866 9,244 Adjusted EBITDA (b) $ 745,968 $ 743,878 $ 740,991 Adjusted EBITDA Las Vegas operations $ 818,820 $ 812,849 $ 799,817 Native American management — 1,071 7,809 Reportable segment Adjusted EBITDA 818,820 813,920 807,626 Corporate and other (72,852) (70,042) (66,635) Adjusted EBITDA $ 745,968 $ 743,878 $ 740,991 December 31, 2023 2022 Total assets Las Vegas operations $ 3,283,134 $ 2,685,830 Native American management 47,879 43,687 Corporate and other 623,499 616,233 $ 3,954,512 $ 3,345,750 ________________________________ (a) Includes tenant lease revenue which is accounted for under the lease accounting guidance. See Note 15. (b) Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, demolition costs, preopening and development, business innovation and technology enhancements, contract termination costs and non-routine items), asset impairment, interest expense, net, loss on extinguishment/modification of debt, provision (benefit) for income tax and other, which includes losses from assets held for sale. The Company’s capital expenditures, which were primarily related to Las Vegas operations, were $699.5 million, $328.6 million and $61.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS RED ROCK RESORTS, INC. For the Years Ended December 31, 2023, 2022 and 2021 (in thousands) Balance at Beginning of Year Additions (deductions) Balance at End of Year Description Deferred income tax asset valuation allowance: 2023 $ 1,746 $ (1,746) $ — 2022 4,823 (3,077) 1,746 2021 160,470 (155,647) 4,823 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Station Holdco and Station LLC are variable interest entities (“VIEs”), of which the Company is the primary beneficiary. The Company controls and operates all of the business and affairs of Station Holdco and Station LLC and conducts all of its operations through these entities. Accordingly, the Company consolidates the financial position and results of operations of Station LLC and its consolidated subsidiaries and Station Holdco, and presents the interests in Station Holdco not owned by Red Rock within noncontrolling interest in the consolidated financial statements. Substantially all of the Company’s assets and liabilities represent the assets and liabilities of Station Holdco and Station LLC, other than assets and liabilities related to income taxes and the tax receivable agreement. Investments in all 50% or less owned affiliated companies are accounted for using the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the consolidated financial statements and notes for previous years have been reclassified to be consistent with the current year presentation. |
Income (Loss) Attribution to Noncontrolling Interest | The Company uses monthly weighted-average LLC Unit ownership to calculate the pretax income or loss and other comprehensive income or loss of Station Holdco attributable to Red Rock and the noncontrolling interest holders. Station Holdco equity attributable to Red Rock and the noncontrolling interest holders is rebalanced, as needed, to reflect LLC Unit |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements For assets and liabilities accounted for or disclosed at fair value, the Company utilizes the fair value hierarchy established by the accounting guidance for fair value measurements and disclosures to categorize the inputs to valuation techniques used to measure fair value into three levels. The three levels of inputs are as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value primarily because of the short maturities of these instruments. At December 31, 2023 and 2022, the Company had no other financial assets or liabilities measured at fair value on a recurring basis. The accounting guidance for fair value measurements and disclosures provides the option to measure certain financial assets and liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to measure any financial assets or liabilities at fair value that are not required to be measured at fair value. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Receivables, Net and Credit Risk | Receivables, Net and Credit Risk The Company’s accounts receivable primarily represent receivables from contracts with customers and consist mainly of casino, hotel, ATM, cash advance, retail, management fees and other receivables, which are typically non-interest bearing. |
Inventories | Inventories Inventories primarily represent food and beverage items and retail merchandise which are stated at the lower of cost or net realizable value. Cost is determined on a weighted-average basis. |
Property and Equipment | Property and Equipment Property and equipment is initially recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the estimated useful life of the asset or the lease term, as follows: Buildings and improvements 10 to 45 years Furniture, fixtures and equipment 3 to 10 years Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. Construction in progress is related to the construction or development of property and equipment that has not yet been placed in service for its intended use. Depreciation and amortization of property and equipment commences when the asset is placed in service. When an asset is retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and the gain or loss on disposal is recognized within Write-downs and other, net. The Company makes estimates and assumptions when accounting for capital expenditures. The Company’s depreciation expense is dependent on the assumptions made for the estimated useful lives of its assets. Useful lives are estimated by the Company based on its experience with similar assets and estimates of the usage of the asset. Whenever events or circumstances occur that change the estimated useful life of an asset, the Company accounts for the change prospectively. |
Native American Development Costs | Native American Development Costs The Company incurs certain costs associated with development and management agreements with Native American tribes that are reimbursable by such tribes. The reimbursable costs are recognized as long-term assets as incurred, and primarily include advances associated with the acquisition of land and development of the tribal gaming facility. The Company earns interest on the reimbursable advances. The repayment of the advances and the related interest may come from the proceeds of the gaming facility’s third-party financing, from cash flows from the gaming facility’s operations, or from a combination of both, and the repayment is typically subordinated to debt service obligations under the gaming facility’s third-party financing. Due to the uncertainty surrounding the timing and amount of the repayment, the Company does not recognize accrued interest on the advances until the carrying amount of the advances has been recovered and the interest is received. The Company evaluates the recoverability of its Native American development costs taking into consideration all available information. Among other things, the Company considers the status of the project, the impact of contingencies, the achievement of milestones, existing or potential litigation, and regulatory matters when evaluating the recoverability of its Native American development costs. The Company estimates the future cash flows of a Native American development project based on consideration of all positive and negative evidence about its cash flow potential including, but not limited to, the likelihood that the project will be successfully completed, the status of required approvals, and the status and timing of the construction of the project, as well as current and projected economic, political, regulatory and competitive conditions that may adversely impact the project’s operating results. At December 31, 2023 and 2022, the Company’s Native American development costs were related to development and management agreements with the North Fork Rancheria of Mono Indians. See Note 6 for additional information. |
Goodwill | Goodwill At December 31, 2023, the Company’s goodwill totaled $195.7 million, approximately 86.8% of which is associated with one of its properties. The Company tests its goodwill for impairment annually as of October 1, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and each of the Company’s operating properties is considered a separate reporting unit. When performing its goodwill impairment testing, the Company either conducts a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elects to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes in facts and circumstances, and makes a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the asset is impaired, it then performs a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit. When performing the quantitative test, the Company estimates the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on current valuation multiples of the Company and comparable publicly traded companies. The estimation of fair value involves judgment by management. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from such estimates. Cash flow estimates are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, competition, events affecting various forms of travel and access to the Company’s properties, and other factors. If the Company’s estimates of future cash flows are not met, it may have to record impairment charges in the future. |
Indefinite-Lived Intangible Assets | Indefinite-lived Intangible Assets |
Finite-Lived Intangible Assets | Finite-lived Intangible Assets The Company’s finite-lived intangibles primarily include assets related to its customer relationships and management contracts. The Company amortizes its finite-lived intangible assets over their estimated useful lives using the straight-line method. The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. The Company’s customer relationship intangible assets represent the value associated with its rated casino guests. The management contract intangible assets represent the value associated with agreements under which the Company provides, or will provide, management services to various casino properties, primarily a Native American casino project that is currently under development. The Company amortizes its management contract intangible assets over their expected useful lives beginning when the property commences operations and management fees are being earned. |
Impairment of Long-Lived Assets | Impairment of Long-lived Assets The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability is evaluated by comparing the estimated future cash flows of the asset, on an undiscounted basis, to its carrying amount. If the undiscounted estimated future cash flows exceed the carrying amount, no impairment is indicated. If the undiscounted estimated future cash flows do not exceed the carrying amount, impairment is measured based on the difference between the asset’s estimated fair value and its carrying amount. To estimate fair values, the Company typically uses a discounted cash flow model or market comparables. The Company’s long-lived asset impairment tests are performed at the reporting unit level. The estimation of undiscounted future cash flows involves judgment by management. The Company’s estimates of future cash flows expected to be generated by an asset or asset group are based on the current regulatory, political and economic climates, recent operating information and projections. Such estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, changes in consumer preferences, or events affecting various forms of travel and access to its properties. If the Company’s estimates of future cash flows are not met, it may have to record impairment charges in the future. |
