Red Rock Resorts

Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus: revenue of $510.3M beat the $500.1M estimate by 2.0%, while GAAP EPS of $0.67 significantly exceeded the $0.47 mean expectation (+42.1%). However, Native American management fees plummeted 62.0% YoY following a one-time catch-up in the prior year, and Adjusted EBITDA of $208.0M reflected margin pressure from hotel renovations at Green Valley Ranch. Management maintained an aggressive capital allocation strategy, repurchasing $38.3M in stock and paying $15.4M in dividends despite higher CapEx for the North Fork Project.