rrr-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-37754

RED ROCK RESORTS, INC.

(Exact name of registrant as specified in its charter)


Delaware			47-5081182
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1505 South Pavilion Center Drive, Las Vegas, Nevada

(Address of principal executive offices)

89135

(Zip Code)

(702) 495-3000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, $.01 par value	RRR	NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at April 29, 2026
Class A Common Stock, $0.01 par value						58,465,634
Class B Common Stock, $0.00001 par value						45,885,804

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RED ROCK RESORTS, INC.

INDEX


Part I.	Financial Information
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets — March 31, 2026 (unaudited) and December 31, 2025	3
	Condensed Consolidated Statements of Income — Three months ended March 3 1 , 202 6 and 202 5 (unaudited)	4
	Condensed Consolidated Statements of Stockholders’ Equity — Three months ended March 31, 2026 and 2025 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows — Three months ended M a rch 3 1 , 202 6 and 202 5 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30

Part II.	Other Information
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	32
Signature		33

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Part I. Financial Information

Item 1. Financial Statements

RED ROCK RESORTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)


	March 31, 2026		December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	134,026	$	142,471
Receivables, net	68,304		73,904
Inventories	17,563		17,946
Prepaid gaming tax	29,868		29,158
Prepaid expenses and other current assets	28,524		23,286
Total current assets	278,285		286,765
Property and equipment, net of accumulated depreciation of $1,616,691 and $1,597,591 at March 31, 2026 and December 31, 2025, respectively	3,024,378		2,971,799
Goodwill	195,676		195,676
Intangible assets, net of accumulated amortization of $23,346 and $22,951 at March 31, 2026 and December 31, 2025, respectively	79,705		80,100
Land held for development	469,422		469,422
Deferred tax asset, net	32,118		34,917
Finance lease right-of-use assets, net	50,634		38,561
Other assets, net	93,042		89,833
Total assets	$	4,223,260	$	4,167,073
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	17,199	$	21,645
Accrued interest payable	13,497		23,752
Construction payable	96,587		103,972
Other accrued liabilities	174,028		183,280
Income tax payable	12,540		2,281
Current portion of payable pursuant to tax receivable agreement	1,245		1,195
Current portion of finance lease liabilities	12,620		9,810
Current portion of long-term debt	17,247		17,247
Total current liabilities	344,963		363,182
Long-term debt, less current portion	3,530,570		3,378,501
Other long-term liabilities	42,262		42,571
Long-term finance lease liabilities, less current portion	39,741		31,123
Payable pursuant to tax receivable agreement, less current portion	18,167		19,412
Total liabilities	3,975,703		3,834,789
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, par value $0.01 per share, 100,000,000 shares authorized; none issued and outstanding	—		—
Class A common stock, par value $0.01 per share, 500,000,000 shares authorized; 58,465,634 and 59,090,847 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	585		591
Class B common stock, par value $0.00001 per share, 100,000,000 shares authorized; 45,885,804 shares issued and outstanding at March 31, 2026 and December 31, 2025	1		1
Additional paid-in capital	—		—
Retained earnings	142,133		207,738
Total Red Rock Resorts, Inc. stockholders’ equity	142,719		208,330
Noncontrolling interest	104,838		123,954
Total stockholders’ equity	247,557		332,284
Total liabilities and stockholders’ equity	$	4,223,260	$	4,167,073

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RED ROCK RESORTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share data)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Operating revenues:
Casino	$	340,522	$	333,245
Food and beverage	90,323		89,272
Room	45,514		50,170
Native American management and development fees	4,737		—
Other	26,223		25,174
Net revenues	507,319		497,861
Operating costs and expenses:
Casino	91,230		89,413
Food and beverage	74,187		73,761
Room	15,604		15,989
Other	7,700		7,243
Selling, general and administrative	114,357		104,711
Depreciation and amortization	55,855		48,331
Write-downs and other, net	4,710		4,060
	363,643		343,508
Operating income	143,676		154,353
Earnings from joint ventures	707		712
Operating income and earnings from joint ventures	144,383		155,065
Other (expense) income:
Interest expense, net	(49,504)		(51,110)
Change in fair value of derivative instruments	966		(5,194)
	(48,538)		(56,304)
Income before income tax	95,845		98,761
Provision for income tax	(13,125)		(12,811)
Net income	82,720		85,950
Less: net income attributable to noncontrolling interests	39,831		41,201
Net income attributable to Red Rock Resorts, Inc.	$	42,889	$	44,749

