Q3 23 EPS
$0.60
BEAT +25.00%
Est. $0.48
Q3 23 Revenue
$411.6M
BEAT +0.06%
Est. $411.4M
vs S&P Since Q3 23
-3.8%
TRAILING MARKET
RRR +68.8% vs S&P +72.7%
Market Reaction
Did RRR Beat Earnings? Q3 2023 Results
Red Rock Resorts delivered a stronger-than-expected bottom line in the third quarter of 2023, with diluted EPS of $0.60 coming in 25.00% above the $0.48 consensus estimate, even as the company navigated modest top-line softness and a meaningful rise … Read more Red Rock Resorts delivered a stronger-than-expected bottom line in the third quarter of 2023, with diluted EPS of $0.60 coming in 25.00% above the $0.48 consensus estimate, even as the company navigated modest top-line softness and a meaningful rise in interest expense. Net revenues slipped 0.7% year over year to $411.61 million, barely edging past the $411.36 million consensus. The primary drag on the quarter was casino revenue, which declined to $272.75 million from $282.39 million a year earlier, though non-gaming categories provided a partial offset, with food and beverage, room, and other revenues each posting year-over-year gains. A sharply higher interest expense burden of $45.50 million, up roughly $11.20 million from the prior-year period, weighed on net income, which fell 28.3% to $68.42 million. Adding to the cautious tone, the company's highly anticipated $780 million Durango Casino and Resort, a key near-term growth catalyst, saw its opening pushed back to December 5 as portions of the property required additional time to complete.
Key Takeaways
- • Non-gaming revenue growth in food and beverage, room, and other categories partially offset casino revenue softness
- • Higher interest expense of $45.5 million vs. $34.3 million in prior year significantly impacted net income
- • Write-downs and other charges of $15.1 million vs. $3.9 million in prior year weighed on operating income
RRR YoY Financials
Q3 2023 vs Q3 2022, source: SEC Filings
RRR Revenue by Segment
With YoY comparisons, source: SEC Filings
RRR Earnings Trends
RRR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RRR EPS Trend
Earnings per share: estimate vs actual
RRR Revenue Trend
Quarterly revenue: estimate vs actual
RRR Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.49 | $0.73 | +49.65% | $507.3M | +0.21% |
| Q4 25 BEAT FY | $0.45 | $0.75 | +67.71% | $511.8M | +1.48% |
| FY Full Year | — | $3.12 | — | $2.01B | — |
| Q3 25 BEAT | $0.39 | $0.68 | +76.44% | $475.6M | -0.58% |
| Q2 25 BEAT | $0.41 | $0.95 | +131.14% | $526.3M | +7.83% |
| Q1 25 BEAT | $0.49 | $0.75 | +54.38% | $497.9M | +0.38% |
| Q4 24 BEAT FY | $0.48 | $0.76 | +58.73% | $495.7M | +1.12% |
| FY Full Year | $1.49 | $2.53 | +69.56% | $1.94B | +0.27% |
| Q3 24 MISS | $0.52 | $0.48 | -7.69% | $468.0M | +1.37% |
| Q2 24 MISS | $0.66 | $0.59 | -10.61% | $486.4M | +2.01% |
| Q1 24 BEAT | $0.66 | $0.68 | +3.03% | $488.9M | -0.15% |
| Q4 23 BEAT FY | $0.51 | $0.95 | +86.27% | $462.7M | +5.25% |
| FY Full Year | — | $2.94 | — | $1.72B | — |
| Q3 23 BEAT | $0.48 | $0.60 | +25.00% | $411.6M | +0.06% |
| Q4 22 BEAT FY | $0.59 | $1.49 | +152.54% | $425.5M | +0.78% |
| FY Full Year | $1.68 | $3.36 | +100.00% | $1.66B | +0.15% |