Red Rock sees losses widen after Covid-19 hit in 2020

first_imgLand-based casino The operator’s chief financial officer Stephen Cootey said its properties had seen post-reopening trends continue throughout the second half, with a younger demographic increasingly visiting the casinos. Spend per visit increased, with more time spent on devices, and the core customer’s return had been “slow but steady”.  Subscribe to the iGaming newsletter Topics: Casino & games Finance Land-based casino Full year results 2020 Q4 results 2020 Results 2020 After a $24.1m gain from the operator’s non-controlling stake in other interests, this was reduced slightly to $150.4m, though this was still far above the $3.4m loss reported for the prior year.  Regions: US Nevada Red Rock sees losses widen after Covid-19 hit in 2020 AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Management fees from properties it operates on Native American lands were down 10.6% at $81.4m, and corporate revenue made up the remaining $6.6m.  10th February 2021 | By Robin Harrison Operating costs for the year declined 34.5% to $1.09bn, comprised predominantly of selling, general and administrative costs, casino expenses, as well as food and beverage spending. However across these main outgoings, spend was down year-on-year. center_img Email Address Interest expenses and other financial costs then fell to $150.1m, leaving a pre-tax loss of $60.5m. After taxes of $114.1m – compared to a $1.7m income tax benefit for 2019 – Red Rock’s net loss for the year came to $174.5m.  As well as the $81.4m in Native American management fees, Red Rock reported a further $56.3m in revenue from other sources.  Looking at revenue by source, casino was by far the main contributor, bringing in revenue of $764.3m. Food and beverage revenue was more than halved to $192.9m, as did revenue from its hotels, to $87.0m. Read the full story on iGB North America. Full-year revenue declined to $1.18bn (£853.5m/€974.1m). Its core Las Vegas locals business accounted for $1.09bn of the total, down 37.8%. Tags: Red Rock Resorts Casino operator Red Rock Resorts saw revenue fall 36.3% year-on-year in 2020, and its net loss widen, due to the 79-day statewide shutdown and subsequent social distancing measures in place for its Nevada properties. Depreciation and amortisation expenses, however, rose marginally to $231.4m. This left an operating profit of $88.6m, down 52.4%, rising marginally to $89.7m after Red Rock’s share of joint venture profits was factored in. last_img

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