Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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, $.01 par value | |
Trading Symbol | RRR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001653653 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Class A common stock | ||
Entity Common Stock, Shares Outstanding (in shares) | 58,398,749 | |
Class B common stock | ||
Entity Common Stock, Shares Outstanding (in shares) | 45,985,804 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 122,835 | $ 117,289 |
Receivables, net | 76,992 | 43,630 |
Inventories | 13,638 | 13,199 |
Prepaid gaming tax | 24,661 | 22,834 |
Prepaid expenses and other current assets | 32,639 | 24,043 |
Assets held for sale | 19,175 | 0 |
Total current assets | 289,940 | 220,995 |
Property and equipment, net of accumulated depreciation of $1,254,408 and $1,168,984 at September 30, 2023 and December 31, 2022, respectively | 2,631,585 | 2,195,017 |
Goodwill | 195,676 | 195,676 |
Intangible assets, net of accumulated amortization of $19,399 and $18,215 at September 30, 2023 and December 31, 2022, respectively | 83,201 | 84,385 |
Land held for development | 451,125 | 449,017 |
Native American development costs | 45,108 | 41,687 |
Deferred tax asset, net | 77,015 | 75,741 |
Other assets, net | 87,789 | 83,232 |
Total assets | 3,861,439 | 3,345,750 |
Current liabilities: | ||
Accounts payable | 13,441 | 11,381 |
Accrued interest payable | 13,405 | 14,460 |
Income tax payable | 7,621 | 0 |
Other accrued liabilities | 300,932 | 234,718 |
Current portion of payable pursuant to tax receivable agreement | 995 | 6,631 |
Current portion of long-term debt | 26,091 | 26,059 |
Total current liabilities | 362,485 | 293,249 |
Long-term debt, less current portion | 3,279,541 | 2,958,717 |
Other long-term liabilities | 40,826 | 39,581 |
Payable pursuant to tax receivable agreement, less current portion | 20,964 | 21,960 |
Total liabilities | 3,703,816 | 3,313,507 |
Stockholders’ equity: | ||
Preferred stock, par value $0.01 per share, 100,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 3,464 | 0 |
Retained earnings | 119,261 | 43,203 |
Total Red Rock Resorts, Inc. stockholders’ equity | 123,310 | 43,784 |
Noncontrolling interest (deficit) | 34,313 | (11,541) |
Total stockholders’ equity | 157,623 | 32,243 |
Total liabilities and stockholders’ equity | 3,861,439 | 3,345,750 |
Class A common stock | ||
Stockholders’ equity: | ||
Common stock | $ 584 | $ 580 |
Common stock, shares issued (in shares) | 58,398,749 | 58,012,937 |
Common stock, shares outstanding (in shares) | 58,398,749 | 58,012,937 |
Class B common stock | ||
Stockholders’ equity: | ||
Common stock | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 45,985,804 | 45,985,804 |
Common stock, shares outstanding (in shares) | 45,985,804 | 45,985,804 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accumulated depreciation | $ 1,254,408 | $ 1,168,984 |
Accumulated amortization | $ 19,399 | $ 18,215 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A common stock | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 58,398,749 | 58,012,937 |
Common stock, shares outstanding (in shares) | 58,398,749 | 58,012,937 |
Class B common stock | ||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 45,985,804 | 45,985,804 |
Common stock, shares outstanding (in shares) | 45,985,804 | 45,985,804 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) Casino_Property $ / shares shares | Sep. 30, 2022 USD ($) Casino_Property $ / shares shares | Sep. 30, 2023 USD ($) Casino_Property $ / shares shares | Sep. 30, 2022 USD ($) Casino_Property $ / shares shares | |
Operating revenues: | ||||
Net revenues | $ 411,606 | $ 414,439 | $ 1,261,372 | $ 1,238,316 |
Operating costs and expenses: | ||||
Selling, general and administrative | 91,850 | 91,570 | 277,835 | 268,059 |
Depreciation and amortization | 32,535 | 30,789 | 96,368 | 97,311 |
Write-downs and other, net | 15,083 | 3,862 | 44,768 | 16,087 |
Asset impairment | 0 | 1,026 | 0 | 80,018 |
Operating expenses | 289,069 | 273,739 | 874,647 | 898,578 |
Operating income | 122,537 | 140,700 | 386,725 | 339,738 |
Earnings from joint ventures | 640 | 822 | 2,293 | 2,678 |
Operating income and earnings from joint ventures | 123,177 | 141,522 | 389,018 | 342,416 |
Other expense: | ||||
Interest expense, net | 45,502 | 34,287 | 132,298 | 89,709 |
Income before income tax | 77,675 | 107,235 | 256,720 | 252,707 |
Provision for income tax | (9,252) | (11,783) | (27,860) | (32,572) |
Net income | 68,423 | 95,452 | 228,860 | 220,135 |
Less: net income attributable to noncontrolling interests | 32,907 | 45,844 | 109,155 | 106,433 |
Net income attributable to Red Rock Resorts, Inc. | $ 35,516 | $ 49,608 | $ 119,705 | $ 113,702 |
Earnings per common share (Note 10): | ||||
Earnings (loss) per share of Class A common stock, basic (in dollars per share) | $ / shares | $ 0.61 | $ 0.86 | $ 2.07 | $ 1.91 |
Earnings (loss) per share of Class A common stock, diluted (in dollars per share) | $ / shares | $ 0.60 | $ 0.83 | $ 1.99 | $ 1.87 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | shares | 57,961 | 57,889 | 57,815 | 59,458 |
Diluted (in shares) | shares | 103,206 | 103,012 | 103,243 | 61,723 |
Major Hotel Casino Properties | Wholly Owned Properties | ||||
Weighted-average common shares outstanding: | ||||
Number of casino properties | Casino_Property | 6 | 6 | ||
Major Hotel Casino Properties | Wholly Owned Properties | Facility Closing | ||||
Weighted-average common shares outstanding: | ||||
Number of casino properties | Casino_Property | 3 | 3 | ||
Casino | ||||
Operating revenues: | ||||
Net revenues | $ 272,747 | $ 282,386 | $ 830,494 | $ 842,793 |
Operating costs and expenses: | ||||
Operating costs and expenses | 70,753 | 69,697 | 212,047 | 208,309 |
Food and beverage | ||||
Operating revenues: | ||||
Net revenues | 72,778 | 69,799 | 228,548 | 209,254 |
Operating costs and expenses: | ||||
Operating costs and expenses | 57,741 | 55,309 | 178,736 | 166,371 |
Room | ||||
Operating revenues: | ||||
Net revenues | 42,036 | 39,062 | 130,867 | 120,117 |
Operating costs and expenses: | ||||
Operating costs and expenses | 13,348 | 13,031 | 40,428 | 38,806 |
Other | ||||
Operating revenues: | ||||
Net revenues | 24,045 | 23,192 | 71,463 | 66,152 |
Operating costs and expenses: | ||||
Operating costs and expenses | $ 7,759 | $ 8,455 | $ 24,465 | $ 23,617 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A common stock | Class B common stock | Common stock Class A common stock | Common stock Class B common stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Noncontrolling interest |
Balance at Dec. 31, 2021 | $ 50,033 | $ 614 | $ 1 | $ 55,028 | $ 3,851 | $ (9,461) | ||
Number of shares at Dec. 31, 2021 | 61,427,000 | 45,986,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 220,135 | 113,702 | 106,433 | |||||
Share-based compensation | 12,980 | 12,980 | ||||||
Distributions | (85,283) | (85,283) | ||||||
Dividends | (44,363) | (44,363) | ||||||
Stock option exercises and issuance of restricted stock, net | 0 | $ 3 | (3) | |||||
Stock option exercises and issuance of restricted stock, net (shares) | 308,000 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (3,893) | 3,893 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (41,000) | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | 36,011 | (36,011) | |||||
Balance at Sep. 30, 2022 | 8,102 | $ 580 | $ 1 | 0 | 31,843 | (24,322) | ||
Number of shares at Sep. 30, 2022 | 57,976,000 | 45,986,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Repurchases of Class A common stock (shares) | (3,718,000) | |||||||
Repurchases of Class A common stock | (141,507) | $ 37 | 100,123 | 41,347 | ||||
Balance at Jun. 30, 2022 | (27,749) | $ 584 | $ 1 | 0 | 13,144 | (41,478) | ||
Number of shares at Jun. 30, 2022 | 58,445,000 | 45,986,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 95,452 | 49,608 | 45,844 | |||||
Share-based compensation | 4,737 | 4,737 | ||||||
Distributions | (30,352) | (30,352) | ||||||
Dividends | (14,437) | (14,437) | ||||||
Stock option exercises and issuance of restricted stock, net | 0 | $ 1 | (1) | |||||
Stock option exercises and issuance of restricted stock, net (shares) | 27,000 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (549) | 549 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 0 | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | (1,664) | 1,664 | |||||
Balance at Sep. 30, 2022 | 8,102 | $ 580 | $ 1 | 0 | 31,843 | (24,322) | ||
Number of shares at Sep. 30, 2022 | 57,976,000 | 45,986,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Repurchases of Class A common stock (shares) | (496,000) | |||||||