Land Held for Development | Land Held for Development At December 31, 2023, the Company owned land comprising strategically-located parcels in Las Vegas and Reno, each of which is zoned for casino gaming and other uses. |
Debt Discounts and Debt Issuance Costs | Debt Discounts and Debt Issuance Costs Debt discounts and costs incurred in connection with the issuance of long-term debt are capitalized and amortized to interest expense using the effective interest method over the expected term of the related debt agreements. Costs incurred in connection with the issuance of revolving lines of credit are presented in Other assets, net on the Consolidated Balance Sheets. All other capitalized costs incurred in connection with the issuance of long-term debt are presented as a direct reduction of Long-term debt, less current portion on the Consolidated Balance Sheets. |
Derivative Instruments | Derivative Instruments |
Lessee, Leases | Leases The Company leases certain equipment, buildings, land and other assets used in its operations. The Company determines whether an arrangement is or contains a lease at inception, and determines the classification of the lease based on facts and circumstances as of the lease commencement date. For leases with an initial term greater than twelve months, the Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. For leases with an initial term of twelve months or less, the Company has elected not to recognize ROU assets or lease liabilities. The Company measures its ROU assets and lease liabilities at the lease commencement date based on the present value of lease payments over the lease term. To calculate the present value of lease payments for leases that do not contain an implicit interest rate, the Company uses its incremental borrowing rate based on information available at the lease commencement date. For leases under which the Company has options to extend or terminate the lease, such options are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company includes operating lease ROU assets within Other assets, net on its Consolidated Balance Sheets. Operating lease liabilities are included in Other accrued liabilities and Other long-term liabilities. For arrangements that contain both lease and non-lease components under which the Company is the lessee, the components are not combined for accounting purposes. The Company’s leases do not include any significant residual value guarantees, restrictions or covenants. For operating leases with fixed rental payments or variable rental payments based on an index or rate, the Company recognizes lease expense on a straight-line basis over the lease term. For operating leases with variable payments not based on an index or rate, the Company recognizes the variable lease expense in the period in which the obligation for the payment is incurred. The Company’s variable lease payments not based on an index or rate are primarily related to short-term leases for slot machines under which lease payments are based on a percentage of the revenue earned. The Company leases space within its properties to third-party tenants, primarily food and beverage outlets and movie theaters. The Company also leases space to tenants within commercial and industrial buildings located on certain land held for development. All of the Company’s tenant leases are classified as operating leases and do not contain options for the lessee to purchase the underlying real property. Revenue from tenant leases is included in Other revenues in the Company’s Consolidated Statements of Income. Lease payments from tenants at the Company’s properties typically include variable rent based on a percentage of the tenant’s net sales, and may also include a fixed base rent amount, which may increase by a rate or index over time. The Company recognizes variable rental income in the period in which the right to receive such rental income is established according to the lease agreements and base rental income on a straight-line basis over the lease term. Lease payments from the Company’s tenants at commercial and industrial buildings are typically based on a fixed rental amount, which may increase by a rate or index over time. Non-lease components within tenant lease agreements, which primarily comprise utilities, property taxes and common area maintenance charges, are included within operating lease income. |
Lessor, Leases | |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income and other comprehensive income, which includes all other non-owner changes in equity. Components of the Company’s comprehensive income are reported in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Stockholders’ Equity. The Company had no accumulated other comprehensive income (loss) at December 31, 2023 or 2022. |
Revenues | Revenues The Company’s revenue contracts with customers consist of gaming wagers, sales of food, beverage, hotel rooms and other amenities, and agreements to provide management services. Revenues are recognized when control of the promised goods or services is transferred to the guest, in an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for those goods or services, referred to as the transaction price. Other revenues also include rental income from tenants, which is recognized over the lease term, and contingent rental income, which is recognized when the right to receive such rental income is established according to the lease agreements. Revenue is recognized net of cash sales incentives and discounts and excludes sales and other taxes collected from guests on behalf of governmental authorities. The Company accounts for its gaming and non-gaming contracts on a portfolio basis. This practical expedient is applied because individual customer contracts have similar characteristics, and the Company reasonably expects the effects on the financial statements of applying its revenue recognition policy to the portfolio would not differ materially from applying its policy to the individual contracts. Casino Revenue Casino revenue includes gaming activities such as slot, table game and sports wagering. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price is reduced for consideration payable to a guest, such as cash sales incentives and the change in progressive jackpot liabilities. Gaming contracts are typically completed daily based on the outcome of the wagering transaction and include a distinct performance obligation to provide gaming activities. Guests may receive discretionary incentives for complimentary food, beverage, rooms, entertainment and merchandise to encourage additional gaming, or may earn loyalty points based on their slot play. The Company allocates the transaction price to each performance obligation in the gaming wagering contract. The amount allocated to loyalty points earned is based on an estimate of the standalone selling price of the loyalty points, which is determined by the redemption value less an estimate for points not expected to be redeemed. The amount allocated to discretionary complimentaries is the standalone selling price of the underlying goods or services, which is determined using the retail price at which those goods or services would be sold separately in similar transactions. The remaining amount of the transaction price is allocated to wagering activity using the residual approach as the standalone selling price for gaming wagers is highly variable and no set established price exists for gaming wagers. Amounts allocated to wagering are recognized as casino revenue when the result of the wager is determined, and amounts allocated to loyalty points and discretionary complimentaries are recognized as revenue when the goods or services are provided. Non-gaming Revenue Non-gaming revenue include sales of food, beverage, hotel rooms and other amenities such as retail merchandise, bowling, spa services and entertainment. The transaction price is the net amount collected from the guest and includes a distinct performance obligation to provide such goods or services. Non-gaming revenue is recognized when the goods or services are provided to the guest. Guests may also receive discretionary complimentaries that require the transaction price to be allocated to each performance obligation on a relative standalone selling price basis. Non-gaming revenue also includes the portion of the transaction price from gaming or non-gaming contracts allocated to discretionary complimentaries and the value of loyalty points redeemed for food, beverage, room and other amenities. Discretionary complimentaries are classified in the departmental revenue category fulfilling the complimentary with a corresponding reduction in the departmental revenues that provided the complimentary, which is primarily casino revenue. Included in non-gaming revenues are discretionary complimentaries and loyalty point redemptions of $171.4 million, $157.5 million and $144.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Management Fee Revenue Management fee revenue represents fees earned from the Company’s three 50%-owned smaller properties, as well as management fees earned from the Company’s previous management agreement with Graton Resort & Casino (“Graton Resort”) which it managed on behalf of the Federated Indians of Graton Rancheria through February 5, 2021. There were no management fees from Graton Resort for the year ended December 31, 2023. For the years ended December 31, 2022 and 2021, management fees from Graton Resort totaled $2.2 million and $7.8 million, respectively. The transaction price for management contracts is the management fee to which the Company is entitled for its management services. The management fee represents variable consideration as it is based on a percentage of net income of the managed property, as defined in the management agreements. The management services are a single performance obligation to provide a series of distinct services over the term of the management agreement. The Company allocates and recognizes the management fee monthly as the management services are performed because there is a consistent measure throughout the contract period that reflects the value to the managed property each month. |