Earnings per common share (Note 11):
Earnings per share of Class A common stock, basic	$	0.74	$	0.76
Earnings per share of Class A common stock, diluted	$	0.73	$	0.75
Weighted-average common shares outstanding:
Basic	58,204		59,203
Diluted	59,369		103,393

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RED ROCK RESORTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(amounts in thousands)

(unaudited)


	Red Rock Resorts, Inc. Stockholders’ Equity
	Common stock						Additional paid-in capital		Retained earnings				Noncontrolling interest	Total stockholders’ equity
	Class A			Class B
	Shares	Amount		Shares	Amount
Balances, December 31, 2025	59,091	$	591	45,886	$	1	$	—	$	207,738	$	123,954		$	332,284
Net income	—	—		—	—		—		42,889		39,831			82,720
Share-based compensation	—	—		—	—		7,793		—		—			7,793
Distributions	—	—		—	—		—		—		(57,828)			(57,828)
Dividends	—	—		—	—		—		(74,319)		—			(74,319)
Stock option exercises and issuance of restricted stock, net	57	1		—	—		(1)		—		—			—
Repurchase of Class A common stock	(636)	(6)		—	—		(4,160)		(34,175)		—			(38,341)
Withholding tax on share-based compensation	(46)	(1)		—	—		(4,751)		—		—			(4,752)
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco	—	—		—	—		1,119		—		(1,119)			—
Balances, March 31, 2026	58,466	$	585	45,886	$	1	$	—	$	142,133	$	104,838		$	247,557


	Red Rock Resorts, Inc. Stockholders’ Equity
	Common stock						Additional paid-in capital		Retained earnings		Noncontrolling interest			Total stockholders’ equity
	Class A			Class B
	Shares	Amount		Shares	Amount
Balances, December 31, 2024	59,633	$	596	45,986	$	1	$	18,635	$	195,834		$	91,767		$	306,833
Net income	—	—		—	—		—		44,749			41,201			85,950

Share-based compensation	—	—		—	—		7,755		—			—			7,755
Distributions	—	—		—	—		—		—			(11,496)			(11,496)
Dividends	—	—		—	—		—		(15,030)			—			(15,030)
Stock option exercises and issuance of restricted stock, net	504	5		—	—		(5)		—			—			—

Withholding tax on share-based compensation	(45)	—		—	—		(4,404)		—			—			(4,404)

Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco	—	—		—	—		(1,065)		—			1,065			—
Balances, March 31, 2025	60,092	$	601	45,986	$	1	$	20,916	$	225,553		$	122,537		$	369,608

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RED ROCK RESORTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	82,720	$	85,950
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55,855		48,331
Write-downs and other, net	1,534		118
Amortization of debt discount and debt issuance costs	1,813		1,750
Share-based compensation	7,680		7,624
Change in fair value of derivative instruments	(966)		5,194
Deferred income tax	2,799		(10)
Changes in assets and liabilities:
Receivables, net	5,600		(4,529)
Inventories and prepaid expenses	(4,681)		(6,264)
Accounts payable	(4,446)		(698)
Accrued interest payable	(10,438)		(13,777)
Income tax receivable/payable	10,259		12,773
Other accrued liabilities	(8,601)		(8,735)
Other, net	705		(1,500)
Net cash provided by operating activities	139,833		126,227
Cash flows from investing activities:
Capital expenditures, net of related payables	(117,229)		(68,228)
Native American development costs	—		(24,173)
Other, net	(1,017)		(129)
Net cash used in investing activities	(118,246)		(92,530)

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RED ROCK RESORTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(amounts in thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from financing activities:
Borrowings under credit agreements with original maturity dates greater than three months	220,000		70,000
Payments under credit agreements with original maturity dates greater than three months	(68,925)		(83,925)
Distributions to noncontrolling interests	(57,828)		(11,496)
Repurchases of Class A common stock	(38,341)		—
Withholding tax on share-based compensation	(4,752)		(4,404)
Dividends paid	(75,312)		(15,950)
Payments on finance leases	(3,320)		—
Payments on tax receivable agreement liability	(1,195)		(1,355)
Other, net	(359)		(316)
Net cash used in financing activities	(30,032)		(47,446)
Decrease in cash and cash equivalents	(8,445)		(13,749)
Balance, beginning of period	142,471		164,383
Balance, end of period	$	134,026	$	150,634
Supplemental cash flow disclosures:
Cash paid for interest, net of $628 and $140 capitalized, respectively	$	58,174	$	63,168
Cash paid for income taxes	$	15	$	—
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	$	88,102	$	33,749

The accompanying notes are an integral part of these condensed consolidated financial statements.