Repurchases of Class A common stock | (19,000) | $ 5 | 2,523 | 16,472 | ||||
Balance at Dec. 31, 2022 | 32,243 | $ 580 | $ 1 | 0 | 43,203 | (11,541) | ||
Number of shares at Dec. 31, 2022 | 58,012,937 | 45,985,804 | 58,013,000 | 45,986,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 228,860 | 119,705 | 109,155 | |||||
Share-based compensation | 14,814 | 14,814 | ||||||
Distributions | (65,189) | (65,189) | ||||||
Dividends | (43,647) | (43,647) | ||||||
Stock option exercises and issuance of restricted stock, net | 0 | $ 4 | (4) | |||||
Stock option exercises and issuance of restricted stock, net (shares) | 415,000 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (9,458) | 9,458 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (29,000) | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | (1,888) | 1,888 | |||||
Balance at Sep. 30, 2023 | 157,623 | $ 584 | $ 1 | 3,464 | 119,261 | 34,313 | ||
Number of shares at Sep. 30, 2023 | 58,398,749 | 45,985,804 | 58,399,000 | 45,986,000 | ||||
Balance at Jun. 30, 2023 | 120,707 | $ 584 | $ 1 | 1,104 | 98,298 | 20,720 | ||
Number of shares at Jun. 30, 2023 | 58,391,000 | 45,986,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 68,423 | 35,516 | 32,907 | |||||
Share-based compensation | 4,497 | 4,497 | ||||||
Distributions | (20,886) | (20,886) | ||||||
Dividends | (14,553) | (14,553) | ||||||
Stock option exercises and issuance of restricted stock, net | 0 | $ 0 | 0 | |||||
Stock option exercises and issuance of restricted stock, net (shares) | 8,000 | |||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (565) | 565 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 0 | |||||||
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | (1,572) | 1,572 | |||||
Balance at Sep. 30, 2023 | $ 157,623 | $ 584 | $ 1 | $ 3,464 | $ 119,261 | $ 34,313 | ||
Number of shares at Sep. 30, 2023 | 58,398,749 | 45,985,804 | 58,399,000 | 45,986,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 228,860 | $ 220,135 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 96,368 | 97,311 |
Write-downs and other, net | 171 | (6,259) |
Asset impairment | 0 | 80,018 |
Amortization of debt discount and debt issuance costs | 7,165 | 7,240 |
Share-based compensation | 14,515 | 12,799 |
Deferred income tax | (1,274) | 3,345 |
Changes in assets and liabilities: | ||
Receivables, net | (33,362) | 1,699 |
Inventories and prepaid expenses | (10,344) | (13,606) |
Accounts payable | 1,551 | (3,521) |
Accrued interest payable | (1,055) | (2,251) |
Increase (Decrease) in Income Taxes Payable | 7,948 | 2,275 |
Other accrued liabilities | 23,494 | 18,384 |
Other, net | 1,364 | (118) |
Net cash provided by operating activities | 335,401 | 417,451 |
Cash flows from investing activities: | ||
Capital expenditures, net of related payables | (512,518) | (198,567) |
Proceeds from asset sales | 380 | 2,706 |
Acquisition of land held for development | (2,108) | (174,079) |
Native American development costs | (2,875) | (6,154) |
Other, net | (3,416) | 6,227 |
Net cash used in investing activities | (520,537) | (369,867) |
Cash flows from financing activities: | ||
Borrowings under credit agreements with original maturity dates greater than three months | 370,500 | 74,500 |
Payments under credit agreements with original maturity dates greater than three months | (53,584) | (53,584) |
Distributions to noncontrolling interests | (65,189) | (85,283) |
Repurchases of Class A common stock | 0 | (141,507) |
Payment, Tax Withholding, Share-based Payment Arrangement | (9,458) | (3,893) |
Dividends paid | (44,027) | (44,723) |
Tax Receivable Agreement Liability Amount Paid | (6,632) | 0 |
Other, net | (928) | 747 |
Net cash provided by (used in) financing activities | 190,682 | (253,743) |
Increase (decrease) in cash and cash equivalents | 5,546 | (206,159) |
Balance, beginning of period | 117,289 | 307,255 |
Balance, end of period | 122,835 | 101,096 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | 122,835 | |
Balance, end of period | 122,835 | 101,096 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of $21,670 and $2,813 capitalized, respectively | 126,344 | 84,736 |
Income Taxes Paid, Net | 21,100 | 25,155 |
Non-cash investing and financing activities: | ||
Capital expenditures incurred but not yet paid | $ 127,155 | $ 76,117 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest | $ 21,670 | $ 2,813 |
Payment, Tax Withholding, Share-based Payment Arrangement | $ (9,458) | $ (3,893) |
Organization, Basis of Presenta
Organization, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Significant Accounting Policies | 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 six major gaming and entertainment facilities and ten smaller casino properties (three of which are 50% owned) in the Las Vegas regional market. In the first quarter of 2022, the Company commenced construction of Durango Casino & Resort (“Durango”) in the southwest Las Vegas valley. Durango is expected to open in December 2023. 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 September 30, 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 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, 2022. 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 interest in Station Holdco not owned by Red Rock within noncontrolling interest in the condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated. The Company has investments in three 50% owned smaller casino properties which are joint ventures 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, 2022. |
Noncontrolling Interest in Stat
Noncontrolling Interest in Station Holdco | 9 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest in Station Holdco | 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. 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: September 30, 2023 December 31, 2022 Units Ownership % Units Ownership % Red Rock 62,526,996 57.6 % 62,113,911 57.5 % Noncontrolling interest holders 45,985,804 42.4 % 45,985,804 42.5 % Total 108,512,800 100.0 % 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 nine months ended September 30, 2022, rebalancing was primarily due to repurchases of Class A common stock. |
Native American Development
Native American Development | 9 Months Ended |
Sep. 30, 2023 | |
Development Disclosure [Abstract] | |
Native American Development | Native American Development The Company has development and management agreements with the North Fork Rancheria of Mono Indians (the “Mono”), a federally recognized Native American tribe located near Fresno, California, which were originally entered into in 2003. In August 2014, the Mono and the Company entered into the Second Amended and Restated Development Agreement (the “Development Agreement”) and the Second Amended and Restated Management Agreement. The Mono has submitted a proposed Third Amended and Restated Management Agreement and a proposed Third Amended and Restated Development Agreement to the National Indian Gaming Commission (“NIGC”). Pursuant to the Development Agreement, the Company has assisted the Mono in developing a gaming and entertainment facility (the “North Fork Project”) to be located in Madera County, California and, pursuant to the proposed management and development agreements, the Company proposes to continue to assist the Mono in developing and to assist the Mono 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, approximately 40 table games and several restaurants, and 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 September 30, 2023 of each of the critical milestones that it has identified as necessary to complete the North Fork Project. As of September 30, 2023, each of these critical milestones has substantially been resolved, except for approval of the Management Agreement by the Chair of the NIGC. The following table summarizes the Company’s evaluation at September 30, 2023 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. Approval of the Management Agreement by the NIGC is expected to occur following the Mono’s response to the most recent issues letter. The Company believes the Management Agreement will be approved because the terms and conditions thereof are consistent with the provisions of the Indian Gaming Regulatory Act (“IGRA”). 