Red Rock Resorts posts record Q4 2024 results, details expansion plans for Durango and new Henderson casino

Red Rock Resorts, the parent company of Station Casinos, has reported its strongest fourth-quarter net revenue and cash flow performance in company history, closing out a profitable 2024.

For the fourth quarter ending December 31, Red Rock Resorts posted $87.7 million in net income, or 76 cents per share, on $495.7 million in revenue, recording a 7.1% increase from the previous year. For 2024, the company reported $291.3 million in net income, equating to $2.53 per share, on $1.94 billion in total revenue, marking a 12.5% annual increase.

The company attributed growth to the success of its newest property, Durango, which has already begun an expansion project just over a year after its opening.

During an earnings call with investors, Executive Vice President and Chief Financial Officer Stephen Cootey noted that Durango has added 85,000 new customers to Red Rock’s database while maintaining expected levels of customer redistribution from Red Rock Resort.

“Durango continues to grow the Las Vegas locals market as the team continues to execute and improve the property’s operational performance while at the same time driving incremental play from our existing customers and attracting new customers to our brand,” Cootey said.

The expansion of Durango, which began in January, is set to introduce 25,000 square feet of additional casino space, including a high-limit slot area and bar. The project will add 230 new slot machines, with 120 dedicated to high-limit play.

Additionally, Red Rock is constructing a covered parking garage with nearly 2,000 spaces, designed to enhance accessibility and allow for future expansions. The $120 million project is expected to be completed by January 2026, with some construction-related disruptions anticipated on the south side of the property.

Red Rock is also moving forward with a new development in Henderson, where it plans to build Inspirada Station, a resort in the master-planned Inspirada community near Seven Hills. The company is scheduled to appear before the Henderson Planning and Zoning Commission to seek approval for an additional 14.1 acres to expand its 52.6-acre site near Via Inspirada and Bicentennial Parkway.

According to city documents, the proposed resort will feature 58,000 square feet of gaming space, 201 hotel rooms, three specialty restaurants, an eight-box food hall, four bars, an 8,400-square-foot sportsbook, a 12-lane bowling alley, a six-box movie theater, and banquet space totaling 6,670 square feet. A timeline for construction has not been finalized.

Red Rock also announced a 25-cent-per-share dividend, payable March 31 to shareholders of record as of March 17. Following the earnings report, the company’s stock rose by 51 cents, or 1%, closing at $50.92 on the Nasdaq exchange, with trading volume nearly double the daily average.