Player Rewards Program | Player Rewards Program The Company has a player rewards program (the “Rewards Program”) that allows customers to earn points based on their slot play. Guests may accumulate loyalty points over time that may be redeemed at their discretion under the terms of the Rewards Program. Loyalty points may be redeemed for cash, slot play, food, beverage, rooms, entertainment and merchandise at all of the Company’s properties. When guests earn points under the Rewards Program, the Company recognizes a liability for future performance obligations. The Rewards Program point liability represents deferred gaming revenue, which is measured at the redemption value of loyalty points earned under the Rewards Program that management ultimately believes will be redeemed. The recognition of the Rewards Program point liability reduces casino revenue. When points are redeemed for cash, the point liability is reduced for the amount of cash paid out. When points are redeemed for slot play, food, beverage, rooms, entertainment and merchandise, revenues are recognized when the goods or services are provided, and such revenues are classified based on the type of goods or services provided with a corresponding reduction to the point liability. The Company’s performance obligation related to its loyalty point liability is generally completed within one year, as a guest’s loyalty point balance is forfeited after six months of inactivity for a local guest and after thirteen months for an out-of-town guest, as defined in the Rewards Program. Loyalty points are generally earned and redeemed continually over time. As a result, the loyalty point liability balance remains relatively constant. The loyalty point liability is presented within Other accrued liabilities on the Consolidated Balance Sheets. |
Slot Machine Jackpots | Slot Machine Jackpots The Company does not accrue base jackpots if it is not legally obligated to pay the jackpot. A jackpot liability is accrued with a related reduction in casino revenue when the Company is obligated to pay the jackpot, such as the incremental amount in excess of the base jackpot on a progressive game. |
Gaming Taxes | Gaming Taxes |
Share-based Compensation | Share-based Compensation The Company measures its share-based compensation cost at the grant date based on the fair value of the award, and recognizes the cost over the requisite service period. The fair value of stock options is estimated at the grant date using the Black-Scholes option pricing model. The fair value of restricted stock is based on the closing share price of the Company’s stock on the grant date. The Company uses the straight-line method to recognize compensation cost for share-based awards with graded service-based vesting, and cumulative compensation cost recognized to date at least equals the grant-date fair value of the vested portion of the awards. Forfeitures are accounted for as they occur. |
Advertising | Advertising |
Income Taxes | Income Taxes Red Rock is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it by Station Holdco. Station Holdco operates as a partnership for federal, state and local tax reporting and holds 100% of the economic interests in Station LLC. The members of Station Holdco are liable for any income taxes resulting from income allocated to them by Station Holdco as a pass-through entity. The Company recognizes deferred tax assets and liabilities based on the differences between the book value of assets and liabilities for financial reporting purposes and those amounts applicable for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company classifies all deferred tax assets and liabilities as noncurrent. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the period in which the enactment date occurs. Deferred tax assets represent future tax deductions or credits. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period. Each reporting period, the Company analyzes the likelihood that its deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. If the Company subsequently determines that there is sufficient evidence to indicate a deferred tax asset will be realized, the associated valuation allowance is reversed. On an annual basis, the Company performs a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim reporting period, the Company updates its annual analysis for significant changes in the positive and negative evidence. The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. |
Tax Receivable Agreement | Tax Receivable Agreement In connection with the IPO, the Company entered into a tax receivable agreement (“TRA”) with certain pre-IPO owners of Station Holdco. In the event that such parties exchange any or all of their LLC Units for Class A common stock, the TRA requires the Company to make payments to such parties for 85% of the tax benefits realized by the Company by such exchange. The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits. When an exchange transaction occurs, the Company initially recognizes the related TRA liability through a charge to equity, and any subsequent adjustments to the liability are recorded through the Consolidated Statements of Income. As a result of exchanges of LLC Units for Class A common stock and purchases by the Company of LLC Units from holders of such units, the Company is entitled to a proportionate share of the existing tax basis of the assets of Station Holdco at the time of such exchanges or purchases. In addition, such exchanges or purchases of LLC Units are expected to result in increases in the tax basis of the assets of Station Holdco that otherwise would not have been available. These increases in tax basis may reduce the amount of tax that the Company would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates each year, the tax rate then applicable and amortizable basis. If the Company does not generate sufficient taxable income in the aggregate over the term of the TRA to utilize the tax benefits, it would not be required to make the related TRA payments. The Company will only recognize a liability for TRA payments if management determines it is probable that it will generate sufficient future taxable income over the term of the TRA to utilize the related tax benefits. If management determines in the future that the Company will not be able to fully utilize all or part of the related tax benefits, it would derecognize the portion of the liability related to the benefits not expected to be utilized. Estimating future taxable income is inherently uncertain and requires judgment. In projecting future taxable income, the Company considers its historical results and incorporates certain assumptions, including revenue growth and operating margins, among others. The payment obligations under the TRA are Red Rock’s obligations and are not obligations of Station Holdco or Station LLC. Payments are generally due within a specified period of time following the filing of the Company’s annual tax return and interest on such payments will accrue from the original due date (without extensions) of the income tax return until the date paid. Payments not made within the required period after the filing of the income tax return generally accrue interest. The TRA will remain in effect until all such tax benefits have been utilized or expired unless the Company exercises its right to terminate the TRA. The TRA will also terminate if the Company breaches its obligations under the TRA or upon certain mergers, asset sales or other forms of business combinations, or other changes of control. If the Company exercises its right to terminate the TRA, or if the TRA is terminated early in accordance with its terms, the Company’s payment obligations would be accelerated based upon certain assumptions, including the assumption that it would have sufficient future taxable income to utilize such tax benefits, and may substantially exceed the actual benefits, if any, the Company realizes in respect of the tax attributes subject to the TRA. Additionally, the Company estimates the amount of TRA payments expected to be paid within the next twelve months and classifies this amount within current liabilities on its Consolidated Balance Sheets. This determination is based on management’s estimate of taxable income for the next fiscal year. To the extent the Company’s estimate differs from actual results, it may be required to reclassify portions of the liability under the TRA between current and non-current. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Red Rock by the weighted-average number of Class A shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Red Rock, including the impact of potentially dilutive securities, by the weighted-average number of Class A shares outstanding during the period, including the number of Class A shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include the outstanding Class B common stock, outstanding stock options and unvested restricted stock. The Company uses the “if-converted” method to determine the potentially dilutive effect of its Class B common stock, and the treasury stock method to determine the potentially dilutive effect of outstanding stock options and unvested restricted stock. |
Recently Issued and Adopted Accounting Standards | Recently Issued and Adopted Accounting Standards In March 2020 and December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) and ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, respectively. The ASUs were intended to ease the potential accounting and financial reporting burden of reference rate reform, including the expected market transition from London Interbank Offered Rate (“LIBOR”). ASU 2020-04 provides an optional expedient and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2022-06 extended the sunset date of Topic 848 to December 31, 2024 from December 31, 2022. The interest rates associated with the Company’s previous borrowings under its Credit Facility (as defined in Note 8) were tied to LIBOR. The Company adopted ASU 2020-04 upon the amendment of its Credit Facility on June 6, 2023, and effective July 1, 2023, the LIBOR rate was replaced with the Term Secured Overnight Financing Rate (“Term SOFR”) (see Note 8). The Company elected to apply the optional expedient for contract modifications to the Credit Facility amendment and accordingly, treated the interest rate replacement as a non-substantial modification. The adoption of ASU 2020-04 did not have a material impact on the Company’s financial condition or results of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The ASU is intended to improve disclosures of significant segment expenses by requiring disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”), requiring disclosure of other segment items by reportable segment, extend certain annual disclosures to interim periods, permit more than one measure of segment profit or loss to be reported under certain conditions and requiring disclosure of the CODM’s title and position and how the CODM uses reported measure(s) in assessing segment performance. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and are required to be applied retrospectively to all periods presented. Early adoption is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance and its impact to the financial statements. |
Write-downs and Other, Net (Pol
Write-downs and Other, Net (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Write-downs and Other Charges, Net | Write-downs and Other, Net Write-downs and other, net include various charges and gains related to non-routine transactions, such as net gains or losses on asset disposals, demolition and other costs associated with our closed properties, development expenses, preopening expenses, business innovation and technology enhancements, contract termination costs and other. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Noncontrolling Interest [Table Text Block] | The ownership of the LLC Units is summarized as follows: December 31, 2023 December 31, 2022 Units Ownership % Units Ownership % Red Rock 63,027,745 57.8 % 62,113,911 57.5 % Noncontrolling interest holders 45,985,804 42.2 % 45,985,804 42.5 % Total 109,013,549 100.0 % 108,099,715 100.0 % |