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 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 filed a motion for summary judgment. Under the terms of the Development Agreement, the Company has agreed to arrange the financing for the ongoing development costs and construction of the facility, and has contributed significant financial support to the North Fork Project. Through September 30, 2023, the Company has paid approximately $60.2 million of reimbursable advances to the Mono, primarily to complete the environmental impact study, purchase the North Fork Site and pay the costs of litigation. The repayment of the advances is expected to come from the proceeds of the North Fork Project’s financing, from cash flows from the North Fork Project’s operations, or from a combination of both. In accordance with the Company’s accounting policy, accrued interest on the advances will not be recognized in income until the carrying amount of the advances has been recovered. The carrying amount of the reimbursable advances was reduced by $15.1 million to fair value upon the Company’s adoption of fresh-start reporting in 2011. At September 30, 2023, the carrying amount of the advances was $45.1 million. In addition to the reimbursable advances, the Company expects to receive a development fee of 4% of the costs of construction for its development services, which will be paid upon the commencement of gaming operations at the facility. The proposed management agreement provides for the Company to receive a management fee of 30% of the North Fork Project’s net income. The repayment of all or a portion of the reimbursable advances is anticipated to be subordinated to the Mono’s debt service obligations under the North Fork Project’s financing. The proposed management agreement and the proposed development agreement have a term of seven The Company expects that, upon termination or expiration of the proposed development agreement, the Mono will continue to be obligated to repay any unpaid principal and interest on the advances from the Company. Amounts due to the Company under the Development Agreement and Management Agreement are secured by, and amounts due to the Company under the proposed management agreement are intended to be secured by, substantially all of the assets of the North Fork Project except the North Fork Site. In addition, the Development Agreement contains, and the proposed development and management agreements are anticipated to contain, waivers of the Mono’s sovereign immunity from suit for the purpose of enforcing the agreements or permitting or compelling arbitration and other remedies. The timing of both the North Fork Project and of the repayment of the reimbursable advances is difficult to predict and is contingent on the achievement of the critical milestones, the financing of the North Fork Project, and the cash flows from the North Fork Project. The Company currently estimates that construction of the North Fork Project may begin in the next six The Company has evaluated the likelihood that the North Fork Project will be successfully completed and opened, and has concluded that the likelihood of successful completion is in the range of 75% to 85% at September 30, 2023. The Company’s evaluation is based on its consideration of all available positive and negative evidence about the status of the North Fork Project, including, but not limited to, the status of required regulatory approvals, as well as the progress being made toward the achievement of any remaining critical milestones, the arrangement of financing for the North Fork Project and the status of any remaining litigation and contingencies. There can be no assurance that all the necessary governmental and regulatory approvals will be obtained, that financing will be obtained, that the financing and/or the cash flows from the North Fork Project will be sufficient to repay the advances, that the North Fork Project will be successfully completed or that future |
Other Accrued Liabilities
Other Accrued Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (amounts in thousands): September 30, December 31, 2022 Contract and customer-related liabilities: Rewards Program liability $ 11,348 $ 11,620 Advance deposits and future wagers 23,360 18,346 Unpaid wagers, outstanding chips and other customer-related liabilities 20,839 20,508 Other accrued liabilities: Accrued payroll and related 45,650 36,607 Accrued gaming and related 24,664 22,513 Construction payables and equipment purchase accruals 137,434 94,291 Operating lease liabilities, current portion 5,945 4,800 Other 31,692 26,033 $ 300,932 $ 234,718 Construction payables and equipment purchase accruals at September 30, 2023 and December 31, 2022 included $128.3 million and $67.3 million, respectively, related to the development of Durango. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following indebtedness of Station LLC (amounts in thousands): September 30, December 31, 2022 Term Loan B Facility due February 7, 2027, interest at a margin above SOFR or base rate (7.67%) at September 30, 2023, interest at margin above LIBOR or base rate (6.64%) at December 31, 2022, net of unamortized discount and deferred issuance costs of $17.0 million and $20.4 million at September 30, 2023 and December 31, 2022, respectively $ 1,444,740 $ 1,452,926 Term Loan A Facility due February 7, 2025, interest at a margin above SOFR or base rate (6.92%) at September 30, 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 $0.7 million and $1.1 million at September 30, 2023 and December 31, 2022, respectively 155,190 161,898 Revolving Credit Facility due February 7, 2025, interest at a margin above SOFR or base rate (6.92%) at September 30, 2023 and interest at a margin above LIBOR or base rate (5.89%) at December 31, 2022 485,000 149,500 4.625% Senior Notes due December 1, 2031, net of unamortized deferred issuance costs of $5.1 million and $5.5 million at September 30, 2023 and December 31, 2022, respectively 494,877 494,499 4.50% Senior Notes due February 15, 2028, net of unamortized discount and deferred issuance costs of $4.9 million and $5.6 million at September 30, 2023 and December 31, 2022, respectively 685,874 685,126 Other long-term debt, weighted-average interest of 3.88% at September 30, 2023 and December 31, 2022, net of unamortized discount and deferred issuance costs of $0.2 million at September 30, 2023 and December 31, 2022 39,951 40,827 Total long-term debt 3,305,632 2,984,776 Current portion of long-term debt (26,091) (26,059) Total long-term debt, net $ 3,279,541 $ 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”). Prior to the amendment of the Credit Facility described below, 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 Station LLC’s consolidated total leverage ratio. The Credit Facility contains a number of customary covenants, including requirements that Station LLC maintain throughout the term of the Credit Facility and measured as of the end of each quarter, an interest coverage ratio of not less than 2.50 to 1.00 and a maximum consolidated total leverage ratio, with step-downs over the term of the Credit Facility, ranging from 5.50 to 1.00 at September 30, 2023 to 5.25 to 1.00 at December 31, 2023 and thereafter. 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 breach of such financial ratio covenants. Management believes the Company was in compliance with all applicable covenants at September 30, 2023. 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. Revolving Credit Facility At September 30, 2023, Station LLC’s borrowing availability under the Revolving Credit Facility, subject to continued compliance with the terms of the Credit Facility, was $512.5 million, which was net of $485.0 million in outstanding borrowings and $33.5 million in outstanding letters of credit and similar obligations. 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): September 30, December 31, 2022 Aggregate fair value $ 3,164 $ 2,796 Aggregate carrying amount 3,306 2,985 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. