Red Rock Resorts, Inc.

Previous wording

We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability company interests in Station Holdco LLC (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At June 30, 2025, we held 58% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC, and conduct all of our operations through these entities. Other than assets and liabilities related to income taxes and the tax receivable agreement, our only material assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC.

Current wording

We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability company interests in Station Holdco LLC (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At September 30, 2025, we held 59% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC, and conduct all of our operations through these entities. Other than assets and liabilities related to income taxes and the tax receivable agreement, our only material assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC.

Previous wording

A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. In June 2025, the unemployment rate in the Las Vegas metropolitan area was 5.8% as compared to 6.2% in June 2024. Statewide, the unemployment rate for June 2025 was 5.4% as compared to 5.2% in June 2024. In June 2025, the median price of an existing single-family home in Las Vegas according to the Las Vegas Realtors® was $485,000, up 2.1% from $475,000 in June 2024. Given the ongoing economic uncertainty driven by inflation, heightened interest rates, increased geo-political and regional uncertainty and conflicts, and the current administration’s approach to regulation and oversight, it is difficult to predict whether the trends in unemployment or housing prices in the Las Vegas area will continue.

Current wording

A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. In August 2025, which is the most recently available data, the unemployment rate in the Las Vegas metropolitan area was 5.6% as compared to 5.9% in September 2024. Statewide, the unemployment rate for August 2025 was 5.3% as compared to 5.6% in September 2024. In September 2025, the median price of an existing single-family home in Las Vegas according to the Las Vegas Realtors® was $470,000, down 2.1% from $479,900 in September 2024. Given the ongoing economic uncertainty driven by inflation, heightened interest rates, increased geo-political and regional uncertainty and conflicts, and the current administration’s approach to regulation and oversight, it is difficult to predict whether the trends in unemployment or housing prices in the Las Vegas area will continue.

Previous wording

Net Revenues. Net revenues for the three months ended June 30, 2025 were $526.3 million, up 8.2% as compared to $486.4 million for the prior year period. For the six months ended June 30, 2025, net revenues were $1.0 billion, an increase of 5.0% compared to $975.3 million for the prior year period. For the three months ended June 30, 2025, our casino, food and beverage, room and other revenues increased by 7.9%, 2.9%, 2.1% and 4.0%, respectively, as compared to the same quarter in 2024. For the six months ended June 30, 2025, we achieved year over year growth of 6.5% for casino revenue, while our food and beverage and other revenues remained consistent and our room revenues decreased by 1.6%, all as compared to the prior year period. In addition, during the three months ended June 30, 2025 we recognized development fee revenue of $10.0 million, representing cumulative fees earned from our agreement with a Native American tribe to develop the North Fork Project.

Current wording

Net Revenues. Net revenues for the three months ended September 30, 2025 were $475.6 million, up 1.6% as compared to $468.0 million for the prior year period. For the nine months ended September 30, 2025, net revenues were $1.5 billion, an increase of 3.9% compared to $1.4 billion for the prior year period. For the three months ended September 30, 2025, our casino and food and beverage revenues increased by 1.7% and 2.6%, respectively, other revenues was consistent and room revenues decreased by 8.0% as compared to the same quarter in 2024. For the nine months ended September 30, 2025, we achieved year over year growth of 4.9% for casino revenue, while our food and beverage and other revenues remained consistent and our room revenues decreased by 3.6%, all as compared to the prior year period. In addition, during the three and nine months ended September 30, 2025 we recognized development fee revenues of $3.9 million and $13.9 million, respectively, representing fees earned from our agreement with a Native American tribe to develop the North Fork Project.

Previous wording

Operating Income. For the three and six months ended June 30, 2025, our operating income was $168.0 million and $322.4 million, respectively. For the three and six months ended June 30, 2024, our operating income was $140.2 million and $295.8 million, respectively. Additional information about factors impacting our operating income is included below.

Current wording

Operating Income. For the three and nine months ended September 30, 2025, our operating income was $131.5 million and $453.9 million, respectively. For the three and nine months ended September 30, 2024, our operating income was $130.6 million and $426.4 million, respectively. Additional information about factors impacting our operating income is included below.

