“This upside was delivered despite omicron’s impact on visitation and spending in December (which was not quantified, but it impacted a seasonally important part of the fourth quarter – the week of Christmas through New Year’s Eve).”Ĭooley said Red Rock spent $26.4 million on capital expenditures during the fourth quarter and $61.3 million for all of 2021. “Red Rock indicated that fourth-quarter strength came from the 21- to 25-year-old age segment, which saw a 60% increase in visitation versus fourth quarter of 2019,” Greff said. The lead pipeline is growing for group business that has been pushed back to the second half of 2022 and into 2023, he said.

Group business and catering continue to be slow to recover due to the new surge in the pandemic. Morgan analyst Joseph Greff said Red Rock’s fourth- quarter top-line and property-level margins were “much better than anticipated.”Ĭooley said it was the most profitable fourth quarter in the company’s history for rooms, food, and beverage. Barry Jonas, an analyst with Truist Securities, said the omicron impact has continued into the first quarter, “though it appears to be improving.”

'durango station casino