Red Rock Resorts, Inc. · NASDAQ:RRR
Red Rock Resorts — Investor Presentation (September 2026)
78 slides from Red Rock Resorts's investor presentation, Sep 30, 2026
Slide 1: Investor Presentation
I N V E S T O R P R E S E N TAT I O N PRIVATE & CONFIDENTIAL
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements, that reflect current views of Red Rock Resorts, Inc. (the “Company”) with respect to, among other things, our operations and financial performance, all of which are subject to known and unknown risks, uncertainties and other factors t
Slide 3: Alignment Between Shareholders and Management
ALIGNMENT BETWEEN SHAREHOLDERS AND MANAGEMENT ENTREPRENEURIAL SPIRIT ▪ Created and developed the Las Vegas Locals market, the second largest gaming market in the United States STABLE LEADERSHIP ▪ Frank Fertitta III and Lorenzo Fertitta lead Red Rock Resorts, which has grown from one property with 90
Slide 4: A Roadmap of Growth
A ROADMAP OF GROWTH NEVADA LOCALS GAMING RED ROCK RESORTS THE RIGHT PLACE THE RIGHT MARKET THE RIGHT COMPANY FOR GROWTH FOR GROWTH FOR GROWTH ▪ Consistently leading the nation in ▪ Largest regional gaming market in ▪ Strategically positioned population expansion nation properties within Las Vegas Va
Slide 5: Las Vegas Continues to Grow
LAS VEGAS CONTINUES TO GROW red rock resorts
Slide 6: Population Growth: Nevada Leads the Nation
POPULATION GROWTH NEVADA IS CONSISTENTLY EXPANDING AND LEADS THE NATION NEVADA’S POPULATION GREW BY 35% BETWEEN 2005 AND 2025 Nevada was the fourth fastest growing state in #4 the nation over the course of the last two decades Source: U.S. Census Bureau 6
Slide 7: Population Growth: Las Vegas Among Fastest Growing Areas
POPULATION GROWTH LAS VEGAS IS ONE OF THE FASTEST GROWING AREAS IN THE NATION Clark County Population Historical Projected 3.0 Millions 2.8 +269K Las Vegas’ population has 2.6 grown by approximately 2.4 4.0 new people per hour 2.2 of every day for the 2.0 last 20 years 1.8 1.6 1.4 1.2 '00 '05 '10 '1
Slide 8: Population Growth: Key Demographic Trends
POPULATION GROWTH A KEY DEMOGRAPHIC SHOWS POSITIVE GROWTH TRENDS Clark County Population 65 and Over Share of Total Population 18% 17.0% 16% Residents aged 65+ 14% now comprise 17 12% percent of Clark 10% County’s population 8% 6% 4% '70 '80 '90 '00 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '2
Slide 9: Population Growth: Older Consumers Growing
POPULATION GROWTH OLDER CONSUMERS ARE EXPECTED TO CONTINUE GROWING Clark County Population Growth Total Population 65 and Over 92.6% Residents aged 65+ are projected to grow more than 3.2x faster in the next 5 years than the total population in Clark County 25.3% 16.8% 5.3% 2010-2026 2026-2031 Sourc
Slide 10: Income Growth
INCOME GROWTH MEDIAN HOUSEHOLD INCOME FOR 65+ WILL ALSO GROW QUICKLY Clark County Median Household Income Growth Total Population 65 and Over 108.0% The median household income for older 86.9% consumers is expected to grow by 16.8% to $76,852 between 2026 and 2031 15.6% 16.8% 2000-2026 2026-2031 Sou
Slide 11: Housing Market: Continued Growth
HOUSING MARKET TRENDS INDICATE CONTINUED GROWTH Clark County Housing Units Historical Projected 1.2 +109K Millions 1.1 Clark County will 1.0 add over 109,000 0.9 housing units over the next 15 years 0.8 0.7 0.6 0.5 '00 '05 '10 '15 '20 '25 '30 '35 '40 Source: SalesTraq; Clark County Comprehensive Pla