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity 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 transfers (to) from noncontrolling interests (amounts in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income attributable to Red Rock Resorts, Inc. $ 35,516 $ 49,608 $ 119,705 $ 113,702 Transfers (to) from noncontrolling interests: Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco (1,572) (1,664) (1,888) 36,011 Net transfers (to) from noncontrolling interests (1,572) (1,664) (1,888) 36,011 Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests $ 33,944 $ 47,944 $ 117,817 $ 149,713 Dividends and Distributions During the three and nine months ended September 30, 2023 and 2022, the Company declared and paid cash dividends of $0.25 and $0.75 per share of Class A common stock, respectively, which included $2.1 million and $6.4 million, respectively, paid to Fertitta Family Entities. During the three and nine months ended September 30, 2023, Station Holdco paid distributions to noncontrolling interest holders of $20.9 million and $65.2 million, respectively, which included $20.6 million and $64.3 million, respectively, paid to Fertitta Family Entities. During the three and nine months ended September 30, 2022, Station Holdco paid distributions to noncontrolling interest holders of $30.4 million and $85.3 million, respectively, which included $30.0 million and $84.2 million, respectively, paid to Fertitta Family Entities. On November 7, 2023, the Company announced that it would pay a dividend of $0.25 per share to Class A shareholders of record as of December 15, 2023 to be paid on December 29, 2023. 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, a portion of which will be paid to the other unit holders of Station Holdco. Equity Repurchase Program |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Compensation | 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 23.7 million shares of Class A common stock are reserved for issuance under the plan, of which approximately 11.6 million shares were available for issuance at September 30, 2023. The following table presents information about the Company’s share-based compensation awards: Restricted Class A Stock Options Shares Weighted-average grant date fair value Shares Weighted-average exercise price Outstanding at January 1, 2023 449,151 $ 37.51 7,364,157 $ 28.52 Activity during the period: Granted 129,960 47.05 1,202,242 47.05 Vested/exercised (a) (117,215) 29.48 (983,933) 22.95 Forfeited/expired (39,036) 41.53 (253,441) 38.47 Outstanding at September 30, 2023 422,860 $ 42.29 7,329,025 $ 31.96 _______________________________________________________________ (a) Stock options exercised included 660,211 options that were not converted into shares due to net share settlements to cover the aggregate exercise price and employee withholding taxes. The Company recognized share-based compensation expense of $4.4 million and $14.5 million for the three and nine months ended September 30, 2023, respectively, and $4.7 million and $12.8 million for the three and nine months ended September 30, 2022, respectively. At September 30, 2023, unrecognized share-based compensation cost was $51.8 million, which is expected to be recognized over a weighted-average period of 2.8 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Red Rock is a corporation and pays corporate federal, state and local taxes on its income, primarily pass-through income from Station Holdco based upon Red Rock’s economic interest held in Station Holdco. Station Holdco is a 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 respective share of Station Holdco’s pass-through taxable income. The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate and makes necessary cumulative adjustments to the total tax provision or benefit. The Company’s effective tax rate for the three and nine months ended September 30, 2023 was 11.9% and 10.9%, respectively, as compared to 11.0% and 12.9% for the three and nine months ended September 30, 2022, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2023 differs from the 21% statutory rate primarily because its effective tax rate includes a rate benefit attributable to the fact that Station Holdco operates as a limited liability company, which is not subject to federal income tax. Accordingly, the Company is not taxed on the portion of Station Holdco’s income attributable to noncontrolling interests. As a result of the Company’s 2016 initial public offering (“IPO”) 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 tax receivable agreement (“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 754 of the Internal Revenue Code. This deferred tax asset will be recovered as cash payments are made to the TRA participants. In addition, the Company records deferred tax assets related to net operating losses and other tax attributes, as applicable. 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 that the Company’s deferred tax assets will be realized. The Company determined that the deferred tax asset related to the LLC Units issued in the IPO and reorganization transactions is not expected to be realized unless the Company disposes of its investment in Station Holdco. As such, the Company established a valuation allowance against this portion of its deferred tax asset. The Company recognizes changes to the valuation allowance through the provision for income tax or other comprehensive income, as applicable. Tax Receivable Agreement In connection with the IPO, the Company entered into the TRA with certain owners who held LLC Units prior to the IPO. In the event that such parties exchange any or all of their LLC Units for Class A common stock or cash, at the election of the Company, the TRA requires the Company to make payments to such holders for 85% of the tax benefits realized by the Company as a result of such exchange. The Company expects to realize these tax benefits based on current projections of taxable income. The annual tax benefits are computed by calculating the income taxes due, including such tax benefits, and the income taxes due without such benefits. At September 30, 2023 and December 31, 2022, the Company’s liability under the TRA was $22.0 million and $28.6 million, respectively, of which $6.0 million and $9.2 million, respectively, was payable to Fertitta Family Entities. No LLC Units were exchanged during the three and nine months ended September 30, 2023 or 2022. During the nine months ended September 30, 2023 the Company made payments on the TRA liability of $6.6 million and expects to pay $1.0 million of the TRA liability within the next twelve months. 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 and the tax rate then applicable. 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 the Company 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. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income 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 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. Dilutive shares included in the calculation of diluted earnings per share for the three and nine months ended September 30, 2023 and the three months ended September 30, 2022 represented outstanding shares of Class B common stock, nonvested restricted shares of Class A common stock and outstanding stock options. For the nine months ended September 30, 2022, dilutive shares included in the calculation of diluted earnings per share represented nonvested restricted shares of Class A common stock and outstanding stock options. All other potentially dilutive securities have been excluded from the calculation of diluted earnings per share because their inclusion would have been antidilutive. A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share is presented below (amounts in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income $ 68,423 $ 95,452 $ 228,860 $ 220,135 Less: net income attributable to noncontrolling interests (32,907) (45,844) (109,155) (106,433) Net income attributable to Red Rock, basic 35,516 49,608 119,705 113,702 Effect of dilutive securities 25,996 36,217 86,232 1,817 Net income attributable to Red Rock, diluted $ 61,512 $ 85,825 $ 205,937 $ 115,519 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Weighted average shares of Class A common stock outstanding, basic 57,961 57,889 57,815 59,458 Effect of dilutive securities 45,245 45,123 45,428 2,265 Weighted average shares of Class A common stock outstanding, diluted 103,206 103,012 103,243 61,723 The calculation of diluted earnings per share of Class A common stock excluded the following potentially dilutive securities that were outstanding at September 30, 2023 and 2022, respectively, because their inclusion would have been antidilutive (amounts in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Shares of Class B common stock and LLC Units exchangeable for Class A common stock — — — 45,986 Stock options 2,244 2,017 2,244 1,192 Unvested restricted shares of Class A common stock 149 105 149 104 Shares of Class B common stock are not entitled to share in the earnings of the Company and are not participating securities. Accordingly, earnings per share of Class B common stock under the two-class method has not been presented. