Red Rock Resorts said construction and renovation work at several Las Vegas casinos weighed on its second-quarter 2026 results. The company estimated the Green Valley Ranch renovation reduced revenue and profitability by about $7 million in the quarter, and it expected the property’s East Tower to reopen in September. A September 11, 2026, news report did not say the tower had reopened, so whether the September target was met is not yet known.
Quarterly results during renovation
Red Rock’s Las Vegas operations posted net revenue of $503.2 million, down 2% from the prior-year quarter, according to an August 5 earnings call summary. Adjusted EBITDA for the segment fell 5% to $227.5 million, and the margin slipped to 45.2%, a decline of 143 basis points. Including the North Fork project, company-wide revenue was down 3% to $510.3 million and adjusted EBITDA was down 9.3% to $208 million. Chief Financial Officer Stephen Cootey said the Las Vegas business still delivered its second-best second quarter for revenue and adjusted EBITDA, trailing only the prior year. He added that local, regional and national customers showed higher carded spend per visit, and net theoretical win also improved.
Green Valley Ranch impact and East Tower
Management estimated that the renovation at Green Valley Ranch lowered revenue and profitability by about $7 million. President Scott Kreeger said slots revenue stayed relatively steady across April, May and June. Race and sportsbook and table game results were a bit stronger in April than in the following two months, but the difference was limited. The company said the East Tower was expected to reopen in September.
Reopening status after September 11
At the time of the August 5 earnings call, Red Rock expected the East Tower to reopen in September. A September 11 Casino.org article about construction disruptions at three of the company’s Las Vegas properties did not mention that the tower had reopened. It is not yet known whether the tower opened during September.
Other renovations and spending plans
Besides Green Valley Ranch, construction work has affected the Durango Casino & Resort in Southwest Las Vegas and Sunset Station this year, Casino.org reported. Red Rock kept its 2026 capital-spending outlook at $375 million to $425 million. The company also said its $750 million North Fork project remained on schedule for an early fourth-quarter 2026 opening. Through dividends and buybacks, Red Rock has returned about $198 million to shareholders this year.
Stock pullback and analyst views
Red Rock shares were down roughly 10% year to date as of September 11, but some prominent investors treated the decline as an opportunity. Baron Capital founder Ron Baron wrote that the second-quarter construction disruption had faded and that investors were starting to look ahead to the benefits of the company’s recent spending on its resorts. Texas Capital analyst David Bain launched coverage with a buy rating and a $72 price target, which implied nearly 33% upside. He pointed to Red Rock’s roughly 442-acre Nevada land bank and said a new project announcement could arrive in the first half of 2027.