Slide 12: Housing Market: Resale Activity
HOUSING MARKET TRENDS REFLECT STABILIZATION IN RESALE ACTIVITY AND RESILIENT NEW HOME PRICES Southern Nevada Resale Single-Family Home Market Median Price 5-Year Price Growth Following post-2021 $470,000 +15.6% declines, Southern 50,000 $600,000 Nevada resale activity 40,000 $500,000 has stabilized
Slide 13: Housing Market: New Home Prices
HOUSING MARKET TRENDS REFLECT STABILIZATION IN RESALE ACTIVITY AND RESILIENT NEW HOME PRICES Southern Nevada New Home Market Median Price 5-Year Price Growth Southern Nevada new $552,990 +31.4% home prices have 14,000 $600,000 continued to remain 12,000 $500,000 elevated, particularly as 10,000 $400
Slide 14: Housing Market: Development Around Our Properties
HOUSING MARKET DEVELOPMENT IS EXPANDING AROUND Major Properties OUR PROPERTIES Development Sites Subdivision sales remain active across the Las Vegas Valley, with actively selling subdivisions rising 17.5% to 180 in 2026, supporting continued market activity Sources: SalesTraq. Note: Annual growth r
Slide 15: Housing Market: More Stable Than Great Recession
HOUSING MARKET MORE STABLE THAN DURING THE GREAT RECESSION Adjustable Rate Mortgages January 2007 December 2025 Adjustable-rate 24.9% 7.0% mortgages were only 2.7% 100% of total outstanding mortgages in Nevada in 75% 1Q 2026, mitigating 50% financial exposure during times of rising 25% interest rate
Slide 16: Quality of Life: Low Cost of Living
QUALITY OF LIFE LAS VEGAS’ LOW COST OF LIVING MAKES IT ATTRACTIVE TO LIVE IN Cost of Living Among Metropolitan Areas in the Western U.S. (Indexed to Las Vegas) Q3 2026 COMPOSITE INDEX HOUSING INDEX San Francisco, CA 161.0 248.0 Other western Los Angeles, CA 147.1 216.6 metro areas are up to San Dieg
Slide 17: Quality of Life: Favorable Tax Climate
QUALITY OF LIFE FAVORABLE TAX CLIMATE IS PRO-BUSINESS & BENEFICIAL FOR RESIDENTS Marginal Income Tax Rates IDAHO OREGON 5.3% Nevada’s lack of corporate 9.9% and personal income taxes supports a UTAH competitive business CALIFORNIA NEVADA 4.5% tax climate relative 13.3% 0.0% to other states. NEW MEXI
Slide 18: Quality of Life: Business Environment
QUALITY OF LIFE NEVADA’S TAX AND BUSINESS ENVIRONMENT IS FAVORABLE Best State for New Corporate Investment Western States | Based on Tax and Business Climate Nevada 25% Nevada is the Arizona 21% Utah 18% #1 state for new Wyoming 14% corporate investment Idaho 8% in the Western United Montana 7% Stat
Slide 19: Quality of Life: Debt Per Capita
QUALITY OF LIFE DEBT PER CAPITA HAS DECREASED WHILE MEDIAN INCOME HAS INCREASED Nevada Household Debt Per Capita Inflation-Adjusted (Q2 2026=100) $140,000 $120,000 Debt per capita in Nevada $100,000 has decreased by 45.7% ($60,620) since 2008 $80,000 $72,060 $60,000 $40,000 '03 '05 '07 '09 '11 '13 '
Slide 20: Business Expansion
BUSINESS EXPANSION LAS VEGAS CONTINUES TO BE A LEADING AREA FOR BUSINESS INVESTMENT AND EXPANSION Leading Locations for Business Expansion Among Mega Metropolitan Areas OVERALL WORKFORCE ECONOMY 1 LAS VEGAS, NV 68.6 84.4 84.2 2 Indianapolis, IN 65.6 87.0 78.6 3 Nashville, TN 58.6 84.9 73.7 Las Vegas
Slide 21: Labor Market: Employment Near Peak