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThe 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 | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments | SegmentsThe Company views each of its Las Vegas casino properties and its Native American management arrangements as individual operating segments. The Company aggregates all of its Las Vegas operating segments into one reportable segment because all of its Las Vegas 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 EBITDA as its primary performance measure. The Company’s segment information and a reconciliation of net income to Adjusted EBITDA are presented below (amounts in thousands). Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenues Las Vegas operations: Casino $ 272,747 $ 282,386 $ 830,494 $ 842,793 Food and beverage 72,778 69,799 228,548 209,254 Room 42,036 39,062 130,867 120,117 Other (a) 20,398 20,313 60,677 59,237 Las Vegas operations net revenues 407,959 411,560 1,250,586 1,231,401 Native American management: Management fees — — — — Reportable segment net revenues 407,959 411,560 1,250,586 1,231,401 Corporate and other 3,647 2,879 10,786 6,915 Net revenues $ 411,606 $ 414,439 $ 1,261,372 $ 1,238,316 Net income $ 68,423 $ 95,452 $ 228,860 $ 220,135 Adjustments Depreciation and amortization 32,535 30,789 96,368 97,311 Share-based compensation 4,390 4,662 14,515 12,799 Write-downs and other, net 15,083 3,862 44,768 16,087 Asset impairment — 1,026 — 80,018 Interest expense, net 45,502 34,287 132,298 89,709 Provision for income tax 9,252 11,783 27,860 32,572 Other — — — 846 Adjusted EBITDA (b) $ 175,185 $ 181,861 $ 544,669 $ 549,477 Adjusted EBITDA Las Vegas operations $ 191,412 $ 199,920 $ 598,552 $ 605,985 Native American management — (120) — (3,568) Reportable segment Adjusted EBITDA 191,412 199,800 598,552 602,417 Corporate and other (16,227) (17,939) (53,883) (52,940) Adjusted EBITDA $ 175,185 $ 181,861 $ 544,669 $ 549,477 _______________________________________________________________ (a) Includes tenant lease revenue of $6.4 million and $19.0 million for the three and nine months ended September 30, 2023, respectively, and $5.4 million and $15.5 million for the three and nine months ended September 30, 2022, respectively. Revenue from tenant leases is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Income. (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, development, preopening, business innovation and technology enhancements, contract termination costs and non-routine items), asset impairment, interest expense, net, provision for income tax and other. |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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, 2022. 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 | 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 interest in Station Holdco not owned by Red Rock within noncontrolling interest in the condensed consolidated financial statements. All intercompany accounts and transactions have been eliminated. The Company has investments in three 50% owned smaller casino properties which are joint ventures accounted for using the equity method. |
Use of Estimates | 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 | 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, 2022. |
New Accounting Pronouncements | Recently Adopted Accounting Standards In March 2020 and December 2022, the Financial Accounting Standards Board 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 6) 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 6). The Company elected to apply the optional expedient for contract modifications to the Credit Facility amendment and accordingly, will treat 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. |
Income Taxes (Policies)
Income Taxes (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy | The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the Company updates the estimate of the annual effective tax rate and makes necessary cumulative adjustments to the total tax provision or benefit. |
Noncontrolling Interest in St_2
Noncontrolling Interest in Station Holdco (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Ownership | The ownership of the LLC Units is summarized as follows: September 30, 2023 December 31, 2022 Units Ownership % Units Ownership % Red Rock 62,526,996 57.6 % 62,113,911 57.5 % Noncontrolling interest holders 45,985,804 42.4 % 45,985,804 42.5 % Total 108,512,800 100.0 % 108,099,715 100.0 % |
Native American Development (Ta
Native American Development (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Development Disclosure [Abstract] | |
Schedule of Development and Management Agreements | The following table summarizes the Company’s evaluation at September 30, 2023 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. Approval of the Management Agreement by the NIGC is expected to occur following the Mono’s response to the most recent issues letter. The Company believes the Management Agreement will be approved because the terms and conditions thereof are consistent with the provisions of the Indian Gaming Regulatory Act (“IGRA”). 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 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) | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Other accrued liabilities consisted of the following (amounts in thousands): September 30, December 31, 2022 Contract and customer-related liabilities: Rewards Program liability $ 11,348 $ 11,620 Advance deposits and future wagers 23,360 18,346 Unpaid wagers, outstanding chips and other customer-related liabilities 20,839 20,508 Other accrued liabilities: Accrued payroll and related 45,650 36,607 Accrued gaming and related 24,664 22,513 Construction payables and equipment purchase accruals 137,434 94,291 Operating lease liabilities, current portion 5,945 4,800 Other 31,692 26,033 $ 300,932 $ 234,718 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following indebtedness of Station LLC (amounts in thousands): September 30, December 31, 2022 Term Loan B Facility due February 7, 2027, interest at a margin above SOFR or base rate (7.67%) at September 30, 2023, interest at margin above LIBOR or base rate (6.64%) at December 31, 2022, net of unamortized discount and deferred issuance costs of $17.0 million and $20.4 million at September 30, 2023 and December 31, 2022, respectively $ 1,444,740 $ 1,452,926 Term Loan A Facility due February 7, 2025, interest at a margin above SOFR or base rate (6.92%) at September 30, 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 $0.7 million and $1.1 million at September 30, 2023 and December 31, 2022, respectively 155,190 161,898 Revolving Credit Facility due February 7, 2025, interest at a margin above SOFR or base rate (6.92%) at September 30, 2023 and interest at a margin above LIBOR or base rate (5.89%) at December 31, 2022 485,000 149,500 4.625% Senior Notes due December 1, 2031, net of unamortized deferred issuance costs of $5.1 million and $5.5 million at September 30, 2023 and December 31, 2022, respectively 494,877 494,499 4.50% Senior Notes due February 15, 2028, net of unamortized discount and deferred issuance costs of $4.9 million and $5.6 million at September 30, 2023 and December 31, 2022, respectively 685,874 685,126 Other long-term debt, weighted-average interest of 3.88% at September 30, 2023 and December 31, 2022, net of unamortized discount and deferred issuance costs of $0.2 million at September 30, 2023 and December 31, 2022 39,951 40,827 Total long-term debt 3,305,632 2,984,776 Current portion of long-term debt (26,091) (26,059) Total long-term debt, net $ 3,279,541 $ 2,958,717 |