Schedule of Property and Equipment Useful Lives [Table Text Block] | Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the estimated useful life of the asset or the lease term, as follows: Buildings and improvements 10 to 45 years Furniture, fixtures and equipment 3 to 10 years |
Schedule of Gaming Tax Expense [Table Text Block] | Gaming tax expense was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Gaming tax expense $ 86,034 $ 84,544 $ 84,277 |
Schedule of Advertising Expense [Table Text Block] | Advertising expense was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Advertising expense $ 10,319 $ 11,305 $ 14,278 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (amounts in thousands): December 31, 2023 2022 Land $ 203,317 $ 203,256 Buildings and improvements 2,956,328 2,182,922 Furniture, fixtures and equipment 827,307 598,667 Construction in progress 73,336 379,156 4,060,288 3,364,001 Accumulated depreciation (1,288,470) (1,168,984) Property and equipment, net $ 2,771,818 $ 2,195,017 |
Schedule of Depreciation Expense | Depreciation expense was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Depreciation expense $ 130,957 $ 126,766 $ 155,966 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Abstract] | |
Schedule of Indefinite-Lived and Finite-Lived Intangible Assets [Table Text Block] | The Company’s intangibles, other than goodwill, consisted of the following (amounts in thousands): December 31, 2023 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 76,200 $ — $ 76,200 License rights Indefinite 300 — 300 Customer relationships 15 22,100 (18,474) 3,626 Management contracts 7 - 20 4,000 (1,320) 2,680 Intangible assets $ 102,600 $ (19,794) $ 82,806 December 31, 2022 Estimated useful life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Assets Brands Indefinite $ 76,200 $ — $ 76,200 License rights Indefinite 300 — 300 Customer relationships 15 22,100 (17,000) 5,100 Management contracts 7 - 20 4,000 (1,215) 2,785 Intangible assets $ 102,600 $ (18,215) $ 84,385 |
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Table Text Block] | Amortization expense for intangibles was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Amortization expense $ 1,579 $ 1,602 $ 1,825 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated annual amortization expense for intangibles for each of the next five years is as follows (amounts in thousands): Years Ending December 31, 2024 $ 1,579 2025 1,579 2026 785 2027 105 2028 105 |
Native American Development (Ta
Native American Development (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
North Fork Rancheria of Mono Indians (Mono) [Member] | |
Schedule of Development and Management Agreements | The following table summarizes the Company’s evaluation at December 31, 2023 (or, in the case of approval of the Management Agreement, at January 5, 2024) of each of the critical milestones necessary to complete the North Fork Project. Federally recognized as an Indian tribe by the Bureau of Indian Affairs (“BIA”) Yes Date of recognition Federal recognition was terminated in 1966 and restored in 1983. Tribe has possession of or access to usable land upon which the project is to be built The DOI accepted approximately 305 acres of land for the project into trust for the benefit of the Mono in February 2013. Status of obtaining regulatory and governmental approvals: Tribal-state compact A compact was negotiated and signed by the Governor of California and the Mono in August 2012. The California State Assembly and Senate passed Assembly Bill 277 (“AB 277”) which ratified the Compact in May 2013 and June 2013, respectively. Opponents of the North Fork Project qualified a referendum, “Proposition 48,” for a state-wide ballot challenging the legislature’s ratification of the Compact. In November 2014, Proposition 48 failed. The State took the position that the failure of Proposition 48 nullified the ratification of the Compact and, therefore, the Compact did not take effect under California law. In March 2015, the Mono filed suit against the State to obtain a compact with the State or procedures from the Secretary of the Interior under which Class III gaming may be conducted on the North Fork Site. In July 2016, the DOI issued Secretarial procedures (the “Secretarial Procedures”) pursuant to which the Mono may conduct Class III gaming on the North Fork Site. Approval of gaming compact by DOI The Compact was submitted to the DOI in July 2013. In October 2013, notice of the Compact taking effect was published in the Federal Register. The Secretarial Procedures supersede and replace the Compact. Record of decision regarding environmental impact published by BIA In November 2012, the record of decision for the Environmental Impact Statement for the North Fork Project was issued by the BIA. In December 2012, the Notice of Intent to take land into trust was published in the Federal Register. BIA accepting usable land into trust on behalf of the tribe The North Fork Site was accepted into trust in February 2013. Approval of management agreement by NIGC In December 2015, the Mono submitted a Second Amended and Restated Management Agreement, and certain related documents, to the NIGC. In July 2016, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Second Amended and Restated Management Agreement. In March 2018, the Mono submitted the Management Agreement and certain related documents to the NIGC. In June 2018, the Mono received a deficiency letter from the NIGC seeking additional information concerning the Management Agreement. In April 2021, the Mono received an issues letter from the NIGC identifying issues to be addressed prior to approval of the Management Agreement. In September 2022, the Mono received an additional issues letter from the NIGC identifying remaining issues to be addressed prior to approval of the Management Agreement. Following dialogue with the NIGC, the Mono submitted executed North Fork Project agreements to the NIGC in November, 2023. On January 5, 2024, the Chairman of the NIGC approved the Management Agreement. Gaming licenses: Type The North Fork Project will include the operation of Class II and Class III gaming, which are allowed pursuant to the terms of the Secretarial Procedures and the provisions of the Indian Gaming Regulatory Act (“IGRA”), following approval of the Management Agreement by the NIGC. Number of gaming devices allowed The Secretarial Procedures allow for the operation of a maximum of 2,000 Class III slot machines at the facility during the first two years of operation and thereafter up to 2,500 Class III slot machines. There is no limit on the number of Class II gaming devices that the Mono can offer. Agreements with local authorities The Mono has entered into memoranda of understanding with the City of Madera, the County of Madera and the Madera Irrigation District under which the Mono agreed to pay one-time and recurring mitigation contributions, subject to certain contingencies. The memoranda of understanding have all been amended to restructure the timing of certain payments due to delays in the development of the North Fork Project. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (amounts in thousands): December 31, 2023 2022 Contract and customer-related liabilities: Unpaid wagers, outstanding chips and other customer-related liabilities $ 23,361 $ 20,508 Advance deposits and future wagers 20,195 18,346 Rewards Program liability 11,192 11,620 Other accrued liabilities: Construction payables and equipment purchase accruals 118,316 94,291 Accrued payroll and related 42,048 36,607 Accrued gaming and related 29,497 22,513 Operating lease liabilities, current portion 6,137 4,800 Other 29,747 26,033 $ 280,493 $ 234,718 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following (amounts in thousands): December 31, 2023 2022 Term Loan B Facility due February 7, 2027, interest at a margin above SOFR or base rate (7.71%) at December 31, 2023, interest at a margin above LIBOR or base rate (6.64%) at December 31, 2022, net of unamortized discount and deferred issuance costs of $15.9 million and $20.4 million at December 31, 2023 and 2022, respectively $ 1,442,054 $ 1,452,926 Term Loan A Facility due February 7, 2025, interest at a margin above SOFR or base rate (6.96%) at December 31, 2023, interest at a margin above LIBOR or base rate (5.89%) at December 31, 2022, net of unamortized discount and deferred issuance costs of $0.6 million and $1.1 million at December 31, 2023 and 2022, respectively 152,955 161,898 Revolving Credit Facility due February 7, 2025, interest at a margin above SOFR or base rate (6.96%) at December 31, 2023 and interest at a margin above LIBOR or base rate (5.89%) at December 31, 2022 512,000 149,500 4.625% Senior Notes due December 1, 2031, net of unamortized deferred issuance costs of $4.9 million and $5.5 million at December 31, 2023 and 2022, respectively 495,006 494,499 4.50% Senior Notes due February 15, 2028, net of unamortized discount and deferred issuance costs of $4.7 million and $5.6 million at December 31, 2023 and 2022, respectively 686,129 685,126 Other long-term debt, weighted-average interest of 3.88% at December 31, 2023 and 2022, respectively, net of unamortized discount and deferred issuance costs of $0.1 million and $0.2 million at December 31, 2023 and 2022, respectively 39,618 40,827 Total long-term debt 3,327,762 2,984,776 Current portion of long-term debt (26,104) (26,059) Long-term debt, net $ 3,301,658 $ 2,958,717 |
Debt Instrument Redemption 4.50% Notes | On or after February 15, 2023, Station LLC may redeem all or a portion of the 4.50% Senior Notes at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest and additional interest to the applicable redemption date: Years Beginning February 15, Percentage 2023 102.250 % 2024 101.125 % 2025 and thereafter 100.000 % |