Previous wording

Casino. Casino revenues increased by 7.9% and 6.5% for the three and six months ended June 30, 2025, respectively, as compared to the same periods in the prior year. For the three months ended June 30, 2025 as compared to the prior year period, our slot handle increased by 5.8%, our race and sports write was consistent and our table games drop decreased by 5.4%. For the six months ended June 30, 2025 as compared to the prior year period, our slot handle increased by 3.9%, while our table games drop and race and sports write were both consistent. For the three months ended June 30, 2025 our table games hold increased 3.9%, while our slot hold and race and sports hold were both consistent, all as compared to the prior year period. In addition, for the six months ended June 30, 2025 our table games hold increased 2.6%, while our slot hold and race and sports hold were consistent, all as compared to the prior year period. Casino expenses for the three and six months ended June 30, 2025 as compared to the prior year periods, increased by 6.8% and 6.0%, respectively, due to higher gaming taxes and employee-related costs.

Current wording

Casino. Casino revenues increased by 1.7% and 4.9% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in the prior year. For the three months ended September 30, 2025 as compared to the prior year period, our slot handle and race and sports write increased by 5.4% and 3.0%, respectively, and our table games drop decreased by 7.9%. For the nine months ended September 30, 2025 as compared to the prior year period, our slot handle and race and sports write increased by 4.4% and 1.4%, respectively, while our table games drop decreased by 3.1%. For the three months ended September 30, 2025 our table games hold decreased 2.3%, while our slot hold and race and sports hold were both consistent, all as compared to the prior year period. In addition, for the nine months ended September 30, 2025 our table games hold increased 1.1%, while our slot hold and race and sports hold were consistent, all as compared to the prior year period. Casino expenses for the three months ended September 30, 2025 as compared to the same period in the prior year, decreased by 5.5%, primarily due to bad debt recoveries, as well as the impact of our finance lease arrangements which reduced our participation expense. Casino expenses for the nine months ended September 30, 2025 as compared to the same period in the prior year, increased 2.1%, primarily due to higher gaming taxes and employee-related costs, partially offset by bad debt recoveries.

Previous wording

Food and Beverage. Food and beverage includes revenues and expenses from our restaurants, bars and catering. For the three months ended June 30, 2025, food and beverage revenues increased by 2.9%, as compared to the prior year period due to an increase in catering events. For the six months ended June 30, 2025, food and beverage revenues were consistent, as compared to the prior year period. For the three and six months ended June 30, 2025, the number of restaurant guests served increased by 6.5% and 5.5%, respectively, while the average guest check decreased by 5.9% and 4.5%, respectively, all as compared to the prior year periods. Food and beverage expenses increased slightly for three and six months ended June 30, 2025, as compared to the prior year periods.

Current wording

Food and Beverage. Food and beverage includes revenues and expenses from our restaurants, bars and catering. For the three months ended September 30, 2025, food and beverage revenues increased by 2.6%, as compared to the prior year period due to an increase in catering events. For the nine months ended September 30, 2025, food and beverage revenues were consistent, as compared to the prior year period. For both the three and nine months ended September 30, 2025, the number of restaurant guests served increased by 5.6%. For the three and nine months ended September 30, 2025, the average guest check decreased by 5.7% and 4.8%, respectively, all as compared to the prior year periods. Food and beverage expenses increased slightly for three and nine months ended September 30, 2025, as compared to the prior year periods.

Previous wording

Room. For the three months ended June 30, 2025 room revenues increased by 2.1%, as compared to the prior year period. For the six months ended June 30, 2025 room revenues decreased 1.6%, as compared to the prior year period. Room expenses for the three and six months ended June 30, 2025 were in line with the prior year periods.

Current wording

Room. For the three and nine months ended September 30, 2025 room revenues decreased by 8.0% and 3.6%, respectively, as compared to the prior year periods, primarily due to hotel renovations at Green Valley Ranch. Room expenses for the three and nine months ended September 30, 2025 were in line with the prior year periods.

Previous wording

Development Fees. Under the terms of our development agreement with the North Fork Rancheria of Mono Indians (the “Mono”), we are entitled to receive a development fee of 4% of the costs of construction for our development services related to the North Fork Project. In April 2025 the Mono completed its construction financing and we concluded that collection of this development fee was reasonably certain as this fee is stipulated as a permissible use of funds under the loan agreement. As a result, we recorded a $10.0 million cumulative revenue catch-up related to developments fees during the three months ended June 30, 2025. Additional information about our Native American development is included in Note 3 to the Condensed Consolidated Financial Statements.