LABOR MARKET EMPLOYMENT REMAINS NEAR PEAK LEVELS Las Vegas Employment Distribution Leisure and Hospitality Trade, Transportation, and Utilities +54,400 jobs added to the Professional and Business Services market over the last three Education and Health Services years, led by professional and busines
Slide 22: Labor Market: Job Market Growing
LABOR MARKET LAS VEGAS JOB MARKET IS GROWING Employment Growth 30 Largest MSAs | 2019-2026 30% 25% 20% 14.3% 15% 10% 5% U.S. Average: +5.1% 0% -5% Source: Bureau of Labor Statistics. Note: Employment growth based on data from September 2019 and 2026. 22
Slide 23: The Locals Gaming Market Is a Prime Growth Opportunity
THE LOCALS GAMING MARKET IS A PRIME GROWTH OPPORTUNITY 23
Slide 24: Las Vegas Is the Largest Regional Gaming Market
LOCALS GAMING MARKET LAS VEGAS IS THE LARGEST REGIONAL GAMING MARKET Top 10 United States Commercial Gaming Markets By Gross Gaming Revenue | 2025 Las Vegas Strip Las Vegas Locals $3.2B The Las Vegas Locals Atlantic City NJ gaming market is Chicagoland IL/IN the second largest Baltimore-Washington D
Slide 25: Locals Market Has Outpaced Other Segments
LOCALS GAMING MARKET THE LOCALS GAMING MARKET HAS OUTPACED OTHER MARKET SEGMENTS SINCE 2022 Gross Gaming Revenue Growth 2022-2026 12% 10% 11.1% Since 2022, the Las Vegas locals gaming market 8% 8.6% 8.4% has grown faster than 7.6% 6% other Las Vegas gaming segments 4% 2% 0% Locals Clark County (Tota
Slide 26: Personal Income Growth Outpacing Population Growth
PERSONAL INCOME PERSONAL INCOME GROWTH SIGNIFICANTLY OUTPACING POPULATION GROWTH Personal Income Las Vegas Metro Area $200 Billions $180 $175 B Personal incomes $160 $140 expanded by 6.6% CAGR $120 during the past decade $100 and 4.7% during the $80 past 20 years $60 $40 $20 $- '12 '13 '14 '15 '16 '
Slide 27: Locals Gaming Future Growth Potential
LOCALS GAMING MARKET FUTURE GROWTH POTENTIAL Locals Gross Gaming Revenue Potential 2036(e) $6.4B 2036(e) 1.9% of personal income $5.3B 2031(e) 2036(e) in Southern Nevada is 2031(e) $4.4B 2031(e) $4.6B $4.2B spent on locals gaming 2026(a) $3.8B 2026(a) 2026(a) $3.3B $3.3B $3.3B activities ($3.3 B of
Slide 28: High Barriers to Entry and Stable Regulatory Environment
HIGH BARRIERS TO ENTRY AND STABLE REGULATORY ENVIRONMENT CHARACTERIZE LOCALS MARKET HIGH BARRIERS TO ENTRY ▪ Nevada law (SB 208) significantly limits the development of casinos outside of the Strip ▪ Red Rock owns most of the major off-strip gaming development sites in Las Vegas Valley STABLE REGULA
Slide 29: Best-in-Class Operator with Best-in-Class Locations
BEST-IN-CLASS OPERATOR WITH BEST-IN-CLASS LOCATIONS 29
Slide 30: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS ▪ Best-in-Class Assets in Best-in-Class Locations ▪ Durable Business Model Built to Drive Free Cash Flow ▪ Significant Capacity for Growth ▪ Owned Growth Pipeline with High Barriers to Entry ▪ Proven Track Record of Returning Capital to Shareholders ▪ Strong Financial Perfo
Slide 31: Current Properties
CURRENT PROPERTIES CONVENIENTLY LOCATED 24 Strategically distributed properties 31
Slide 32: Regional Entertainment Centers
REGIONAL ENTERTAINMENT CENTERS IRREPLACEABLE ASSETS GENERATE REPEAT VISITATION GAMING & SPORTS BETTING RESORTS/HOTELS DINING & ENTERTAINMENT ▪ 16,685 Slots(1) ▪ 3,028 Rooms ▪ 179 Restaurants, Bars and Lounges ▪ 341 Table Games ▪ World-Class Pools and Spas ▪ 35 Live Entertainment ▪ State-of-the-Art R