Schedule of Maturities of Long-term Debt | Principal Maturities As of December 31, 2023, scheduled principal maturities of Station LLC’s long-term debt for each of the next five years and thereafter were as follows (amounts in thousands): Years Ending December 31, 2024 $ 26,104 2025 708,616 2026 15,440 2027 1,412,068 2028 690,905 Thereafter 500,895 3,354,028 Debt discounts and issuance costs (26,266) $ 3,327,762 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net income and changes in its ownership of Station Holdco (amounts in thousands): Year Ended December 31, 2023 2022 2021 Net income attributable to Red Rock Resorts, Inc. $ 176,004 $ 205,457 $ 241,850 Transfers (to) from noncontrolling interests: Exchanges of noncontrolling interests for Class A common stock — — 598 Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco (1,504) 34,526 137,259 Net transfers (to) from noncontrolling interests (1,504) 34,526 137,857 Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests $ 174,500 $ 239,983 $ 379,707 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | A summary of stock option activity is presented below: Shares Weighted-average exercise price Weighted-average remaining contractual life (years) Aggregate intrinsic value (amounts in thousands) Outstanding at January 1, 2023 7,364,157 $ 28.52 Granted 1,214,742 46.99 Exercised (a) (2,145,948) 23.90 Forfeited or expired (253,441) 38.47 Outstanding at December 31, 2023 6,179,510 $ 33.35 3.6 $ 123,472 Unvested instruments expected to vest 2,916,519 $ 41.32 5.3 $ 35,030 Exercisable at December 31, 2023 3,262,991 $ 26.23 2.1 $ 88,443 ___________________________________ n/m = not meaningful (a) Includes 1,355,685 options that were not converted into shares due to net share settlements to cover the aggregate exercise price and employee withholding taxes. |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | The following information is provided for stock options awarded under the plan: Year Ended December 31, 2023 2022 2021 Weighted-average grant date fair value $ 22.31 $ 21.17 $ 14.60 Total intrinsic value of stock options exercised (amounts in thousands) $ 51,559 $ 8,682 $ 23,980 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted- average assumptions used by the Company were as follows: Year Ended December 31, 2023 2022 2021 Expected stock price volatility 62.8% 60.8% 59.1% Expected term (in years) 5.0 5.0 5.0 Risk-free interest rate 3.9% 2.1% 0.6% Expected dividend yield 2.4% 2.2% —% |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of restricted stock activity is presented below: Shares Weighted-average grant date fair value Nonvested at January 1, 2023 449,151 $ 37.51 Granted 131,969 46.96 Vested (119,400) 29.33 Forfeited (39,036) 41.53 Nonvested at December 31, 2023 422,684 $ 42.39 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | The following information is provided for restricted stock awarded under the plan: Year Ended December 31, 2023 2022 2021 Weighted-average grant date fair value per share $ 46.96 $ 47.32 $ 29.33 Total fair value of shares vested (amounts in thousands) $ 5,554 $ 4,387 $ 2,430 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | The following table presents the location of share-based compensation expense in the Consolidated Statements of Operations (amounts in thousands): Year Ended December 31, 2023 2022 2021 Operating costs and expenses: Casino $ 200 $ 163 $ 402 Food and beverage 71 (8) 30 Room 120 83 44 Selling, general and administrative 19,282 17,277 12,252 Total share-based compensation expense $ 19,673 $ 17,515 $ 12,728 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense (benefit) were as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Current income taxes: Federal $ 7,095 $ 32,581 $ 4,874 State and local — — — Total current income taxes 7,095 32,581 4,874 Deferred income taxes: Federal 35,888 11,970 (74,161) State and local 1 (21) — Total deferred income taxes 35,889 11,949 (74,161) Total income tax expense (benefit) $ 42,984 $ 44,530 $ (69,287) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 Expected U.S. federal income taxes at statutory rate $ 79,960 $ 91,326 $ 59,964 Income attributable to noncontrolling interests (33,972) (38,828) (23,726) Change in valuation allowance (322) (3,077) (105,676) Other (2,682) (4,891) 151 Income tax expense (benefit) $ 42,984 $ 44,530 $ (69,287) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets are as follows (amounts in thousands): December 31, 2023 2022 Deferred tax assets: Interest expense carryforwards and other attributes $ 16,195 $ 22 Investment in partnership 22,547 71,461 Payable pursuant to tax receivable agreement 4,639 6,004 Total gross deferred tax assets 43,381 77,487 Valuation allowance — (1,746) Total deferred tax assets, net of valuation allowance $ 43,381 $ 75,741 |
Schedule of Unrecognized Tax Benefits Roll Forward | The Company had the following activity for unrecognized tax benefits (amounts in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 1,798 $ 2,249 $ 1,237 Tax positions related to current year additions — — 1,012 Adjustments for tax positions of prior years — (451) — Balance at end of year $ 1,798 $ 1,798 $ 2,249 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share is presented below (amounts in thousands): Year Ended December 31, 2023 2022 2021 Net income, basic $ 337,776 $ 390,352 $ 354,830 Less: net income attributable to noncontrolling interests, basic (161,772) (184,895) (112,980) Net income attributable to Red Rock, basic 176,004 205,457 $ 241,850 Effect of dilutive securities 127,800 146,067 89,252 Net income attributable to Red Rock, diluted $ 303,804 $ 351,524 $ 331,102 Year Ended December 31, 2023 2022 2021 Weighted-average shares of Class A common stock outstanding, basic 57,875 58,976 69,071 Effect of dilutive securities 45,342 45,687 47,381 Weighted-average shares of Class A common stock outstanding, diluted 103,217 104,663 116,452 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The calculation of diluted earnings per share of Class A common stock excluded the following shares that could potentially dilute basic earnings per share in the future because their inclusion would have been antidilutive (amounts in thousands): As of December 31, 2023 2022 2021 Shares issuable upon exercise of stock options 2,257 1,208 43 Shares issuable upon vesting of restricted stock 149 104 5 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Expense | The components of lease expense were as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Operating lease cost $ 7,375 $ 4,633 $ 5,159 Short-term lease cost 669 1,018 917 Variable lease cost 21,383 21,317 24,153 Total lease expense $ 29,427 $ 26,968 $ 30,229 |
Lessee Disclosures | Supplemental balance sheet information related to leases under which the Company is the lessee was as follows (amounts in thousands): December 31, 2023 2022 Operating lease right-of-use assets $ 30,464 $ 30,800 Operating lease liabilities: Current portion $ 6,137 $ 4,800 Noncurrent portion 29,418 29,662 Total operating lease liabilities $ 35,555 $ 34,462 Weighted-average remaining lease term - operating leases (years) 17.6 17.7 Weighted-average discount rate - operating leases 5.34 % 5.20 % Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,886 $ 3,922 $ 4,602 Right-of use assets obtained in exchange for new lease liabilities: Operating leases $ 2,522 $ 13,002 $ 15,106 |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments required under operating leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2023 are as follows (amounts in thousands): Year Ending December 31, 2024 $ 7,172 2025 6,859 2026 6,024 2027 5,518 2028 3,739 Thereafter 45,918 Total future lease payments 75,230 Less imputed interest (39,675) Total operating lease liabilities $ 35,555 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following table presents undiscounted future minimum rentals to be received under operating leases as of December 31, 2023 (amounts in thousands): Year Ending December 31, 2024 $ 9,959 2025 7,602 2026 5,818 2027 3,604 2028 2,025 Thereafter 6,604 $ 35,612 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company’s segment information and a reconciliation of consolidated net income to Adjusted EBITDA are presented below (amounts in thousands): Year Ended December 31, 2023 2022 2021 Net revenues Las Vegas operations: Casino $ 1,132,154 $ 1,126,058 $ 1,142,606 Food and beverage 313,619 283,067 245,432 Room 183,103 164,502 143,916 Other (a) 80,268 76,558 69,577 Management fees 807 863 907 Las Vegas operations net revenues 1,709,951 1,651,048 1,602,438 Native American management: Management fees — 2,207 8,292 Reportable segment net revenues 1,709,951 1,653,255 1,610,730 Corporate and other (a) 14,135 10,531 7,169 Net revenues $ 1,724,086 $ 1,663,786 $ 1,617,899 Net income $ 337,776 $ 390,352 $ 354,830 Adjustments Depreciation and amortization 132,536 128,368 157,791 Share-based compensation 19,673 17,515 12,728 Write-downs and other, net 31,976 (47,660) (18,677) Asset impairment — 80,018 177,664 Interest expense, net 181,023 129,889 103,206 Loss on extinguishment/modification of debt, net — — 13,492 Provision (benefit) for income tax 42,984 44,530 (69,287) Other — 866 9,244 Adjusted EBITDA (b) $ 745,968 $ 743,878 $ 740,991 Adjusted EBITDA Las Vegas operations $ 818,820 $ 812,849 $ 799,817 Native American management — 1,071 7,809 Reportable segment Adjusted EBITDA 818,820 813,920 807,626 Corporate and other (72,852) (70,042) (66,635) Adjusted EBITDA $ 745,968 $ 743,878 $ 740,991 December 31, 2023 2022 Total assets Las Vegas operations $ 3,283,134 $ 2,685,830 Native American management 47,879 43,687 Corporate and other 623,499 616,233 $ 3,954,512 $ 3,345,750 ________________________________ (a) Includes tenant lease revenue which is accounted for under the lease accounting guidance. See Note 15. (b) Adjusted EBITDA includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, demolition costs, preopening and development, business innovation and technology enhancements, contract termination costs and non-routine items), asset impairment, interest expense, net, loss on extinguishment/modification of debt, provision (benefit) for income tax and other, which includes losses from assets held for sale. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
Summary of Valuation Allowance [Table Text Block] | Balance at Beginning of Year Additions (deductions) Balance at End of Year Description Deferred income tax asset valuation allowance: 2023 $ 1,746 $ (1,746) $ — 2022 4,823 (3,077) 1,746 2021 160,470 (155,647) 4,823 |
Organization and Background (De
Organization and Background (Details) - Casino_Property | Dec. 31, 2023 | Dec. 31, 2022 |
Parent ownership percentage (unconsolidated) | 50% | |
Station Holdco [Member] | Red Rock Resorts [Member] | Non-Voting Units [Member] | ||
Parent ownership percentage (consolidated) | 57.80% | 57.50% |
Station Holdco [Member] | Red Rock Resorts [Member] | Voting units | ||
Parent ownership percentage (consolidated) | 100% | |
Major Hotel Casino Properties [Member] | Wholly Owned Properties [Member] | ||
Number of casino properties | 7 | |
Smaller Casino Properties [Member] | Wholly Owned Properties [Member] | ||
Number of casino properties | 10 | |
Smaller Casino Properties [Member] | Partially Owned Properties [Member] | ||
Number of casino properties | 3 | |
Parent ownership percentage (unconsolidated) | 50% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 17, 2021 | |
Ownership percentage in joint ventures | 50% | 50% | |||||
Units outstanding (in units) | 109,013,549 | 109,013,549 | 108,099,715 | ||||
Total ownership percentage (consolidated) | 100% | 100% | 100% | ||||
Restricted cash included in Other assets, net | $ 0 | $ 0 | $ 0 | $ 31,974 | |||
Allowance for doubtful accounts | 6,800 | 6,800 | 5,100 | ||||
Land held for development | $ 451,010 | 451,010 | 449,017 | ||||
Asset impairment | 0 | 80,018 | 177,664 | ||||
Net revenues | 1,724,086 | 1,663,786 | 1,617,899 | ||||
Gaming tax expense | 86,034 | 84,544 | 84,277 | ||||
Advertising expense | $ 10,319 | 11,305 | 14,278 | ||||
Percent of realized tax benefits payable to subsidiary under the tax receivable agreement | 85% | ||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 79,000 | ||||||
Boulder Station | |||||||
goodwill property percentage | 86.80% | 86.80% | |||||
Wild Wild West | |||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 1,000 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Palms Casino Resort | |||||||