Current wording

Development Fees. Under the terms of our development agreement with the North Fork Rancheria of Mono Indians (the “Mono”), we are entitled to receive a development fee of 4% of the costs of construction for our development services related to the North Fork Project. In April 2025 the Mono completed its construction financing and we concluded that collection of this development fee was reasonably certain as this fee is stipulated as a permissible use of funds under the loan agreement. As a result, development fee revenue for the nine months ended September 30, 2025 include a $10.0 million cumulative revenue catch-up. Development fee revenue for the three and nine months ended September 30, 2025 was $3.9 million and $13.9 million, respectively. Additional information about our Native American development is included in Note 3 to the Condensed Consolidated Financial Statements.

Previous wording

Other. Other primarily represents revenues from tenant leases, retail outlets, bowling, spas, and entertainment, and their corresponding expenses. For the three months ended June 30, 2025, other revenues increased by 4.0%, as compared to the prior year period, primarily driven by entertainment revenue and other ancillary revenues. For the six months ended June 30, 2025, other revenues were consistent when compared to the prior year period. For the three and six months ended June 30, 2025, other expenses increased by 9.8% and 4.9%, respectively as compared to the prior year periods, primarily due to entertainer fees.

Current wording

Other. Other primarily represents revenues from tenant leases, retail outlets, bowling, spas, and entertainment, and their corresponding expenses. For the three and nine months ended September 30, 2025, other revenues were consistent when compared to the prior year periods. For the three months ended September 30, 2025, other expenses were consistent when compared to the prior year period. For the nine months ended September 30, 2025, other expenses increased by 3.2% as compared to the prior year period, primarily due to entertainer fees.

Previous wording

Selling, General and Administrative (“SG&A”). For the three and six months ended June 30, 2025, SG&A expenses were in line with the prior year periods. As a percentage of net revenue, SG&A expenses for the three and six months ended June 30, 2025 decreased slightly as compared to the prior year periods. Management continues to focus on operational discipline and opportunities for improved efficiency.

Current wording

Selling, General and Administrative (“SG&A”). For the three and nine months ended September 30, 2025, SG&A expenses increased by 3.5% to $112.9 million and 1.4% to $329.6 million, respectively, as compared to the prior year periods. The increase in SG&A expenses were primarily due to payroll taxes on share-based compensation. As a percentage of net revenue, SG&A expenses for the three and nine months ended September 30, 2025 were in-line with the prior year periods.

Previous wording

Depreciation and Amortization. For the three and six months ended June 30, 2025, depreciation and amortization expense increased by 2.8% and 5.2%, respectively, as compared the prior year periods, primarily due to new assets placed in service.

Current wording

Depreciation and Amortization. For the three and nine months ended September 30, 2025, depreciation and amortization expense increased by 3.4% and 4.6%, respectively, as compared the prior year periods, primarily due to new assets placed in service.

Previous wording

Write-downs and Other, net. For the three and six months ended June 30, 2025, write-downs and other, net totaled $4.0 million and $8.1 million, respectively, primarily comprising development and other non-routine expenses. For the three and six months ended June 30, 2024, write-downs and other, net totaled $2.2 million and $4.3 million, respectively, primarily comprising development and preopening expenses and business innovation development expenses.

Current wording

Write-downs and Other, net. For the three and nine months ended September 30, 2025, write-downs and other, net totaled $2.4 million and $10.5 million, respectively, primarily comprising development and preopening expenses and business innovation development expenses. For the three months ended September 30, 2024, write-downs and other, net included $5.8 million in refunds for previously expensed development costs and $3.2 million in net costs primarily comprising development and preopening expenses and business innovation development expenses. For the nine month ended September 30, 2024, write-downs and other, net totaled $1.7 million, primarily comprising development and preopening expenses (including $5.8 million in refunds for previously expensed development costs) and business innovation development expenses.

Previous wording

Interest Expense, net. Interest expense, net decreased to $50.6 million and $101.7 million for the three and six months ended June 30, 2025, respectively, as compared to $57.4 million and $114.6 million, respectively, for the same periods in 2024. The decrease in interest expense was due to a decrease in interest rates and borrowings for the current year period. Additional information about our long-term debt is included in Note 5 to the Condensed Consolidated Financial Statements.