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RED ROCK RESORTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. Organization, Basis of Presentation and Significant Accounting Policies

Organization

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 facilities and 14 smaller gaming 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 March 31, 2026, the Company held 59% 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

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments necessary for a fair presentation of the results for the interim periods have been made, and such adjustments were of a normal recurring nature. The interim results reflected in these condensed consolidated financial statements are not necessarily indicative of results to be expected for the full fiscal year. These financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Certain amounts in the condensed consolidated financial statements for the prior year have been reclassified to be consistent with the current year presentation.

Principles of Consolidation

Station Holdco and Station LLC are variable interest entities, of which the Company is the primary beneficiary. 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 condensed consolidated financial statements. All significant intercompany accounts and transactions have been eliminated. Investments in all 50% or less owned affiliated companies are accounted for using the equity method.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported and disclosed. Actual results could differ from those estimates.

Significant Accounting Policies

A description of the Company’s significant accounting policies is included in the audited financial statements within its Annual Report on Form 10-K for the year ended December 31, 2025.

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RED ROCK RESORTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(UNAUDITED)

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE). The ASU is intended to improve disclosure of expenses and requires disclosure of specific expenses included in the expense captions presented on the face of the income statement, as well as selling expenses. The guidance is effective for public entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The guidance can be applied prospectively or retrospectively and early adoption is permitted. The Company is currently evaluating the guidance and its impact on the Company’s disclosures. The guidance only impacts disclosures and is not expected to have an impact on the Company’s financial condition and results of operations.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU is intended to modernize accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold entities apply to begin capitalizing costs. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and may be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the guidance and its impact on the financial statements.

2. Noncontrolling Interest in Station Holdco

As discussed in Note 1, Red Rock holds a controlling interest in and consolidates the financial position and results of operations of Station LLC and its subsidiaries and Station Holdco. The interests in Station Holdco not owned by Red Rock are presented within noncontrolling interest in the condensed consolidated financial statements.

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 Fertitta Family Entities have the power to control the Company’s management and affairs through their ownership of Class B common stock. See Note 8 for additional information.

The ownership of the LLC Units is summarized as follows:


	March 31, 2026			December 31, 2025
	Units	Ownership %		Units	Ownership %
Red Rock	65,012,598	58.6	%	65,084,820	58.7	%
Noncontrolling interest holders	45,885,804	41.4	%	45,885,804	41.3	%
Total	110,898,402	100.0	%	110,970,624	100.0	%

The Company uses monthly weighted-average LLC Unit ownership to calculate the pretax 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.

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RED ROCK RESORTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(UNAUDITED)

3. 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. 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. As of January 5, 2024, Mono received the approval of the Management Agreement from the Chair of the National Indian Gaming Commission (“NIGC”).

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. Total costs of the project are expected to be approximately $750 million which includes all design costs, construction costs, preopening expenses and financing and development fees. In September 2024, construction commenced on the site of the North Fork Project. The Company currently estimates that the North Fork Project will be completed and opened for business in the fourth quarter of 2026.

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. In May 2024, the Superior Court of California granted Picayune’s motion for summary judgment and denied the Mono’s motion for summary judgment. Picayune has appealed the grant of the State of California’s demurrer and the Mono have appealed the grant of Picayune’s motion for summary judgment. In December 2025, in separate decisions, the appellate court affirmed the judgment of the lower court against the Mono and affirmed the dismissal by the lower court of Picayune’s case against the Governor. The Mono filed a petition for review with the Supreme Court of California, which was denied in April 2026.