Aggregate consideration | $ 650,000 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fiesta Henderson | |||||||
Aggregate consideration | 32,000 | ||||||
Asset impairment | $ (37,900) | (17,700) | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Texas Station | |||||||
Aggregate consideration | $ 58,400 | $ 58,400 | |||||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Palms Casino Resort | |||||||
Net revenues | 18,800 | ||||||
Pretax income (loss) | (206,100) | ||||||
Complimentary Goods and Services [Member] | |||||||
Net revenues | 171,400 | 157,500 | 144,300 | ||||
Management fees | |||||||
Net revenues | $ 807 | $ 3,070 | 9,199 | ||||
Building and Building Improvements [Member] | Minimum [Member] | |||||||
Useful life | 10 years | 10 years | |||||
Building and Building Improvements [Member] | Maximum [Member] | |||||||
Useful life | 45 years | 45 years | |||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||||||
Useful life | 3 years | 3 years | |||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||||||
Useful life | 10 years | 10 years | |||||
Station Holdco [Member] | Red Rock Resorts [Member] | Non-Voting Units [Member] | |||||||
Units outstanding (in units) | 63,027,745 | 63,027,745 | 62,113,911 | ||||
Parent ownership percentage (consolidated) | 57.80% | 57.80% | 57.50% | ||||
Station Holdco [Member] | Continuing Owners [Member] | Non-Voting Units [Member] | |||||||
Units outstanding (in units) | 45,985,804 | 45,985,804 | 45,985,804 | ||||
Noncontrolling ownership percentage (consolidated) | 42.20% | 42.20% | 42.50% | ||||
Station Casinos LLC [Member] | Station Holdco [Member] | |||||||
Parent ownership percentage (consolidated) | 100% | 100% | |||||
Federated Indians of Graton Rancheria [Member] | SC Sonoma Management LLC [Member] | Management fees | |||||||
Net revenues | $ 0 | $ 2,200 | $ 7,800 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 4,060,288 | $ 3,364,001 | |
Accumulated depreciation | (1,288,470) | (1,168,984) | |
Property and equipment, net | 2,771,818 | 2,195,017 | |
Depreciation | 130,957 | 126,766 | $ 155,966 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 203,317 | 203,256 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,956,328 | 2,182,922 | |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 827,307 | 598,667 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 73,336 | $ 379,156 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Indefinite-Lived and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 195,676 | $ 195,676 |
Accumulated goodwill impairment loss | 1,200 | 1,200 |
Finite-lived intangible assets, accumulated amortization | (19,794) | (18,215) |
Intangible assets, gross (excluding goodwill) | 102,600 | 102,600 |
Intangible assets, net (excluding goodwill) | 82,806 | 84,385 |
Customer Relationships [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 22,100 | 22,100 |
Finite-lived intangible assets, accumulated amortization | (18,474) | (17,000) |
Finite-lived intangible assets, net | $ 3,626 | $ 5,100 |
Customer Relationships [Member] | Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Useful life | 15 years | 15 years |
Customer Relationships [Member] | Maximum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Useful life | 15 years | 15 years |
Management Contracts [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 4,000 | $ 4,000 |
Finite-lived intangible assets, accumulated amortization | (1,320) | (1,215) |
Finite-lived intangible assets, net | $ 2,680 | $ 2,785 |
Management Contracts [Member] | Minimum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Useful life | 7 years | 7 years |
Management Contracts [Member] | Maximum [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Useful life | 20 years | 20 years |
Brands [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets (excluding goodwill) | $ 76,200 | $ 76,200 |
License Rights [Member] | ||
Indefinite-lived and Finite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets (excluding goodwill) | $ 300 | $ 300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization Expense for Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 1,579 | $ 1,602 | $ 1,825 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,579 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,579 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 785 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 105 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 105 |
Native American Development - N
Native American Development - North Fork (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) a Table_Games gaming_device | Dec. 31, 2022 USD ($) | |
Development and Management Agreements, Native American [Line Items] | ||
Native American development costs | $ 45,879 | $ 41,687 |
North Fork Rancheria of Mono Indians (Mono) [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Area of land | a | 305 | |
Number of table games | Table_Games | 40 | |
Reimbursable advances for Native American development projects | $ 45,900 | |
Native American development costs | $ 61,000 | |
Property development fee, percent | 4% | |
Project management fee, percent | 30% | |
Management agreement, term | 7 years | |
Development agreement, term | 7 years | |
Estimated period, after construction begins, facility is completed and open for business | 18 months | |
Assets, Fair Value Adjustment | $ 15,100 | |
North Fork Rancheria of Mono Indians (Mono) [Member] | Minimum [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Number of slot machines | gaming_device | 2,000 | |
Estimated costs for Native American development projects | $ 375,000 | |
Estimated beginning of construction in months | 6 months | |
Successful project completion, percent | 75% | |
North Fork Rancheria of Mono Indians (Mono) [Member] | Maximum [Member] | ||
Development and Management Agreements, Native American [Line Items] | ||
Number of slot machines | gaming_device | 2,500 | |
Estimated costs for Native American development projects | $ 425,000 | |
Successful project completion, percent | 85% |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Advance deposits and future wagers | $ 20,195,000 | $ 18,346,000 |
Customer Loyalty Program Liability, Current | 11,192,000 | 11,620,000 |
Construction Payable, Current | 118,316,000 | 94,291,000 |
Accrued gaming and related | 29,497,000 | 22,513,000 |
Accrued payroll and related | 42,048,000 | 36,607,000 |
Operating lease liabilities, current portion | 6,137,000 | 4,800,000 |
Other | 29,747,000 | 26,033,000 |
Other accrued liabilities, total | 280,493,000 | 234,718,000 |
Contract assets | 0 | 0 |
Unpaid wagers, outstanding chips and other customer-related liabilities [Line Items] | $ 23,361,000 | $ 20,508,000 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Nov. 26, 2021 | Feb. 07, 2020 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 3,327,762 | $ 2,984,776 | ||
Current portion of long-term debt | (26,104) | (26,059) | ||
Long-term debt, net | $ 3,301,658 | 2,958,717 | ||
Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 4.50% | 4.50% | ||
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan B Facility, Due February 7, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,442,054 | 1,452,926 | ||
Unamortized discount and deferred issuance costs | $ 15,900 | $ 20,400 | ||
Effective interest rate (as a percent) | 7.71% | 7.71% | ||
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan B Facility, Due February 7, 2027 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan A Facility, Due February 7, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 152,955 | $ 161,898 | ||
Unamortized discount and deferred issuance costs | $ 600 | $ 1,100 | ||
Effective interest rate (as a percent) | 6.96% | 5.89% | ||
Station Casinos LLC [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility Due February 7, 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 512,000 | $ 149,500 | ||
Station Casinos LLC [Member] | Senior Notes [Member] | 4.625% Senior Notes, Due December1, 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 495,006 | 494,499 | ||
Unamortized discount and deferred issuance costs | $ 4,900 | |||
Stated interest rate (as a percent) | 4.625% | 4.625% | ||
Station Casinos LLC [Member] | Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 686,129 | 685,126 | ||
Unamortized discount and deferred issuance costs | $ 4,700 | $ 5,600 | ||
Stated interest rate (as a percent) | 4.50% | 4.50% | ||
Station Casinos LLC [Member] | Other Debt Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 39,618 | $ 40,827 | ||
Unamortized discount and deferred issuance costs | $ 100 | $ 200 | ||
Weighted average interest rate (as a percent) | 3.88% |
Long-term Debt - Credit Facilit
Long-term Debt - Credit Facility (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Rate | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3,327,762 | $ 2,984,776 |
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan B Facility, Due February 7, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Periodic Payment, Principal | 3,800 | |
Long-term Debt | $ 1,442,054 | 1,452,926 |
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan B Facility, Due February 7, 2027 [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan B Facility, Due February 7, 2027 [Member] | London Interbank Offered Rate LIBOR | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan B Facility, Due February 7, 2027 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.25% | |
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan A Facility, Due February 7, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Periodic Payment, Principal | $ 2,400 | |
Long-term Debt | $ 152,955 | 161,898 |
Station Casinos LLC [Member] | Line of Credit [Member] | Revolving Credit Facility and Term Loan A Facility, Due June 8, 2022 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.75% | |
Station Casinos LLC [Member] | Line of Credit [Member] | Revolving Credit Facility and Term Loan A Facility, Due June 8, 2022 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.50% | |
Station Casinos LLC [Member] | Line of Credit [Member] | Term Loan A Facility, Gross, Due February 7, 2025 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 153,600 | |
Station Casinos LLC [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility Due February 7, 2025 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 479,300 | |
Letters of Credit Outstanding, Amount | (39,800) | |
Long-term Debt | $ 512,000 | $ 149,500 |
Station Casinos LLC [Member] | Line of Credit and Revolving Credit Facility [Member] | Maximum [Member] | First Period [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated Total Leverage Ratio | 5.25 | |
Station Casinos LLC [Member] | Line of Credit and Revolving Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Coverage Ratio | 2.50 | |
Station Casinos LLC [Member] | Line of Credit and Revolving Credit Facility [Member] | Revolving Credit Facility and Term Loan A Facility, Due June 8, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated Total Leverage Ratio | 4 | |
Station Casinos LLC [Member] | Line of Credit and Revolving Credit Facility [Member] | Revolving Credit Facility and Term Loan A Facility, Due June 8, 2022 [Member] | Base Rate [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.75% | |