Current wording

Interest Expense, net. Interest expense, net decreased to $50.5 million and $152.2 million for the three and nine months ended September 30, 2025, respectively, as compared to $58.0 million and $172.6 million, respectively, for the same periods in 2024. The decrease in interest expense was due to a decrease in interest rates and borrowings for the current year period. Additional information about our long-term debt is included in Note 5 to the Condensed Consolidated Financial Statements.

Previous wording

Change in Fair Value of Derivative Instruments. For the three and six months ended June 30, 2025, we recognized net losses of $2.3 million and $7.5 million, respectively in change in the fair value of our interest rate collars. For the three months ended June 30, 2024, we recognized net losses of $1.9 million in change in the fair value of our interest rate collars, which we entered into in April 2024. The losses were primarily due to downward movements in the forward interest rate curve.

Current wording

Change in Fair Value of Derivative Instruments. For the three months ended September 30, 2025, we recognized net gains of $1.8 million in change in fair value of our interest rate collars, primarily due to favorable movements in the forward interest rate curve. For the nine months ended September 30, 2025, we recognized net losses $5.7 million in change in the fair value of our interest rate collars, primarily due to downward movements in the forward interest rate curve. For the three and nine months ended September 30, 2024, we recognized net losses of $9.7 million and $11.7 million, respectively, primarily due to downward movements in the forward interest rate curve.

Previous wording

Gain on Native American Development. In April 2025 we arranged the financing for the ongoing development costs and construction of the facility related to the North Fork Project. In connection with the financing, the carrying amount of our reimbursable advances to the Mono was repaid. For the three months ended June 30, 2025 we recognized a gain on Native American development of $8.5 million, representing the excess of proceeds received over the carrying amount of the reimbursable advances. Additional information about our Native American development is included in Note 3 to the Condensed Consolidated Financial Statements.

Current wording

Gain on Native American Development. In April 2025 we arranged the financing for the ongoing development costs and construction of the facility related to the North Fork Project. In connection with the financing, the carrying amount of our reimbursable advances to the Mono was repaid. For the nine months ended September 30, 2025 we recognized a gain on Native American development of $8.5 million, representing the excess of proceeds received over the carrying amount of the reimbursable advances. Additional information about our Native American development is included in Note 3 to the Condensed Consolidated Financial Statements.

Previous wording

Provision for Income Tax. For the three and six months ended June 30, 2025, we recognized a provision for income tax of $15.9 million and $28.7 million, respectively. Station Holdco is treated as a partnership for income tax reporting purposes and Station Holdco’s members are liable for federal, state and local income taxes based on their share of Station Holdco’s taxable income. We are not liable for income tax on the noncontrolling interests’ share of Station Holdco’s taxable income or benefit from a taxable loss, and therefore our effective tax rate of 12.8% and 12.9% for the three and six months ended June 30, 2025, respectively, was less than the statutory rate. We recognized income tax expense of $11.8 million and $18.1 million for the three and six months ended June 30, 2024, respectively.

Current wording

Provision for Income Tax. For the three and nine months ended September 30, 2025, we recognized a provision for income tax of $6.6 million and $35.4 million, respectively. Station Holdco is treated as a partnership for income tax reporting purposes and Station Holdco’s members are liable for federal, state and local income taxes based on their share of Station Holdco’s taxable income. We are not liable for income tax on the noncontrolling interests’ share of Station Holdco’s taxable income or benefit from a taxable loss, and therefore our effective tax rate of 7.9% and 11.5% for the three and nine months ended September 30, 2025, respectively, was less than the statutory rate. Additionally, our effective tax rate is impacted by the permanent tax adjustments. We recognized income tax expense of $8.1 million and $26.1 million for the three and nine months ended September 30, 2024, respectively.

Previous wording

Net Income Attributable to Noncontrolling Interests. Net income attributable to noncontrolling interests for the three and six months ended June 30, 2025 and 2024 represented the portion of net income attributable to the ownership interest in Station Holdco not held by us.

Current wording

Net Income Attributable to Noncontrolling Interests. Net income attributable to noncontrolling interests for the three and nine months ended September 30, 2025 and 2024 represented the portion of net income attributable to the ownership interest in Station Holdco not held by us.

Previous wording

Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 for our two reportable segments and a reconciliation of net income to Adjusted EBITDA are presented below (amounts in thousands). The Las Vegas operations segment includes all of our Las Vegas casino properties and the Native American segment includes our Native American arrangements.

