Thank you, operator, and good afternoon, everyone.
us Conference Red Call. joining Quarter Resorts for Earnings XXXX you today Rock for First Thank
management like Joining Laws. Federal Frank call safe as differ executive harbor and may on today Developments Lorenzo I me the Statements those the from Fertitta and well call will include provisions as results under that of remind Securities everyone to today Forward-Looking are team. projected. our would the our States United
also will discuss we call, measures. financial this During non-GAAP
of figures X-K the earnings filed to reconciliation deck, refer complete call the financial our prior please call. were and in to note this press is definitions For to these please this afternoon which and being GAAP, Also, tables recorded. Form release, investor
On first excluding management quarter. from year’s Now let’s take net a quarter XXX.X prior look million, results. consolidated fees, million great a at up our first was quarter our XXX.X revenue the XX.X% in basis, first
was prior EBITDA adjusted XXX.X XXX XX.X% quarter. from first Our year’s in up the million, million
Our up for from adjusted the properties, quarter million XX was to the With our first XXXX. impact excluding EBITDA the points from first XXX.X million, our net of increase respect year’s the first of margin XXX.X quarter. closed basis Vegas quarter, XX.X% operations, quarter an from our was Las in revenue XX.X% prior
quarter. was million, first EBITDA million year’s up XXX.X prior adjusted in Our XX.X% from the XXX.X
first quarter was EBITDA margin XXXX. XX.X%, an from increase of adjusted the basis Our XX of points
same-store seventh margin. and sales a EBITDA EBITDA EBITDA company, the that our same-store quarter the achieved history highest in and the achieved adjusted company adjusted has row this On we margin revenue, in marks record the and the EBITDA adjusted quarter first basis, adjusted net of
XX% $X.XX cash share. to to flow adjusted or flow, cash of continue EBITDA We per generating XXX.X million free our prioritize free operating converting
us strategy quarter. quarter, town with segment to disciplined revenue and our This out core to local profitability on we the mid- of regional remained and our guests. well high-end first core the as generate operationally allowed record focused our stayed customers gaming as During in
Omicron the to than mass mandates pressures entire While profits more segment. resulted by as record the strong our a trend This on February device was by company combination of time inflationary within enjoy the visitation. XXth the increased of in offset per in a offset and quarter-over-quarter across state spend on visit reduction portfolio, as Nevada the well allowing lifting of across
will our offering executing high in Moving focused we we later Red guests, continue forward, property to room opening and these investing while vigilant at this new week. as stay and amenities such the remain Rock including our strategy core on to disciplined table VIP trends, to our limit
results and And pipeline our to one continued properties still with financials finally, in on Turning these and With group quarter as Omicron segments. both further sales & most delivered ever. Food profitable Hotel their first business saw growth segments, to lines in the regard of catering impact the non-gaming of business We recovery Beverage delayed January. by of segments the pushed X.X the earnings seeing been while XXXX. and point, back costs for million our grow, carry carrying quarter. closed into half lead business XXXX as we calls, our At this are associated the approximately in are into of has was mentioned prior
the to quarters strong past resulted delivering streamline and in a and of which taken efficient pre-pandemic higher to adjusted and reopened while eight over benefits since for of providing our side, conversion members renegotiating over look team free business, best-in-class On customer to to levels, which marketing XXX a June service guests. best-in-class shareholders led The operationally EBITDA to now in wages our exceeds ways and become we transformation XXXX. our margin, adjusted capital higher in business and have agreements third-party million we of and optimize to our vendor the our revenue, return EBITDA, the cash XXXX to continue company’s initiatives expense same-store flow of disciplined our remain number significant actions more
technology we continue product. regard gaming, to the to with roll front, cashless this On out
are We Station, all properties we next exception with happen at live to expect now Taverns of Wildfire two and of quarters. our the the Sunset our which over
mobile more slot cashless payments across exciting Las of to amenities our our all both focus and initial to the from play digital product. roll customers is While as we ultimate the is each to come our credit this at out floor, will introducing on of Vegas be allow There the one cash goal wallet properties.