Station Casinos LLC [Member] | Line of Credit and Revolving Credit Facility [Member] | Revolving Credit Facility and Term Loan A Facility, Due June 8, 2022 [Member] | Base Rate [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.50% | |
Station Casinos LLC [Member] | Line of Credit and Revolving Credit Facility [Member] | Revolving Credit Facility and Term Loan A Facility, Due June 8, 2022 [Member] | London Interbank Offered Rate LIBOR | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.75% | |
Station Casinos LLC [Member] | Line of Credit and Revolving Credit Facility [Member] | Revolving Credit Facility and Term Loan A Facility, Due June 8, 2022 [Member] | London Interbank Offered Rate LIBOR | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.50% |
Long-term Debt - Senior Notes (
Long-term Debt - Senior Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Nov. 26, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 07, 2020 | |
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 3,354,028 | ||||
Loss on Extinguishment of Debt | $ 0 | $ 0 | $ (13,492) | ||
Senior Notes [Member] | 4.625% Senior Notes, Due December1, 2031 [Member] | Last Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||
Senior Notes [Member] | 4.625% Senior Notes, Due December1, 2031 [Member] | Redemption Due to Change in Control [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 101% | ||||
Senior Notes [Member] | 4.625% Senior Notes, Due December1, 2031 [Member] | Redemption Due to Certain Asset Sales [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||
Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 4.50% | 4.50% | |||
Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | First Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 102.25% | ||||
Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | Second Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 101.125% | ||||
Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | Third Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||
Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | Redemption Due to Change in Control [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 101% | ||||
Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | Redemption Due to Certain Asset Sales [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||
Station Casinos LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | $ 344,000 | ||||
Station Casinos LLC [Member] | Senior Notes [Member] | 4.625% Senior Notes, Due December1, 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 500,000 | ||||
Stated interest rate (as a percent) | 4.625% | 4.625% | |||
Station Casinos LLC [Member] | Senior Notes [Member] | 4.50% Senior Notes, Due February 15, 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 750,000 | ||||
Stated interest rate (as a percent) | 4.50% | 4.50% |
Long-term Debt - Principal Matu
Long-term Debt - Principal Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 26,104 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 708,616 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 15,440 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,412,068 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 690,905 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 500,895 | |
Long-term Debt, Gross | 3,354,028 | |
Debt Instrument, Unamortized Discount and Debt Issue Costs | (26,266) | |
Long-term Debt | $ 3,327,762 | $ 2,984,776 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate fair value of long-term debt | $ 3,245,000,000 | $ 2,796,000,000 |
Aggregate carrying amount of long-term debt | 3,327,762,000 | $ 2,984,776,000 |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | $ 0 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Mar. 04, 2024 $ / shares | Feb. 07, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) decimal vote Class $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Aug. 04, 2022 USD ($) | |
Schedule of Capitalization, Equity [Line Items] | ||||||
Number of Classes of Stock Authorized | Class | 2 | |||||
Preferred Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||
Preferred Stock, Shares Issued | shares | 0 | 0 | ||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 3 | |||||
Stock Repurchased and Retired During Period, Value | $ 141,507 | $ 500,167 | ||||
Exchange Ratio | decimal | 0.934 | |||||
Dividends, Common Stock, Cash | $ 58,303 | $ 116,980 | $ 204,928 | |||
LLC Member units | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ / shares | $ 1 | $ 3 | ||||
Fertitta Family Entities | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | $ 53,900 | |||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | 8,500 | $ 8,500 | $ 25,400 | |||
Fertitta Family Entities | Cash Distribution | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared | $ 11,300 | |||||
Fertitta Family Entities | Unit Distribution | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | $ 45,400 | $ 136,200 | ||||
Equity Repurchase Program | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 600,000 | $ 600,000 | ||||
Stock Repurchased and Retired During Period, Shares | shares | 7,200,000 | 3,700,000 | 3,500,000 | |||
Stock Repurchased and Retired During Period, Value | $ 141,500 | $ 142,800 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 312,900 | |||||
Equity Tender | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Stock Repurchased and Retired During Period, Shares | shares | 6,900,000 | |||||
Stock Repurchased and Retired During Period, Value | $ 354,600 | |||||
Stock Repurchased and Retired During Period, Weighted Average Price per Share | $ / shares | $ 51.50 | |||||
Common Class A [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||
Economic interest percentage | 100% | |||||
Common Stock, Voting Rights, Number of Votes | vote | 1 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 1 | $ 1 | $ 3 | |||
Common Class B [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Common Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.00001 | $ 0.00001 | ||||
Common Stock, Voting Rights, Number of Votes | vote | 1 | |||||
Station Holdco [Member] | Common Class B [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Common Stock, Voting Rights, Number of Votes | vote | 10 | |||||
Minimum [Member] | Station Holdco [Member] | Common Class A [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 10% | |||||
Minimum [Member] | Station Holdco [Member] | Common Class B [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 30% | |||||
Subsequent Event [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Declared, Per Unit | $ / shares | $ 1 | $ 0.25 | ||||
Subsequent Event [Member] | Fertitta Family Entities | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Dividends, Common Stock, Cash | $ 2,100 | |||||
Subsequent Event [Member] | Common Class A [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.25 | |||||
Subsequent Event [Member] | Common Class A [Member] | Special Dividend | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 1 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Ownership of Station Holdco LLC (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income attributable to Red Rock Resorts, Inc. | $ 176,004 | $ 205,457 | $ 241,850 |
Exchanges of noncontrolling interests for Class A common stock | 2,822 | ||
Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco | 0 | 0 | 0 |
Net transfers (to) from noncontrolling interests | (1,504) | 34,526 | 137,857 |
Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests | 174,500 | 239,983 | 379,707 |
Noncontrolling Interest [Member] | |||
Exchanges of noncontrolling interests for Class A common stock | 0 | 0 | 598 |
Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco | (1,504) | 34,526 | 137,259 |
Additional Paid-in Capital [Member] | |||
Exchanges of noncontrolling interests for Class A common stock | 2,223 | ||
Rebalancing of ownership percentage between the Company and noncontrolling interests of Station Holdco | $ 1,504 | $ (34,526) | $ (137,239) |
Share-based Compensation Text (
Share-based Compensation Text (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 5,554 | $ 4,387 | $ 2,430 |
Share-based compensation | 19,673 | 17,515 | 12,728 |
Share-based compensation expense | 19,673 | 17,515 | 12,728 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 51,559 | $ 8,682 | $ 23,980 |
Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of profit units that may be issued | 23,700,000 | ||
Nonvested profit units, total compensation cost not yet recognized | $ 36,900 | ||
Nonvested profit units, total compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 12,300,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested profit units, total compensation cost not yet recognized | $ 10,000 | ||
Nonvested profit units, total compensation cost not yet recognized, period for recognition | 2 years 6 months | ||
Share-based Payment Arrangement, Option [Member] | Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,214,742 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,179,510 | 7,364,157 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.31 | $ 21.17 | $ 14.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.90% | 2.10% | 0.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 62.80% | 60.80% | 59.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.40% | 2.20% | 0% |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||
Share-based Payment Arrangement, Option [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 46.96 | $ 47.32 | $ 29.33 |
Restricted Stock [Member] | Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 131,969 | ||
Restricted Stock [Member] | Executive Officer [Member] | Common Class A [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 2 years | ||
Restricted Stock [Member] | Executive Officer [Member] | Common Class A [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||
Restricted Stock [Member] | Director [Member] | Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year |
Share-based Compensation Awards
Share-based Compensation Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
StockOptionsWithheldForExercisePrice | 1,355,685 | ||
Common Class A [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,179,510 | 7,364,157 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 33.35 | $ 28.52 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,214,742 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 46.99 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | [1] | (2,145,948) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 23.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (253,441) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 38.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 123,472 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,916,519 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 41.32 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 35,030 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 3,262,991 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 26.23 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 88,443 | ||
Common Class A [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested units, beginning balance | 449,151 | ||
Granted | 131,969 | ||
Vested | (119,400) | ||