Current wording

Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 for our two reportable segments and a reconciliation of net income to Adjusted EBITDA are presented below (amounts in thousands). The Las Vegas operations segment includes all of our Las Vegas casino properties and the Native American segment includes our Native American arrangements.

Previous wording

Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements, contract termination and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments, gain on Native American development and provision for income tax.

Current wording

Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements, contract termination and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments, gain on Native American development and provision for income tax.

Previous wording

At June 30, 2025, the difference between the balance sheet for Station LLC and its consolidated subsidiaries and the balance sheet for the Holding Company is that the Holding Company had cash of $1.8 million, $56.5 million of deferred tax assets, net, and a $48.9 million note receivable from Station LLC, which are solely assets of the Holding Company, and liabilities that are solely the Holding Company’s, consisting of a $19.1 million liability under the TRA, of which $1.0 million is expected to be paid in the next twelve months, $9.7 million in income tax payable and $4.6 million of other liabilities. The Holding Company’s $48.9 million intercompany note receivable from Station LLC is eliminated in consolidation. At December 31, 2024, the Holding Company had cash of $4.2 million, $56.4 million of deferred tax assets, net, and a $53.9 million note receivable from Station LLC, which are solely assets of the Holding Company, and liabilities that are solely the Holding Company’s, consisting of a $20.4 million liability under the TRA, of which $1.4 million was current, $1.3 million in income tax payable and $4.2 million of other liabilities.

Current wording

At September 30, 2025, the difference between the balance sheet for Station LLC and its consolidated subsidiaries and the balance sheet for the Holding Company is that the Holding Company had cash of $2.7 million, $3.9 million in income tax receivable, $37.7 million of deferred tax assets, net, and a $44.5 million note receivable from Station LLC, which are solely assets of the Holding Company, and liabilities that are solely the Holding Company’s, consisting of a $20.3 million liability under the TRA, of which $1.0 million is expected to be paid in the next twelve months and $4.7 million of other liabilities. The Holding Company’s $44.5 million intercompany note receivable from Station LLC is eliminated in consolidation. At December 31, 2024, the Holding Company had cash of $4.2 million, $56.4 million of deferred tax assets, net, and a $53.9 million note receivable from Station LLC, which are solely assets of the Holding Company, and liabilities that are solely the Holding Company’s, consisting of a $20.4 million liability under the TRA, of which $1.4 million was current and $5.5 million of other liabilities.

Previous wording

The Holding Company recognized net losses of $13.6 million and $25.6 million for the three and six months ended June 30, 2025, respectively, and $11.3 million and $17.1 million for the three and six months ended June 30, 2024, respectively, primarily due to the provision for income taxes.

Current wording

The Holding Company recognized net losses of $6.0 million and $33.4 million for the three and nine months ended September 30, 2025, respectively, and $7.5 million and $24.5 million for the three and nine months ended September 30, 2024, respectively, primarily due to the provision for income taxes.

Previous wording

At June 30, 2025, we had $145.2 million in cash and cash equivalents. Station LLC maintains its borrowing availability under its Revolving Credit Facility, subject to continued compliance with the terms of the credit facility. At June 30, 2025, Station LLC’s borrowing availability under the Revolving Credit Facility was $897.4 million, which was net of $155.0 million in outstanding borrowings and $47.6 million in outstanding letters of credit and similar obligations.

Current wording

At September 30, 2025, we had $129.8 million in cash and cash equivalents. Station LLC maintains its borrowing availability under its Revolving Credit Facility, subject to continued compliance with the terms of the credit facility. At September 30, 2025, Station LLC’s borrowing availability under the Revolving Credit Facility was $933.2 million, which was net of $120.0 million in outstanding borrowings and $46.8 million in outstanding letters of credit and similar obligations.

Previous wording

Our primary capital requirements for the near term are expected to be related to the operation and maintenance of our properties, debt service payments, dividends and distributions. Our anticipated uses of cash for the remainder of 2025 include (i) approximately $180 million to $230 million for capital expenditures, (ii) required principal and interest payments on Station LLC’s indebtedness totaling $44.3 million and $100.5 million, respectively, (iii) dividends to our Class A common stockholders, including approximately $14.9 million to be paid in September 2025, and (iv) distributions to noncontrolling interest holders of Station Holdco, including approximately $11.5 million to be paid in September 2025 and including “tax distributions” that may be made quarterly when required and in amounts that may vary from quarter to quarter. Other payment obligations include salaries, wages and employee benefits, service contracts, property taxes, insurance and other obligations.