Under the terms of the Development Agreement, the Company agreed to arrange and, effective as of April 4, 2025, has arranged the financing for the ongoing development costs and construction of the facility. The Company received a repayment of $110.5 million from the initial drawdown of the term loans, representing a portion of the amounts due on its advances to the Mono. In connection with the financing, the Company entered into a completion guaranty and a subordination agreement in favor of the financing parties and released its existing security interests in the assets of the North Fork Project. Under the completion guaranty, the Company has agreed to make reimbursable interest-bearing advances to the Mono for completion of the project in the event that total project costs exceed the financing available under the Mono’s facility loan. The Company’s commitment to make such advances is capped at $425.0 million. It is not probable that any such funding will be necessary to complete the project.

Through April 4, 2025, the Company had paid approximately $117.1 million of reimbursable advances to the Mono, primarily to complete the environmental impact study, purchase the North Fork Site and pay costs of litigation and certain construction costs. The Company accounts for the advances using the cost recovery method, and the Company recognizes no interest on the advances until the carrying amount of the advances has been recovered and the interest is received. Immediately prior to the receipt of the $110.5 million payment, the carrying amount of the advances was $102.0 million, which was net of a $15.1 million fair value adjustment recognized upon the Company’s adoption of fresh-start reporting in 2011. The $110.5 million repayment reduced the carrying amount of the advances to zero and the Company recognized a gain on Native

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RED ROCK RESORTS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(UNAUDITED)

American development of $8.5 million, representing the excess of the repayment amount over the net carrying amount of the advances, which the Company recognized in the second quarter of 2025.

At March 31, 2026, there was $80.6 million in unrecognized amounts due from the Mono. As the Company will continue to use the cost recovery method, the unrecognized amount and future accrued interest will remain on nonaccrual status. The Company will recognize future payments related to unrecognized amounts due from the Mono as Gain on Native American development as they are received. Future repayments of amounts due from the Mono are expected to come from cash flows from the North Fork Project’s operations, from the North Fork Project’s financing, or from a combination of both.

Under the terms of the Development Agreement, the Company is entitled to receive a development fee of 4% of the costs of construction for its development services, which will be due and payable on the date the casino opens to the public. After the Mono’s receipt of the construction loan, the Company concluded that collection of this development fee was reasonably certain as this fee is stipulated as a permissible use of funds under the loan agreement. During the three months ended March 31, 2026, the Company recorded $2.9 million in development fee revenue and the corresponding receivable. The receivable from the Mono is presented in Receivables, net on the Condensed Consolidated Balance Sheets. The Company will recognize future development fee revenue over time as it satisfies its performance obligations under the Development Agreement.

The management agreement provides for the Company to receive a management fee of 30% of the North Fork Project’s net income. The Management Agreement has a term of seven years from the opening of the North Fork Project. The Management Agreement includes termination provisions whereby either party may terminate the agreement for cause, and may also be terminated at any time upon agreement of the parties. There is no provision in the Management Agreement allowing the tribe to buy out the agreement prior to its expiration. The Management Agreement provides that the Company will train the Mono tribal members such that they may assume responsibility for managing the North Fork Project upon the expiration of the agreement. For the three months ended March 31, 2026, the Company recorded $1.8 million of management fee revenue related to reimbursable costs for the North Fork Project. The reimbursable costs are primarily payroll related.

While the Company believes that the North Fork Project will be successfully completed and opened, developments of this nature are inherently uncertain and there can be no assurance that the North Fork Project will be successfully completed, that the cash flows from the North Fork Project will be sufficient to repay the remaining amounts due on the advances, including accrued interest thereon, or that the Company will recover all of its investment in the North Fork Project even if it is successfully completed and opened for business.

4. Other Accrued Liabilities

Other accrued liabilities consisted of the following (amounts in thousands):


	March 31, 2026		December 31, 2025
Contract and customer-related liabilities:
Unpaid wagers, outstanding chips and other customer-related liabilities	$	22,320	$	23,577
Advance deposits and future wagers	17,377		20,428
Rewards program liability	11,421		11,293
Other accrued liabilities:
Accrued payroll and related	44,256		50,524
Accrued gaming and related	35,584		35,446
Operating lease liabilities, current portion	6,391		5,863
Other	36,679		36,149
	$	174,028	$	183,280

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5. Long-term Debt

Long-term debt consisted of the following indebtedness of Station LLC (amounts in thousands):