Schedule of Long-Term Debt, Carrying Values and Estimated Fair Values | The estimated fair value of Station LLC’s long-term debt compared with its carrying amount is presented below (amounts in millions): September 30, December 31, 2022 Aggregate fair value $ 3,164 $ 2,796 Aggregate carrying amount 3,306 2,985 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Reconciliation of Net Income and Changes to Noncontrolling Interest | 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 transfers (to) from noncontrolling interests (amounts in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income attributable to Red Rock Resorts, Inc. $ 35,516 $ 49,608 $ 119,705 $ 113,702 Transfers (to) from noncontrolling interests: Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco (1,572) (1,664) (1,888) 36,011 Net transfers (to) from noncontrolling interests (1,572) (1,664) (1,888) 36,011 Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests $ 33,944 $ 47,944 $ 117,817 $ 149,713 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table presents information about the Company’s share-based compensation awards: Restricted Class A Stock Options Shares Weighted-average grant date fair value Shares Weighted-average exercise price Outstanding at January 1, 2023 449,151 $ 37.51 7,364,157 $ 28.52 Activity during the period: Granted 129,960 47.05 1,202,242 47.05 Vested/exercised (a) (117,215) 29.48 (983,933) 22.95 Forfeited/expired (39,036) 41.53 (253,441) 38.47 Outstanding at September 30, 2023 422,860 $ 42.29 7,329,025 $ 31.96 _______________________________________________________________ (a) Stock options exercised included 660,211 options that were not converted into shares due to net share settlements to cover the aggregate exercise price and employee withholding taxes. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share is presented below (amounts in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income $ 68,423 $ 95,452 $ 228,860 $ 220,135 Less: net income attributable to noncontrolling interests (32,907) (45,844) (109,155) (106,433) Net income attributable to Red Rock, basic 35,516 49,608 119,705 113,702 Effect of dilutive securities 25,996 36,217 86,232 1,817 Net income attributable to Red Rock, diluted $ 61,512 $ 85,825 $ 205,937 $ 115,519 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Weighted average shares of Class A common stock outstanding, basic 57,961 57,889 57,815 59,458 Effect of dilutive securities 45,245 45,123 45,428 2,265 Weighted average shares of Class A common stock outstanding, diluted 103,206 103,012 103,243 61,723 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | The calculation of diluted earnings per share of Class A common stock excluded the following potentially dilutive securities that were outstanding at September 30, 2023 and 2022, respectively, because their inclusion would have been antidilutive (amounts in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Shares of Class B common stock and LLC Units exchangeable for Class A common stock — — — 45,986 Stock options 2,244 2,017 2,244 1,192 Unvested restricted shares of Class A common stock 149 105 149 104 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended | |
Sep. 30, 2023 | ||
Segment Reporting [Abstract] | ||
Schedule of Segment Reporting Information, by Segment | The Company utilizes Adjusted EBITDA as its primary performance measure. The Company’s segment information and a reconciliation of net income to Adjusted EBITDA are presented below (amounts in thousands). Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net revenues Las Vegas operations: Casino $ 272,747 $ 282,386 $ 830,494 $ 842,793 Food and beverage 72,778 69,799 228,548 209,254 Room 42,036 39,062 130,867 120,117 Other (a) 20,398 20,313 60,677 59,237 Las Vegas operations net revenues 407,959 411,560 1,250,586 1,231,401 Native American management: Management fees — — — — Reportable segment net revenues 407,959 411,560 1,250,586 1,231,401 Corporate and other 3,647 2,879 10,786 6,915 Net revenues $ 411,606 $ 414,439 $ 1,261,372 $ 1,238,316 Net income $ 68,423 $ 95,452 $ 228,860 $ 220,135 Adjustments Depreciation and amortization 32,535 30,789 96,368 97,311 Share-based compensation 4,390 4,662 14,515 12,799 Write-downs and other, net 15,083 3,862 44,768 16,087 Asset impairment — 1,026 — 80,018 Interest expense, net 45,502 34,287 132,298 89,709 Provision for income tax 9,252 11,783 27,860 32,572 Other — — — 846 Adjusted EBITDA (b) $ 175,185 $ 181,861 $ 544,669 $ 549,477 Adjusted EBITDA Las Vegas operations $ 191,412 $ 199,920 $ 598,552 $ 605,985 Native American management — (120) — (3,568) Reportable segment Adjusted EBITDA 191,412 199,800 598,552 602,417 Corporate and other (16,227) (17,939) (53,883) (52,940) Adjusted EBITDA $ 175,185 $ 181,861 $ 544,669 $ 549,477 _______________________________________________________________ (a) Includes tenant lease revenue of $6.4 million and $19.0 million for the three and nine months ended September 30, 2023, respectively, and $5.4 million and $15.5 million for the three and nine months ended September 30, 2022, respectively. Revenue from tenant leases is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Income. (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, development, preopening, business innovation and technology enhancements, contract termination costs and non-routine items), asset impairment, interest expense, net, provision for income tax and other. | [1] |
[1]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, development, preopening, business innovation and technology enhancements, contract termination costs and non-routine items), asset impairment, interest expense, net, provision for income tax and other. |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 USD ($) Casino_Property Rate | Dec. 31, 2022 USD ($) | Sep. 30, 2022 Casino_Property | |
Land held for development | $ | $ 451,125 | $ 449,017 | ||
Texas Station | ||||
Long-Lived Assets Held-for-Sale, Term | 12 months | |||
Fiesta Rancho [Member] | ||||
Long-Lived Assets Held-for-Sale, Term | 12 months | |||
Major Hotel Casino Properties | Wholly Owned Properties | ||||
Number of casino properties | 6 | |||
Major Hotel Casino Properties | Wholly Owned Properties | Facility Closing | ||||
Number of casino properties | 3 | |||
Smaller Casino Properties | ||||
Number of casino properties | 10 | |||
Smaller Casino Properties | Partially Owned Properties | ||||
Number of casino properties | 3 | |||
Parent ownership percentage (unconsolidated) | Rate | 50% | |||
Red Rock Resorts | Voting Units | Station Casinos LLC | ||||
Parent ownership percentage (consolidated) | 100% | |||
Red Rock Resorts | Non-Voting Units | Station Holdco | ||||
Parent ownership percentage (consolidated) | 58% |
Noncontrolling Interest in St_3
Noncontrolling Interest in Station Holdco (Details) - shares | Sep. 30, 2023 | Dec. 31, 2022 |
Noncontrolling Interest [Line Items] | ||
Units outstanding (in units) | 108,512,800 | 108,099,715 |
Total ownership percentage (consolidated) | 100% | 100% |
Entities related to Frank J. Fertitta III and Lorenzo J Fertitta | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling ownership percentage (consolidated) | 99% | |
Class A common stock | Red Rock Resorts | ||
Noncontrolling Interest [Line Items] | ||
Units outstanding (in units) | 62,526,996 | 62,113,911 |
Parent ownership percentage (consolidated) | 57.60% | 57.50% |
Class B common stock | LLC Unit Holders | ||
Noncontrolling Interest [Line Items] | ||
Units outstanding (in units) | 45,985,804 | 45,985,804 |
Noncontrolling ownership percentage (consolidated) | 42.40% | 42.50% |
Native American Development - N
Native American Development - North Fork (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) a Slot_Machines Table_Games | Dec. 31, 2022 USD ($) | |
Development and Management Agreements, Native American [Line Items] | ||
Native American development costs | $ 45,108 | $ 41,687 |
North Fork Rancheria of Mono Indians | ||
Development and Management Agreements, Native American [Line Items] | ||
Number of table games | Table_Games | 40 | |
Reimbursable advances for Native American development | $ 60,200 | |
Native American development costs | $ 45,100 | |
Development fee, percent fee | 4% | |
Property management fee, percent fee | 30% | |
Management agreement, term | 7 years | |
Development agreement, term | 7 years | |
Estimated period to begin construction | 6 months | |
Assets, Fair Value Adjustment | $ 15,100 | |
North Fork Rancheria of Mono Indians | Minimum | ||
Development and Management Agreements, Native American [Line Items] | ||
Number of slot machines | Slot_Machines | 2,000 | |
Estimated costs for Native American development projects | $ 375,000 | |
Estimated period after construction begins, facility is completed and open for business | 15 months | |
Successful project completion | 75% | |
North Fork Rancheria of Mono Indians | Maximum | ||
Development and Management Agreements, Native American [Line Items] | ||
Number of slot machines | Slot_Machines | 2,500 | |
Estimated costs for Native American development projects | $ 425,000 | |
Estimated period after construction begins, facility is completed and open for business | 18 months | |
Successful project completion | 85% | |
North Fork Rancheria of Mono Indians | Land Held for Development | ||
Development and Management Agreements, Native American [Line Items] | ||
Area of land | a | 305 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Other Accrued Liabilities [Line Items] | ||
Construction payables and equipment purchase accruals | $ 137,434 | $ 94,291 |
Rewards Program liability | 11,348 | 11,620 |
Advance deposits and future wagers | 23,360 | 18,346 |