Current wording

Our primary capital requirements for the near term are expected to be related to the operation and maintenance of our properties, debt service payments, dividends and distributions. Our anticipated uses of cash for the remainder of 2025 include (i) approximately $85 million to $110 million for capital expenditures, (ii) required principal and interest payments on Station LLC’s indebtedness totaling $40.1 million and $49.1 million, respectively, (iii) dividends to our Class A common stockholders, including approximately $15.6 million to be paid in December 2025, and (iv) distributions to noncontrolling interest holders of Station Holdco, including approximately $12.0 million to be paid in December 2025 and including “tax distributions” that may be made quarterly when required and in amounts that may vary from quarter to quarter. Other payment obligations include salaries, wages and employee benefits, service contracts, property taxes, insurance and other obligations.

Previous wording

In April 2025, we received a partial repayment of $110.5 million on our advances and related accrued interest for the North Fork Project. The repayment was funded from the initial drawdown of term loans under the Mono’s $750 million credit facility for the project, which we assisted the tribe in obtaining pursuant to the Development Agreement. Repayment of the remaining amounts due on the advances are expected come from the proceeds of the North Fork Project’s financing, from cash flows from the North Fork Project’s operations, or from a combination of both. In connection with the completion of the

Current wording

In April 2025, we received a partial repayment of $110.5 million on our advances and related accrued interest for the North Fork Project. The repayment was funded from the initial drawdown of term loans under the Mono’s $750 million credit facility for the project, which we assisted the tribe in obtaining pursuant to the Development Agreement. Repayment of the remaining amounts due on the advances is expected to come from the proceeds of the North Fork Project’s financing, from cash flows from the North Fork Project’s operations, or from a combination of both. In connection with the completion of the Mono’s credit facility, we entered into a completion guaranty and a subordination agreement in favor of the financing parties and released our existing security interests in the assets of the North Fork Project. Under the completion guaranty, we have agreed to make reimbursable interest-bearing advances to the Mono for completion of the project in the event that total project costs exceed the financing available under the Mono’s facility loan. Our commitment to make such advances is capped at $425 million. It is not probable that any such funding will be necessary to complete the project.

Previous wording

On May 2, 2024, our board of directors extended the expiration date of the equity repurchase program to December 31, 2025. Our board of directors has authorized $600.0 million for repurchases of Class A common stock under our equity repurchase program. We are not obligated to repurchase any shares under the program. Subject to applicable laws and the provisions of any agreements restricting our ability to do so, repurchases may be made at our discretion from time to time through open market purchases, negotiated transactions or tender offers, depending on market conditions and other factors. During the six months ended June 30, 2025, we repurchased 671,677 shares of our Class A common stock in open market transactions at a weighted-average price of $45.94 per share. At June 30, 2025, we had $278.1 million of remaining repurchases authorized under the program. From time to time, we may also seek to repurchase our outstanding indebtedness. Any such purchases may be funded by existing cash balances or the incurrence of debt, including borrowings under our credit facility. The amount and timing of any repurchases will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations.

Current wording

On May 2, 2024, our board of directors extended the expiration date of the equity repurchase program to December 31, 2025. Our board of directors has authorized $600 million for repurchases of Class A common stock under our equity repurchase program. On October 27, 2025, our board of directors extended the expiration date of the equity repurchase program to December 31, 2027 and authorized the repurchase of an additional $300 million of Class A common stock, increasing the remaining amount authorized for repurchases under the program to $573 million. We are not obligated to repurchase any shares under the program. Subject to applicable laws and the provisions of any agreements restricting our ability to do so, repurchases may be made at our discretion from time to time through open market purchases, negotiated transactions or tender offers, depending on market conditions and other factors. During the three and nine months ended September 30, 2025, we repurchased 92,237 shares and 763,914 shares, respectively, of our Class A common stock at a weighted average price per share of $60.51 and $47.70, respectively. At September 30, 2025, we had $273 million of remaining repurchases authorized under the program. From time to time, we may also seek to repurchase our outstanding indebtedness. Any such purchases may be funded by existing cash balances or the incurrence of debt, including borrowings under our credit facility. The amount and timing of any repurchases will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations.