Slide 33: The Red Rock Advantage
THE RED ROCK ADVANTAGE A REPUTATION BUILT BY GUESTS AND TEAM MEMBERS LOYAL GUESTS LONG-TERM TEAM MEMBERS #1 locals casino We take care of our team members; as a result, we believe we have one of the highest retention 75% of local carded slot revenue generated rates in the industry by guests who visi
Slide 34: Recurring Revenue Stream
RECURRING REVENUE STREAM GENERATED BY LOYAL SLOT CUSTOMERS 1-3 VISITS PER MONTH 25% OF SLOT REVENUE 4-7 VISITS PER MONTH 75% of local carded slot revenue generated by guests who visit 26% 4+ times per month OF SLOT REVENUE 8+ VISITS PER MONTH 49% OF SLOT REVENUE Note: Slot revenue and percentages ar
Slide 35: Stable Maintenance Capital Profile
STABLE MAINTENANCE CAPITAL PROFILE Capital Expenditures Maintenance Capital Investment Capital $800M $700M $600M Assets well-maintained $500M with no deferred $400M maintenance capital $300M $200M $100M $0M 2020 2021 2022 2023 2024 2025 2026 Guidance Note: Represents consolidated results for Red Roc
Slide 36: Uniquely Positioned to Capitalize on Future Growth
UNIQUELY POSITIONED TO CAPITALIZE ON FUTURE GROWTH Future Inspirada Development Site 36
Slide 37: Best Organic Growth Pipeline in Gaming
RED ROCK RESORTS OWNS THE BEST ORGANIC GROWTH PIPELINE IN GAMING ▪ 100% ownership of all developable real estate ▪ 7 owned development sites located in growing areas within Las Vegas and Reno ▪ Sites feature convenient ingress/egress and proximity to major highways ▪ Sites have ample acreage for fut
Slide 38: Red Rock Resorts Owns All Its Real Estate
RED ROCK RESORTS OWNS ALL ITS REAL ESTATE 7 462 CURRENT LARGE PROPERTIES ACRES READY FOR DEVELOPMENT Boulder Station Las Vegas Blvd South of Cactus 123 Durango Casino & Resort Wild Wild West 95 Green Valley Ranch Losee 67 Palace Station Inspirada 63 Red Rock Resort Town Center 58 Santa Fe Station Sk
Slide 39: Locations Strategically Positioned Across Valley
LOCATIONS STRATEGICALLY POSITIONED ACROSS VALLEY ▪ Our 7 large properties are located in faster growing, higher-income areas of the valley ▪ Sites feature convenient ingress / egress and proximity to major highways ▪ Our 17 small properties provide additional distribution around the valley ▪ Our 6 d
Slide 40: What's Next...
WHAT’S NEXT... red rock resorts
Slide 41: Owned Development Pipeline: Cactus Site
OWNED DEVELOPMENT PIPELINE OUR CACTUS DEVELOPMENT SITE ▪ Prominent location with unobstructed views and easy ingress/egress from both the I-15 freeway and Las Vegas Blvd ▪ Larger site offers more flexibility to design resort to accommodate anticipated residential growth as well as increased regional
Slide 42: Owned Development Pipeline: Inspirada Site
OWNED DEVELOPMENT PIPELINE OUR INSPIRADA DEVELOPMENT SITE ▪ Site offers direct access to I-15 from St. Rose, Sloan interchange, and from Las Vegas Blvd connecting Via Nobila Road and Via Inspirada ▪ +2.5 million SF Haas Automation facility moving forward to the north on Via Inspirada, with estimated
Slide 43: Owned Development Pipeline: Skye Canyon Site