Forfeited | (39,036) | ||
Nonvested units, ending balance | 422,684 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested units, Weighted-average grant date fair value, beginning balance | $ 37.51 | ||
Units granted, Weighted-average grant date fair value | 46.96 | ||
Vested, Weighted-average grant date fair value | 29.33 | ||
Forfeited, Weighted-average grant date fair value | 41.53 | ||
Nonvested units, Weighted-average grant date fair value, ending balance | $ 42.39 | ||
[1] Includes 1,355,685 options that were not converted into shares due to net share settlements to cover the aggregate exercise price and employee withholding taxes. |
Share-based Compensation Weight
Share-based Compensation Weighted Average Assumptions (Details) - Share-based Payment Arrangement, Option [Member] - Common Class A [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 3.90% | 2.10% | 0.60% |
Expected volatility | 62.80% | 60.80% | 59.10% |
Expected life (in years) | 5 years | 5 years | 5 years |
Dividend yield | 2.40% | 2.20% | 0% |
Share-based Compensation Alloca
Share-based Compensation Allocation of Recognized Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | $ 19,673 | $ 17,515 | $ 12,728 |
Casino | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 200 | 163 | 402 |
Food and beverage | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 71 | (8) | 30 |
Room [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | 120 | 83 | 44 |
Selling, general and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation | $ 19,282 | $ 17,277 | $ 12,252 |
Write-downs and Other, Net (Det
Write-downs and Other, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Write-downs and other, net | $ 31,976 | $ (47,660) | $ (18,677) |
Gain (Loss) on Sale of Properties | 38,600 | (79,000) | |
Interest limitation tax credit | |||
Tax Credit Carryforward, Amount | 72,300 | ||
demolition costs | |||
Write-downs and other, net | 10,100 | 9,300 | |
Disposal Group, Held-for-Sale, Not Discontinued Operations | |||
Write-downs and other, net | 4,000 | ||
Land [Member] | |||
Proceeds from Sale of Productive Assets | (76,300) | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Write-downs and other, net | 9,200 | ||
artist termination costs | |||
Write-downs and other, net | 6,700 | ||
Durango Resort | |||
Write-downs and other, net | $ 53,400 | $ 3,700 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent | 11.30% | 10.20% | (24.30%) | |
Unrecognized Tax Benefits | $ 1,800 | |||
Unrecognized Tax Benefits | 1,798 | $ 1,798 | $ 2,249 | $ 1,237 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0 | 0 | 1,012 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (451) | |||
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Federal | 7,095 | 32,581 | 4,874 | |
State and local | 0 | 0 | 0 | |
Total current income taxes | 7,095 | 32,581 | 4,874 | |
Federal | 35,888 | 11,970 | (74,161) | |
State and local | 1 | (21) | 0 | |
Total deferred income taxes | 35,889 | 11,949 | (74,161) | |
Total income tax (benefit) expense | 42,984 | 44,530 | (69,287) | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Expected U.S. federal income taxes at statutory rate | 79,960 | 91,326 | 59,964 | |
Income attributable to noncontrolling interests | (33,972) | (38,828) | (23,726) | |
Change in valuation allowance | (322) | (3,077) | (105,676) | |
Other | (2,682) | (4,891) | 151 | |
Total income tax (benefit) expense | 42,984 | 44,530 | (69,287) | |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Interest expense carryforwards and other attributes | 16,195 | 22 | ||
Investment in partnership | 22,547 | 71,461 | ||
Payable pursuant to tax receivable agreement | 4,639 | 6,004 | ||
Total gross deferred tax assets | 43,381 | 77,487 | ||
Valuation allowance | 0 | (1,746) | ||
Total deferred tax assets, net of valuation allowance | $ 43,381 | 75,741 | ||
Related Party Transaction [Line Items] | ||||
Percent of realized tax benefits payable to subsidiary under the tax receivable agreement | 85% | |||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | $ 641 | |||
Tax Receivable Agreement, Estimated Tax Liability | $ 22,100 | $ 28,600 | ||
Interest limitation tax credit | ||||
Tax Credit Carryforward, Amount | 72,300 | |||
Capital Loss Carryforward | ||||
Tax Credit Carryforward, Amount | 4,600 | |||
Frank J. Fertitta III and Lorenzo J Fertitta [Member] | ||||
Related Party Transaction [Line Items] | ||||
Tax Receivable Agreement, Estimated Tax Liability | $ 6,000 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Defined contribution 401(k) plan, employer matching contribution, percent of match | 50% | ||
Defined contribution 401(k) plan, employee contributions subject to employer match (percent) | 4% | ||
401(k) plan, expense for matching contributions | $ 8.8 | $ 9 | $ 8.5 |
401(k) plan, employer discretionary contribution amount | $ 5.2 | $ 5.6 | $ 5.3 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||
Net income | $ 337,776 | $ 390,352 | $ 354,830 |
Less: net income attributable to noncontrolling interests, basic | (161,772) | (184,895) | (112,980) |
Net income attributable to Red Rock Resorts, Inc. | 176,004 | 205,457 | 241,850 |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | |||
Net income attributable to Red Rock Resorts, Inc. | 176,004 | 205,457 | 241,850 |
Effect of dilutive securities | (127,800) | (146,067) | (89,252) |
Net income attributable to Red Rock, diluted | $ 303,804 | $ 351,524 | $ 331,102 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Basic | 57,875 | 58,976 | 69,071 |
Effect of dilutive securities | 45,342 | 45,687 | 47,381 |
Diluted | 103,217 | 104,663 | 116,452 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,257 | 1,208 | 43 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 149 | 104 | 5 |
Leases Lessee Disclosures (Deta
Leases Lessee Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 7,375 | $ 4,633 | $ 5,159 |
Short-term lease cost | 669 | 1,018 | 917 |
Variable lease cost | 21,383 | 21,317 | 24,153 |
Total lease expense | 29,427 | 26,968 | 30,229 |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | 30,464 | 30,800 | |
Operating lease liabilities, current portion | 6,137 | 4,800 | |
Operating lease liabilities, noncurrent portion | 29,418 | 29,662 | |
Total operating lease liabilities | $ 35,555 | $ 34,462 | |
Weighted-average remaining lease term - operating leases (years) | 17 years 7 months 6 days | 17 years 8 months 12 days | |
Weighted-average discount rate - operating leases | 5.34% | 5.20% | |
Operating cash flows from operating leases | $ 5,886 | $ 3,922 | 4,602 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 2,522 | $ 13,002 | $ 15,106 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 7,172 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 6,859 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 6,024 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5,518 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3,739 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 45,918 | ||
Lessee, Operating Lease, Liability, Payments, Due | 75,230 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (39,675) |
Leases Lessor Disclosures (Deta
Leases Lessor Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor, Lease, Description [Line Items] | |||
Revenue from tenant leases | $ 25,300 | $ 20,600 | $ 16,000 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |||
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | 9,959 | ||
Lessor, Operating Lease, Payments to be Received, Two Years | 7,602 | ||
Lessor, Operating Lease, Payments to be Received, Three Years | 5,818 | ||
Lessor, Operating Lease, Payments to be Received, Four Years | 3,604 | ||
Lessor, Operating Lease, Payments to be Received, Five Years | 2,025 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 6,604 | ||
Lessor, Operating Lease, Payments to be Received | $ 35,612 | ||
Minimum [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Lessor operating leases - term of contract | 1 year | ||
Maximum [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Lessor operating leases - term of contract | 17 years |
Segments (Details)
Segments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 1,724,086 | $ 1,663,786 | $ 1,617,899 | |
Net income | 337,776 | 390,352 | 354,830 | |
Depreciation and amortization | 132,536 | 128,368 | 157,791 | |
Share-based compensation | 19,673 | 17,515 | 12,728 | |
Write-downs and other, net | 31,976 | (47,660) | (18,677) | |
Asset impairment | 0 | 80,018 | 177,664 | |
Interest expense, net | 181,023 | 129,889 | 103,206 | |
Loss on extinguishment of debt | 0 | 0 | 13,492 | |
Provision (benefit) for income tax | (42,984) | (44,530) | 69,287 | |
Other | 0 | 866 | (9,244) | |
Adjusted EBITDA | 745,968 | 743,878 | 740,991 | |
Assets | 3,954,512 | 3,345,750 | ||
Capital expenditures | 699,516 | 328,589 | 61,295 | |
Casino | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,132,154 | 1,126,058 | 1,142,606 | |
Food and beverage | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 313,619 | 283,067 | 245,432 | |
Room | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 183,103 | 164,502 | 143,916 | |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 94,403 | 87,089 | 76,746 | |
Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 807 | 3,070 | 9,199 | |
Las Vegas Operations | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Net revenues | $ 1,709,951 | 1,651,048 | 1,602,438 | |
Adjusted EBITDA | 818,820 | 812,849 | 799,817 | |
Assets | 3,283,134 | 2,685,830 | ||
Capital expenditures | 699,500 | 328,600 | 61,300 | |
Las Vegas Operations | Casino | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,132,154 | 1,126,058 | 1,142,606 | |
Las Vegas Operations | Food and beverage | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 313,619 | 283,067 | 245,432 | |
Las Vegas Operations | Room | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 183,103 | 164,502 | 143,916 | |
Las Vegas Operations | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [1] | 80,268 | 76,558 | 69,577 |
Las Vegas Operations | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 807 | 863 | 907 | |
Native American Management | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Adjusted EBITDA | $ 0 | 1,071 | 7,809 | |
Assets | 47,879 | 43,687 | ||
Native American Management | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 2,207 | 8,292 | |
Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,709,951 | 1,653,255 | 1,610,730 | |
Adjusted EBITDA | 818,820 | 813,920 | 807,626 | |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | (72,852) | (70,042) | (66,635) | |
Assets | 623,499 | 616,233 | ||
Corporate and Other | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | [1] | $ 14,135 | $ 10,531 | $ 7,169 |
[1] Includes tenant lease revenue which is accounted for under the lease accounting guidance. See Note 15. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 1,746 | $ 4,823 | $ 160,470 |
Additions (deductions) | (1,746) | (3,077) | (155,647) |
Balance at End of Year | $ 0 | $ 1,746 | $ 4,823 |
Uncategorized Items - rrr-20231
Label | Element | Value |
Durango Resort [Member] | ||
Construction Payable, Current | us-gaap_ConstructionPayableCurrent | $ 100,200,000 |
Construction Payable, Current | us-gaap_ConstructionPayableCurrent | $ 67,300,000 |