Red Rock Resorts (RRR) Reports Q2: Everything You Need To Know Ahead Of Earnings

RRR Cover Image

Casino resort and entertainment company Red Rock Resorts (NASDAQ: RRR) will be announcing earnings results this Tuesday after the bell. Here’s what investors should know.

Red Rock Resorts beat analysts’ revenue expectations by 0.6% last quarter, reporting revenues of $497.9 million, up 1.8% year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts’ EPS estimates but a miss of analysts’ Casino revenue estimates.

Is Red Rock Resorts a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Red Rock Resorts’s revenue to be flat year on year at $485.4 million, slowing from the 16.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.41 per share.

Red Rock Resorts Total Revenue

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 4 downward revisions over the last 30 days (we track 10 analysts). Red Rock Resorts has missed Wall Street’s revenue estimates three times over the last two years.

Looking at Red Rock Resorts’s peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Monarch delivered year-on-year revenue growth of 6.8%, beating analysts’ expectations by 5.4%, and Boyd Gaming reported revenues up 6.9%, topping estimates by 5.4%. Monarch traded up 20.4% following the results while Boyd Gaming was also up 4.1%.

Read our full analysis of Monarch’s results here and Boyd Gaming’s results here.

There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 10.3% on average over the last month. Red Rock Resorts is up 8.9% during the same time and is heading into earnings with an average analyst price target of $57.77 (compared to the current share price of $56.64).

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