OWNED DEVELOPMENT PIPELINE OUR SKYE CANYON DEVELOPMENT SITE ▪ Direct access to the US 95 via Oso Blanco Road on the north and Skye Canyon Park Drive to the south ▪ Adjacent to the Skye Canyon master planned community with 9,000 homes upon build out ▪ Directly across the US 95 is the Sunstone master
Slide 44: Owned Development Pipeline: Losee Site
OWNED DEVELOPMENT PIPELINE OUR LOSEE DEVELOPMENT SITE ▪ Tule Springs community spans over 1,200 acres and is master planned for over 8,600 homes, with 2,000 of those homes reserved for active adults 55+ ▪ Additional housing developments planned including 567 units (2 properties) ▪ Medical-Centric De
Slide 45: Owned Development Pipeline: Town Center Site
OWNED DEVELOPMENT PIPELINE OUR TOWN CENTER AND 215 DEVELOPMENT SITE ▪ Approximately 58 acres, located in the heart of Summerlin ▪ Direct Visibility and Access from Town Center Dr to the I-215 Beltway ▪ Minutes from the Downtown Summerlin development ▪ Adjacent to the ±150,000 SF Meridian Office Park
Slide 46: Owned Development Pipeline: Wild Wild West Site
OWNED DEVELOPMENT PIPELINE OUR WILD WILD WEST DEVELOPMENT SITE ▪ Located in the Epicenter of the Las Vegas Resort Corridor ▪ Direct Access from Tropicana Ave to Harry Reid International Airport ▪ New I-15 Interchange expansions with enhanced access at Tropicana Ave and Harmon Ave ▪ Superior location
Slide 47: Growth Capital Investment Beyond Nevada
GROWTH CAPITAL INVESTMENT BEYOND NEVADA 47
Slide 48: North Fork Mono Casino
NORTH FORK MONO CASINO MOST CONVENIENT AND ACCESSIBLE LOCATION IN CENTRAL CALIFORNIA Opened on October 27, 2026 - on time and on budget 48
Slide 49: North Fork Mono Casino Details
NORTH FORK MONO CASINO ▪ 305 acres directly adjacent to Highway 99 (75,000+ vehicles per day) ▪ 4.2 million plus people located within 2 hours of the property ▪ 2,400 plus total slot machines ▪ 40 table games ▪ 2 restaurants ▪ Food Court with exciting options ▪ $110.5 million of invested capital ret
Slide 50: Investment in Existing Properties Stimulates Growth and Repeat Visitation
INVESTMENT IN EXISTING PROPERTIES STIMULATES GROWTH AND REPEAT VISITATION 50
Slide 51: New High Limit Room at Durango
NEW HIGH LIMIT ROOM AT DURANGO 51
Slide 52: New High Limit Room at Durango
NEW HIGH LIMIT ROOM AT DURANGO 52
Slide 53: New Parking Garage at Durango
NEW PARKING GARAGE AT DURANGO 53
Slide 54: Ongoing Expansion at Durango
ONGOING EXPANSION AT DURANGO 54
Slide 55: Renovated Rooms at Green Valley Ranch
RENOVATED ROOMS AT GREEN VALLEY RANCH BEFORE AFTER 55
Slide 56: Renovated Rooms at Green Valley Ranch
RENOVATED ROOMS AT GREEN VALLEY RANCH BEFORE AFTER 56
Slide 57: Renovated Convention Space at Green Valley Ranch
RENOVATED CONVENTION SPACE AT GREEN VALLEY RANCH 57
Slide 58: Renovated Convention Space at Green Valley Ranch
RENOVATED CONVENTION SPACE AT GREEN VALLEY RANCH 58
Slide 59: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION BEFORE AFTER 59
Slide 60: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION BEFORE AFTER 60
Slide 61: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION 61
Slide 62: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION 62
Slide 63: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION 63
Slide 64: Ongoing Renovations at Sunset Station
ONGOING RENOVATIONS AT SUNSET STATION 64
Slide 65: Nearby Infrastructure Investment Will Improve Access