items. few was amount XXX.X net let’s the end principal quarter of a cash million, Now end first X.X and cash at of cover The billion, billion. balance total at capital quarter outstanding in the debt X.XX debt sheet equivalents the was company’s resulting of the and
of times and end the coverage EBITDA respectively. the first net were ratios X.X of times, As X.X company’s debt interest and quarter, the to
completed purchase share approximately well its to Resorts. quarter Station of unitholders capital, Holdco, distribution we of shares at the tax million the shares an approximately average total XXX,XXX distribution remaining included we estimated at tender share dividend, approximately as to of A the shareholders to pay price first the payment, have quarter. XXX.X capital our combined number This growth per our first gaming move and owned cost balanced our an approximately the quarter per first Class company will million the under Given million million, returned with at to under Class shares made of declared per our price to the disclosed make maturities XXXX XXX XX.X spend no of capital. fourth of A repurchase of quarter in The stakeholders count properties our dividend was XX.X our take share average brings XX.X titled the short-term previously approximately of sheet share our of development longer-term under and in million its million first distributions well low a million used both quarter still maintenance its Also A spend. $XX.XX quarter and our end which on Red project LLC of approximately in including XX.X us capital as million approach previously investment strategically and which to as $XX.XX balance executing to share as well Class low quarter, forward. we of program, first of XX.X Capital program debt we approximately best-in-class XX.X the during purchased million $X.XX we reducing which returning located $XXX on When as to inclusive a million allow to X.X included to as opportunities, in shares. Rock as Durango focus leverage, in six our the common
million million the and and XXX full-year we to to in maintenance inclusive an XXX For XXXX, project. growth continue additional XXX in XX Durango of capital between capital million expect million to spend our
a provide Starting update development. let’s Durango development our our short with pipeline. on Now
is unrestricted Valley with options, and located five on over to and radius continues months. fastest-growing schedule the slots within and the XX project Southwest casino taking The X,XXX will anticipated the XX When no the nicely As over product, are include ideally square extremely gaming mile project about table feet in XX a suite mentioned and with Las a this to full-service very food competitors progressing and we the the construction before, rooms four is Vegas resort and located demographic Valley. outlets with of - on XXX pool. have remain complete, project hotel excited of approximately favorable Expressway XX,XXX The we space, XXX book experiential situated within Over the state-of-the-art Las Drive games. race a in which a project Vegas and and many beverage with sports exciting area and off project food the style profile Durango hall is XX-acre site.
earnings calls, financing As to mentioned approximately includes associated and soft the XXX with costs any which and our hard million, expect preopening costs, spend all on design expenses costs, construction project. we prior
the a XX% under price to that are have of now project, pleased are under costs total approximately into which the today We entered maximum contract project announce guaranteed GMP. for we
long-lead XX% out. purchase bid of As stands the of been has project, items now, the approximately FF&E project including the
We will in supply a strategy chain early issues. on execute to manner minimize and seeks inflation-related procurement which our continue to
calls, Greenfield projects previous past expects consistent the our on within the stated company profile As return with be to for project portfolio. this
now to Fork. Turning North
last after the As courts. we litigation, its has noted case quarter, California in favorably all pending other resolving of one only the tribe
by do believe gain not we noted decision deprive any could California Federal that ability last to North As State a Trust land. Workers’ on Court quarter, its also we have
continuing our project, the our to including and as work We progress approval partners. having prospective we a tribe on management of talks agreement, with very with continue development our this the to lending toward preliminary working attractive design efforts with work respect the
will provide updates We to continue call. our earnings on quarterly
XXXX, XX, that development gaming on payable the May the six of company a record will June of on best-in-class the XXXX, parcels on Vegas the desirable located June of in with as dividend XXXX. X, declared announced for Directors quarter The of of XX, the all payable per cash be $X.XX Lastly, second share to dividend has shareholders its has of Las pipeline business assets close With of XXXX. locations, and Valley. in development owned our title coupled most and and sites our locations current Board
opportunities our some our and allow record us has us locals to disciplined continue while to coupled to story barriers shareholders. and growth scale, our the growth entry capitalize with quarter position continuing very on allowed of high market. long-term And on unparalleled long-term the an execute EBITDA portfolio to while to our running to favorable presented the and and Las have and company margin EBITDA demographic will company to to double We characterize its the approach capital unparalleled our distribution that that high the allowed to trends business, return Vegas the headwinds, size enjoy
over experience and like thanks their this of today, extend the of add them for also out note to ones a appreciate we all a call. like that as them, they the questions so and all year our to Operator, goes our for for now would support concludes We special are from ready past a and special loyal would that with are hard members their XX to guest employer prepared top We Valley years. the our voting and thanks Lastly, to make special. for take work. thanks Las and participants row the of the to remarks to understand in property team starts our we our recognize Vegas guests the on of second