Unpaid wagers, outstanding chips and other customer-related liabilities | 20,839 | 20,508 |
Accrued payroll and related | 45,650 | 36,607 |
Accrued gaming and related | 24,664 | 22,513 |
Construction payables and equipment purchase accruals | 137,434 | 94,291 |
Operating lease liabilities, current portion | 5,945 | 4,800 |
Other | 31,692 | 26,033 |
Other accrued liabilities | 300,932 | 234,718 |
Durango [Member] | ||
Schedule of Other Accrued Liabilities [Line Items] | ||
Construction payables and equipment purchase accruals | 128,300 | 67,300 |
Construction payables and equipment purchase accruals | $ 128,300 | $ 67,300 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Instruments (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ (26,091,000) | $ (26,059,000) |
Total long-term debt, net | 3,279,541,000 | 2,958,717,000 |
Station Casinos LLC | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,305,632,000 | 2,984,776,000 |
Current portion of long-term debt | (26,091,000) | (26,059,000) |
Total long-term debt, net | 3,279,541,000 | 2,958,717,000 |
Station Casinos LLC | Line of Credit | Term Loan B Facility, Due February 7, 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,444,740,000 | 1,452,926,000 |
Unamortized discount and deferred issuance costs | $ 17,000,000 | $ 20,400,000 |
Effective interest rate (as a percent) | 7.67% | 6.64% |
Station Casinos LLC | Line of Credit | Term Loan A Facility, Due February 7, 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 155,190,000 | $ 161,898,000 |
Unamortized discount and deferred issuance costs | $ 700,000 | $ 1,100,000 |
Effective interest rate (as a percent) | 6.92% | 5.89% |
Station Casinos LLC | Revolving Credit Facility | Revolving Credit Facility Due February 7, 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 485,000,000 | $ 149,500,000 |
Station Casinos LLC | Senior Notes | 4.625% Senior Notes, Due December 1, 2031 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 494,877,000 | 494,499,000 |
Unamortized discount and deferred issuance costs | $ 5,100,000 | $ 5,500,000 |
Stated interest rate (as a percent) | 4.625% | 4.625% |
Station Casinos LLC | Senior Notes | 4.50% Senior Notes, Due February 15, 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 685,874,000 | $ 685,126,000 |
Unamortized discount and deferred issuance costs | $ 4,900,000 | $ 5,600,000 |
Stated interest rate (as a percent) | 4.50% | 4.50% |
Station Casinos LLC | Other Long-term Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 39,951,000 | $ 40,827,000 |
Unamortized discount and deferred issuance costs | $ 200,000 | $ 200,000 |
Weighted average interest rate (as a percent) | 3.88% | 3.88% |
Station Casinos LLC | Line of Credit and Revolving Credit Facility | Revolving Credit Facility Due February 7, 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 6.92% | 5.89% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - Station Casinos LLC $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) Rate | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ | $ 3,305,632 | $ 2,984,776 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate fair value of long-term debt | $ | 3,164,000 | 2,796,000 |
Line of Credit | Term Loan B Facility, Due February 7, 2027 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ | $ 1,444,740 | 1,452,926 |
Line of Credit | Term Loan B Facility, Due February 7, 2027 | Base Rate | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Line of Credit | Term Loan B Facility, Due February 7, 2027 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |
Line of Credit | Term Loan B Facility, Due February 7, 2027 | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |
Line of Credit | Revolving Credit Facility and Term Loan A Facility, Due February 7, 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Line of Credit | Revolving Credit Facility and Term Loan A Facility, Due February 7, 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Line of Credit | Term Loan A Facility, Due February 7, 2025 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ | $ 155,190 | 161,898 |
Line of Credit and Revolving Credit Facility | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Coverage Ratio | 2.50 | |
Line of Credit and Revolving Credit Facility | Maximum | First Period | ||
Debt Instrument [Line Items] | ||
Consolidated Total Leverage Ratio | 5.50 | |
Line of Credit and Revolving Credit Facility | Maximum | Last Period | ||
Debt Instrument [Line Items] | ||
Consolidated Total Leverage Ratio | 5.25 | |
Line of Credit and Revolving Credit Facility | Revolving Credit Facility and Term Loan A Facility, Due February 7, 2025 | Base Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Line of Credit and Revolving Credit Facility | Revolving Credit Facility and Term Loan A Facility, Due February 7, 2025 | Base Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Line of Credit and Revolving Credit Facility | Revolving Credit Facility and Term Loan A Facility, Due February 7, 2025 | London Interbank Offered Rate (LIBOR) | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Line of Credit and Revolving Credit Facility | Revolving Credit Facility and Term Loan A Facility, Due February 7, 2025 | London Interbank Offered Rate (LIBOR) | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Revolving Credit Facility | Revolving Credit Facility Due February 7, 2025 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ | $ 512,500 | |
Outstanding Letters of Credit, Amount | $ | 33,500 | |
Long-term Debt | $ | $ 485,000 | $ 149,500 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in ownership of Station Holdco LLC (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in ownership of Station Holdco LLC [Line Items] | ||||
Net income attributable to Red Rock Resorts, Inc. | $ 35,516 | $ 49,608 | $ 119,705 | $ 113,702 |
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | 0 | $ 0 | 0 | $ 0 |
Equity Repurchase Program | ||||
Changes in ownership of Station Holdco LLC [Line Items] | ||||
Stock Repurchased and Retired During Period, Weighted Average Price per Share | $ 38.33 | $ 38.06 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 312,900 | 312,900 | ||
Red Rock Resorts, Inc. stockholders' equity | ||||
Changes in ownership of Station Holdco LLC [Line Items] | ||||
Net income attributable to Red Rock Resorts, Inc. | 35,516 | $ 49,608 | 119,705 | $ 113,702 |
Rebalancing of ownership percentage between the Company and noncontrolling interests in Station Holdco | (1,572) | (1,664) | (1,888) | 36,011 |
Net transfers (to) from noncontrolling interests | (1,572) | (1,664) | (1,888) | 36,011 |
Change from net income attributable to Red Rock Resorts, Inc. and net transfers (to) from noncontrolling interests | $ 33,944 | $ 47,944 | $ 117,817 | $ 149,713 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Nov. 07, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Aug. 04, 2022 | |
Class of Stock [Line Items] | ||||||
Stock Repurchased and Retired During Period, Value | $ 19,000 | $ 141,507 | ||||
Dividends | $ 14,553 | $ 14,437 | $ 43,647 | $ 44,363 | ||
Entities related to Frank J. Fertitta III and Lorenzo J Fertitta | ||||||
Class of Stock [Line Items] | ||||||
Dividends | $ 2,100 | $ 6,400 | ||||
Class A common stock | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 | ||
Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Distributions declared per LLC Unit (in dollars per unit) | $ 0.25 | |||||
Subsequent Event [Member] | Class A common stock | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | |||||
Equity Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 600,000 | |||||
Repurchases of Class A common stock (shares) | 0 | 500,000 | 0 | 3,700,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 312,900 | $ 312,900 | ||||
Stock Repurchased and Retired During Period, Value | $ 19,000 | $ 141,500 | ||||
Stock Repurchased and Retired During Period, Weighted Average Price per Share | $ 38.33 | $ 38.06 |
Share-based Compensation Awards
Share-based Compensation Awards Under Equity Incentive Plan (Details) - Class A common stock | 9 Months Ended | |
Sep. 30, 2023 $ / shares shares | ||
Restricted stock | ||
Restricted Class A Common Stock | ||
Restricted stock, balance at beginning of the period (in shares) | 449,151 | |
Restricted stock, granted in period (in shares) | 129,960 | |
Restricted stock, vested in period (in shares) | (117,215) | |
Restricted stock, forfeited in period (in shares) | (39,036) | |
Restricted stock, balance at end of the period (in shares) | 422,860 | |
Weighted-average grant date fair value | ||