NEARBY INFRASTRUCTURE INVESTMENT WILL IMPROVE ACCESS, DESPITE SHORT-TERM DISRUPTION 65
Slide 66: Roadwork and Construction Near Durango Causing Disruption
ROADWORK AND CONSTRUCTION NEAR DURANGO CAUSING DISRUPTION 66
Slide 67: Roadwork and Construction Near Red Rock Causing Disruption
ROADWORK AND CONSTRUCTION NEAR RED ROCK CAUSING DISRUPTION 67
Slide 68: Roadwork and Construction Near Green Valley Ranch Causing Disruption
ROADWORK AND CONSTRUCTION NEAR GREEN VALLEY RANCH CAUSING DISRUPTION 68
Slide 69: Proven Track Record of Returning Capital to Shareholders
PROVEN TRACK RECORD OF RETURNING CAPITAL TO SHAREHOLDERS 69
Slide 70: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION FUELS FUTURE GROWTH AND RETURN OF CAPITAL TO SHAREHOLDERS ($ thousands) 4Q25 1Q26 2Q26 3Q26 TTM EBITDA 213,284 212,628 208,044 182,622 816,578 less: Cash Interest (37,406) (58,174) (37,623) (59,155) (192,358) less: Cash Taxes - - (8,342) - (8,342) 57% of EBITDA conve
Slide 71: Low-Cost Capital Structure
LOW-COST CAPITAL STRUCTURE PROVIDES PLATFORM FOR GROWTH Amount as of ($ thousands) Spread Rate (1) Maturity 9/30/2026 Cash 128,345 Revolver S + 1.50% 5.40% Mar-29 490,000 Term Loan B(2) S + 2.00% 5.90% Mar-31 1,530,750 Senior Secured Debt $2,020,750 Stable and low-cost Senior Notes (2028) 4.50% Feb-
Slide 72: Balanced Approach to Returning Capital to Shareholders
BALANCED APPROACH TO RETURNING CAPITAL TO SHAREHOLDERS INVESTMENT IN LONG TERM DIVIDENDS SHARE REPURCHASES GROWTH PROJECTS ▪ Red Rock Resorts has ▪ Implemented $0.25 per ▪ Returned $795 million to generated outsized share quarterly dividend shareholders through returns for investors, with in March 2
Slide 73: Strong Financial Performance with Sustainable High Margins
STRONG FINANCIAL PERFORMANCE WITH SUSTAINABLE HIGH MARGINS 73
Slide 74: Q3 2026 Operating Results
Q3 2026 OPERATING RESULTS ($ in thousands) Three Months Ended September 30, 2026 2025 Net revenues Las Vegas operations $ 479,131 $ 468,576 Q3 2026 stands out as a Native American 6,191 3,894 strong quarter, with Las Corporate and other 3,379 3,102 Net revenues $ 488,701 $ 475,572 Vegas operations a
Slide 75: Gaming Centric Business Model
GAMING CENTRIC BUSINESS MODEL DRIVING MARGIN PERFORMANCE RED ROCK Q3-26 LAS VEGAS STRIP 67% OF REVENUE GENERATED BY HIGH MARGIN CAESARS LAS VEGAS WYNN LAS VEGAS MGM LAS VEGAS GAMING 26% 25% 24% Gaming Non-Gaming Source: RRR Q3-26 Company filings (excluding development fees) and annual 2025 10-K fili
Slide 76: Stable and Proven Margin Performance
STABLE AND PROVEN MARGIN PERFORMANCE OPERATIONAL DISCIPLINE DRIVES SUSTAINABLE MARGINS Quarterly EBITDA and EBITDA Margin PRE-CLOSURE PERFORMANCE SINCE REOPENING PERFORMANCE 53.6% 50.1% 49.8% 49.6% 49.5% 49.3% 48.6% 48.6% 48.0% 47.7% 47.5% 47.3% 46.9% 46.8% 46.7% 46.5% 46.2% 46.2% 45.8% 45.5% 45.4%
Slide 77: Appendix
red rock resorts APPENDIX 7
Slide 78: Net Income to Adjusted EBITDA Reconciliation
NET INCOME TO ADJUSTED EBITDA RECONCILIATION Consolidated Results for RRR ($ in thousands) Three Months Ended September 30, 2026 2025 (1) Net (loss) income $ (17,738) $ 76,880 Adjustments Depreciation and amortization 62,673 48,976 (1) Share-based compensation 89,846 7,317 Write-downs and other, net
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