	March 31, 2026		December 31, 2025
Term Loan B Facility due March 14, 2031, interest at margin above SOFR or base rate (5.67% and 5.72% at March 31, 2026 and December 31, 2025, respectively), net of unamortized discount and deferred costs of $17.0 million and $17.8 million at March 31, 2026 and December 31, 2025, respectively	$	1,521,583	$	1,524,766
Revolving Credit Facility due March 14, 2029, interest at a margin above SOFR or base rate (5.17% and 5.22% at March 31, 2026 and December 31, 2025, respectively)	310,000		155,000
6.625% Senior Notes due March 15, 2032, net of unamortized deferred issuance costs of $5.3 million and $5.5 million at March 31, 2026 and December 31, 2025, respectively	494,678		494,498
4.625% Senior Notes due December 1, 2031, net of unamortized deferred issuance costs of $3.8 million and $3.9 million at March 31, 2026 and December 31, 2025, respectively	496,239		496,095
4.50% Senior Notes due February 15, 2028, net of unamortized discount and deferred issuance costs of $2.2 million and $2.5 million at March 31, 2026 and December 31, 2025, respectively	688,563		688,279
Other long-term debt, weighted-average interest of 5.45% and 5.50% at March 31, 2026 and December 31, 2025, respectively, net of unamortized discount and deferred issuance costs of $0.1 million at March 31, 2026 and December 31, 2025, respectively	36,754		37,110
Total long-term debt	3,547,817		3,395,748
Current portion of long-term debt	(17,247)		(17,247)
Total long-term debt, net	$	3,530,570	$	3,378,501

Credit Facility

Station LLC’s credit facility consists of the Term Loan B Facility and the Revolving Credit Facility (collectively, the “Credit Facility”). The Term Loan B Facility bears interest at a rate per annum, at Station LLC’s option, equal to either the forward-looking Secured Overnight Financing Rate term (“Term SOFR”) plus 2.00% or base rate plus 1.00%. The Revolving Credit Facility bears interest at a rate per annum, at Station LLC’s option, equal to either Term 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 senior secured net leverage ratio. The Credit Facility contains a number of customary covenants, including requirements that Station LLC maintain throughout the term of such facility and measured as of the end of each quarter, a maximum total secured leverage ratio of 5.00 to 1.00. A breach of the financial ratio covenants shall only become an event of default if not cured and a Covenant Facility Acceleration has occurred. Management believes the Company was in compliance with all applicable covenants at March 31, 2026.

Revolving Credit Facility

At March 31, 2026, Station LLC’s borrowing availability under the Revolving Credit Facility, subject to continued compliance with the terms of the facility, was $743.0 million, which was net of $310.0 million in outstanding borrowings and $47.0 million in outstanding letters of credit and similar obligations.

6. Derivative Instruments

The Company’s objective in using derivative instruments is to manage its exposure to interest rate movements associated with its variable interest rate debt. To accomplish this objective, the Company uses interest rate contracts as a primary part of its cash flow hedging strategy. The Company does not use derivative financial instruments for trading or speculative purposes.

In April 2024, Station LLC entered into two zero cost interest rate collar agreements with an aggregate notional amount of $750.0 million. Both interest rate collars include a Term SOFR cap of 5.25% and a weighted average Term SOFR floor of 2.89% and will mature in April 2029. Monthly cash settlements are received from or paid to the counterparties when interest rates rise above or fall below the contractual cap or floor rates. The interest rate collars are not designated in hedging relationships for accounting purposes.

The Company records all derivative instruments on the balance sheet at fair value, which it determines using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This

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(UNAUDITED)

analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The Company does not offset derivative asset and liability positions when interest rate contracts are held with the same counterparty.

As the Company’s derivative instruments are not designated in hedging relationships, the changes in fair value and the related pretax gains and losses are recognized in Change in fair value of derivative instruments in the Condensed Consolidated Statements of Income in the period in which the change occurs. The Company recognizes cash settlements received or paid, if any, on the derivative instruments within Change in fair value of derivative instruments and classifies such cash flows within investing activities in the Condensed Consolidated Statements of Cash Flows.

Station LLC has not posted any collateral related to its interest rate collars; however, its obligations under the interest rate collars are subject to the security and guarantee arrangements applicable to the Credit Facility. The interest rate collar agreements contain cross-default provisions under which Station LLC could be declared in default on its obligations under such agreements if certain conditions of default exist on the Credit Facility. At March 31, 2026, the aggregate termination value of the interest rate collars, including accrued interest, but excluding any adjustment for nonperformance risk, was a liability of $3.4 million. Had Station LLC been in breach of the provisions of its interest rate collar agreements, it could have been required to pay the termination value to settle the obligations.