Weighted average grant date fair value, restricted stock balance at the beginning of the period (in usd per share) | $ / shares | $ 37.51 | |
Weighted average grant date fair value, restricted stock granted (in usd per share) | $ / shares | 47.05 | |
Weighted average grant date fair value, restricted stock vested (in usd per share) | $ / shares | 29.48 | |
Weighted average grant date fair value, restricted stock forfeited or expired (in usd per share | $ / shares | 41.53 | |
Weighted average grant date fair value, restricted stock balance at the end of the period (in usd per share) | $ / shares | $ 42.29 | |
Employee stock option | ||
Stock Options | ||
Options, balance at beginning of the period (in shares) | 7,364,157 | |
Options, granted in period (in shares) | 1,202,242 | |
Options, exercised in period (in shares) | (983,933) | [1] |
Options, forfeited or expired in period (in shares) | (253,441) | |
Options, balance at end of the period (in shares) | 7,329,025 | |
Options, exercised in period but not converted into shares | 660,211 | |
Weighted-average exercise price | ||
Weighted average exercise price, options balance at beginning of the period (in usd per share) | $ / shares | $ 28.52 | |
Weighted average exercise price, options granted in period (in usd per share) | $ / shares | 47.05 | |
Weighted average exercise price, exercised in period (in usd per share) | $ / shares | 22.95 | |
Weighted average exercise price, options forfeited or expired in period (in usd per share) | $ / shares | 38.47 | |
Weighted average exercise price, options balance at end of the period (in usd per share) | $ / shares | $ 31.96 | |
[1]Stock options exercised included 660,211 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 Narrat
Share-based Compensation Narrative (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 4,390 | $ 4,662 | $ 14,515 | $ 12,799 |
Compensation cost not yet recognized | $ 51,800 | $ 51,800 | ||
Compensation cost not yet recognized, period for recognition | 2 years 9 months 18 days | |||
Class A common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 23.7 | 23.7 | ||
Number of shares available for grant (in shares) | 11.6 | 11.6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation | |||||
Effective income tax rate | 11.90% | 11% | 10.90% | 12.90% | |
Federal statutory income tax rate | 21% | ||||
Tax Receivable Agreement Liability | |||||
Realized tax benefits payable to related parties (as a percent of total realized tax benefits) | 85% | ||||
Tax receivable agreement liability | $ 22,000 | $ 22,000 | $ 28,600 | ||
Recognition of tax receivable agreement liability resulting from exchanges of noncontrolling interests | 0 | $ 0 | 0 | $ 0 | |
Current portion of payable pursuant to tax receivable agreement | 995 | 995 | 6,631 | ||
Amounts resulting from assignment of TRA rights and obligations to the Company | |||||
Tax Receivable Agreement Liability | |||||
Current portion of payable pursuant to tax receivable agreement | 1,000 | 1,000 | |||
Entities related to Frank J. Fertitta III and Lorenzo J Fertitta | |||||
Tax Receivable Agreement Liability | |||||
Tax receivable agreement liability | $ 6,000 | $ 6,000 | $ 9,200 |
Earnings (Loss) Per Share - Rec
Earnings (Loss) Per Share - Reconciliation of Numerators and Denominators (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Income (Loss) Available to Common Stockholders, Diluted | ||||
Net income | $ 68,423 | $ 95,452 | $ 228,860 | $ 220,135 |
Less: net income attributable to noncontrolling interests | (32,907) | (45,844) | (109,155) | (106,433) |
Net income attributable to Red Rock Resorts, Inc. | 35,516 | 49,608 | 119,705 | 113,702 |
Effect of dilutive securities | 25,996 | 36,217 | 86,232 | 1,817 |
Net income attributable to Red Rock, diluted | $ 61,512 | $ 85,825 | $ 205,937 | $ 115,519 |
Weighted Average Number of Shares Outstanding Reconciliation | ||||
Weighted average shares of Class A common stock outstanding, basic | 57,961 | 57,889 | 57,815 | 59,458 |
Effect of dilutive securities | 45,245 | 45,123 | 45,428 | 2,265 |
Weighted average shares of Class A common stock outstanding, diluted | 103,206 | 103,012 | 103,243 | 61,723 |
Earnings (Loss) Per Share - Ant
Earnings (Loss) Per Share - Antidilutive Shares Excluded from Computation of Diluted (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class B common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 45,986 |
Employee stock option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,244 | 2,017 | 2,244 | 1,192 |
Restricted stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 149 | 105 | 149 | 104 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Segment | Sep. 30, 2022 USD ($) | |||
Segment Reporting Information [Line Items] | |||||||
Net revenues | $ 411,606 | $ 414,439 | $ 1,261,372 | $ 1,238,316 | |||
Net income | 68,423 | 95,452 | 228,860 | 220,135 | |||
Depreciation and amortization | 32,535 | 30,789 | 96,368 | 97,311 | |||
Share-based compensation | 4,390 | 4,662 | 14,515 | 12,799 | |||
Write-downs and other, net | 15,083 | 3,862 | 44,768 | 16,087 | |||
Asset impairment | 0 | 1,026 | $ 79,000 | 0 | 80,018 | ||
Interest expense, net | 45,502 | 34,287 | 132,298 | 89,709 | |||
Provision for income tax | 9,252 | 11,783 | 27,860 | 32,572 | |||
Other | 0 | 0 | 0 | (846) | |||
Adjusted EBITDA | 175,185 | [1] | 181,861 | [1] | 544,669 | 549,477 | |
Revenue from tenant leases | 6,400 | 5,400 | 19,000 | 15,500 | |||
Casino | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 272,747 | 282,386 | 830,494 | 842,793 | |||
Food and beverage | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 72,778 | 69,799 | 228,548 | 209,254 | |||
Room | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 42,036 | 39,062 | 130,867 | 120,117 | |||
Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 24,045 | 23,192 | $ 71,463 | 66,152 | |||
Las Vegas Operations | |||||||
Segment Reporting Information [Line Items] | |||||||
Number of reportable segments | Segment | 1 | ||||||
Net revenues | 407,959 | 411,560 | $ 1,250,586 | 1,231,401 | |||
Adjusted EBITDA | 191,412 | [1] | 199,920 | [1] | 598,552 | 605,985 | |
Las Vegas Operations | Casino | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 272,747 | 282,386 | 830,494 | 842,793 | |||
Las Vegas Operations | Food and beverage | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 72,778 | 69,799 | 228,548 | 209,254 | |||
Las Vegas Operations | Room | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 42,036 | 39,062 | 130,867 | 120,117 | |||
Las Vegas Operations | Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 20,398 | [2] | 20,313 | [2] | $ 60,677 | 59,237 | |
Native American Management | |||||||
Segment Reporting Information [Line Items] | |||||||
Number of reportable segments | Segment | 1 | ||||||
Adjusted EBITDA | 0 | [1] | (120) | [1] | $ 0 | (3,568) | |
Native American Management | Management Service [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 0 | 0 | 0 | 0 | |||
Reportable Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | 407,959 | 411,560 | 1,250,586 | 1,231,401 | |||
Adjusted EBITDA | 191,412 | [1] | 199,800 | [1] | 598,552 | 602,417 | |
Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Adjusted EBITDA | (16,227) | [1] | (17,939) | [1] | (53,883) | (52,940) | |
Corporate and Other | Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Net revenues | $ 3,647 | $ 2,879 | $ 10,786 | $ 6,915 | |||
[1]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, development, preopening, business innovation and technology enhancements, contract termination costs and non-routine items), asset impairment, interest expense, net, provision for income tax and other.[2]Includes tenant lease revenue of $6.4 million and $19.0 million for the three and nine months ended September 30, 2023, respectively, and $5.4 million and $15.5 million for the three and nine months ended September 30, 2022, respectively. Revenue from tenant leases is accounted for under the lease accounting guidance and included in Other revenues in the Company’s Condensed Consolidated Statements of Income. |
Uncategorized Items - rrr-20230
Label | Element | Value |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid | $ 20,900,000 |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid | 30,400,000 |
Fertitta Family Entities [Member] | ||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid | 84,200,000 |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid | 64,300,000 |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid | 20,600,000 |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid | $ 30,000,000 |