7. Fair Value Measurements

Information about the Company’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall, is presented below (amounts in thousands):


	Balance Sheet Classification	March 31, 2026		December 31, 2025		Level of Fair Value Hierarchy
Liabilities
Interest rate collars	Other accrued liabilities	$	308	$	483	Level 2 – Other observable inputs
Interest rate collars	Other long-term liabilities	$	2,981	$	3,772	Level 2 – Other observable inputs

The Company had no financial assets measured at fair value on a recurring basis at March 31, 2026 or December 31, 2025.

Fair Value of Long-term Debt

The estimated fair value of Station LLC’s long-term debt compared with its carrying amount is presented below (amounts in millions):


	March 31, 2026		December 31, 2025
Aggregate fair value	$	3,539	$	3,412
Aggregate carrying amount	$	3,548	$	3,396

The estimated fair value of Station LLC’s long-term debt is based on quoted market prices from various banks for similar instruments, which is considered a Level 2 input under the fair value measurement hierarchy.

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8. Stockholders’ Equity

Net Income Attributable to Red Rock Resorts, Inc. and Transfers from (to) Noncontrolling Interests

The table below presents the effect on Red Rock Resorts, Inc. stockholders’ equity from net income and transfers from (to) noncontrolling interests (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Net income attributable to Red Rock Resorts, Inc.	$	42,889	$	44,749
Transfers from (to) noncontrolling interests
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco	1,119		(1,065)
Change from net income attributable to Red Rock Resorts, Inc. and net transfers from (to) noncontrolling interests	$	44,008	$	43,684

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.

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.

Dividends and Distributions

During the three months ended March 31, 2026 and 2025, the Company declared and paid quarterly cash dividends of $0.26 per share of Class A common stock and $0.25 per share of Class A common stock, respectively, which included $2.4 million and $2.3 million, respectively, paid to Fertitta Family Entities.

Prior to the quarterly cash dividend payments, during the three months ended March 31, 2026 and 2025, Station Holdco paid distributions to noncontrolling interest holders of $11.9 million and $11.5 million, respectively, which included $11.8 million and $11.3 million, respectively, paid to Fertitta Family Entities. During the three months ended March 31, 2026 and 2025, Station Holdco paid no tax distributions to noncontrolling interest holders.

On April 29, 2026, the Company announced that it would pay a dividend of $0.26 per share to Class A shareholders of record as of June 15, 2026 to be paid on June 30, 2026, of which $2.4 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 $0.26 per LLC Unit, of which $11.8 million is expected to be paid to Fertitta Family Entities.

Special Dividends

In February 2026, the Company declared a special cash dividend of $1.00 per share of Class A common stock which was paid on February 27, 2026, and included $9.1 million paid to Fertitta Family Entities. Prior to the payment of the special

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(UNAUDITED)

dividend, Station Holdco made a cash distribution to all LLC Unit holders, including the Company, of $1.00 per unit, of which $45.4 million was paid to Fertitta Family Entities.

Equity Repurchase Program

On October 27, 2025, the Company’s board of directors authorized the extension of the equity repurchase program through December 31, 2027 and authorized the repurchase of an additional $300.0 million of its Class A common stock, increasing the amount authorized for repurchases under the program to $900.0 million. During the three months ended March 31, 2026, the Company repurchased 635,657 shares of its Class A common stock for an aggregate purchase price of $38.3 million and a weighted average price per share of $60.32 in open market transactions. The Company made no repurchases during the three months ended March 31, 2025 under the program. At March 31, 2026, the remaining amount authorized for repurchase under the program was $486.0 million.

9. Share-based Compensation

The Company maintains an equity incentive plan designed to attract, retain and motivate employees and align the interests of those individuals with the interests of the Company. A total of 24.0 million shares of Class A common stock are reserved for issuance under the plan, of which approximately 12.6 million shares were available for issuance at March 31, 2026.

The following table presents information about the Company’s share-based compensation awards:


	Restricted Class A Common Stock			Stock Options
	Shares	Weighted-average grant date fair value		Shares	Weighted-average exercise price
Outstanding at January 1, 2026	770,806	$	52.25	4,475,400	$	45.40
Activity during the period:
Granted

SEC Form 10-Q filed by Red Rock Resorts Inc.