Previous wording

For the six months ended June 30, 2025, net cash provided by operating activities was $284.7 million as compared to $269.0 million for the prior year period. Cash flows from operating activities for the six months ended June 30, 2025 and 2024 included $101.9 million and $90.7 million in interest payments, respectively. In addition, our operating cash flows for the six months ended June 30, 2025 increased as compared to the prior year period due to changes in working capital accounts. Information about our operating activities is presented within Results of Operations above.

Current wording

For the nine months ended September 30, 2025, net cash provided by operating activities was $453.0 million as compared to $400.0 million for the prior year period. Cash flows from operating activities for the nine months ended September 30, 2025 and 2024 included $160.7 million and $169.0 million in interest payments, respectively. In addition, our operating cash flows for the nine months ended September 30, 2025 increased as compared to the prior year period due to increase in revenues and changes in working capital accounts. Information about our operating activities is presented within Results of Operations above.

Previous wording

For the six months ended June 30, 2025 and 2024, cash paid for capital expenditures totaled $146.4 million and $176.7 million, respectively. Capital expenditures for the six months ended June 30, 2025 and 2024 were primarily related to various renovation and expansion projects. Cash paid for Native American development costs related to the North Fork Project totaled

Current wording

For the nine months ended September 30, 2025 and 2024, cash paid for capital expenditures totaled $240.1 million and $257.0 million, respectively. Capital expenditures for the nine months ended September 30, 2025 and 2024 were primarily related to various renovation and expansion projects. Cash paid for Native American development costs related to the North Fork Project totaled $34.5 million and $12.7 million for nine months ended September 30, 2025 and 2024, respectively. In addition, we received $110.5 million in proceeds from the repayment of Native American development costs for the nine months ended September 30, 2025.

Previous wording

During the six months ended June 30, 2025, we paid $90.5 million in dividends to Class A common stockholders and $94.9 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $5.2 million related to tax withholding on share-based compensation. In addition we reduced our outstanding indebtedness by $7.9 million.

Current wording

During the nine months ended September 30, 2025, we paid $105.4 million in dividends to Class A common stockholders and $106.4 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $23.9 million related to tax withholding on share-based compensation and $5.6 million to a noncontrolling interest holder unaffiliated with Red Rock who exchanged 100,000 Class B shares and LLC Units for cash. In addition we reduced our outstanding indebtedness by $46.8 million.

Previous wording

During the six months ended June 30, 2024, Station LLC entered into an amended and restated credit agreement pursuant to which it repaid all loans outstanding under the existing credit agreement, borrowed $1,570.0 million under the new Term B Facility and borrowed $200.0 million under the new Revolving Credit Facility. Station LLC also issued $500.0 million in principal amount of 6.625% Senior Notes due 2032 and paid $23.4 million in debt issuance costs. In addition, we paid $88.9 million in dividends to Class A common stockholders and $79.9 million in cash distributions to noncontrolling interest holders of Station Holdco. We also paid $11.2 million related to tax withholding on share-based compensation.

Current wording

During the nine months ended September 30, 2024, Station LLC entered into an amended and restated credit agreement pursuant to which it repaid all loans outstanding under the existing credit agreement, borrowed $1,570.0 million under the new Term B Facility and borrowed $280.0 million under the new Revolving Credit Facility. Station LLC also issued $500.0 million in principal amount of 6.625% Senior Notes due 2032 and paid $23.5 million in debt issuance costs. In addition, we paid $103.6 million in dividends to Class A common stockholders and $110.4 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $13.8 million related to tax withholding on share-based compensation.

Previous wording

At June 30, 2025, we had no variable interests in unconsolidated entities that provide off-balance sheet financing, liquidity, market risk or credit risk support, or that engage in leasing, hedging or research and development arrangements with us, nor did we have retained or contingent interests in assets transferred to an unconsolidated entity. At June 30, 2025, we had outstanding letters of credit and similar obligations totaling $47.6 million.

Current wording

At September 30, 2025, we had no variable interests in unconsolidated entities that provide off-balance sheet financing, liquidity, market risk or credit risk support, or that engage in leasing, hedging or research and development arrangements with us, nor did we have retained or contingent interests in assets transferred to an unconsolidated entity. At September 30, 2025, we had outstanding letters of credit and similar obligations totaling $46.8 million.

Previous wording

A description of our indebtedness is included in Note 8 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 and Note 5 to the Condensed Consolidated Financial Statements. There were no material changes to the terms of our indebtedness during the six months ended June 30, 2025.

Current wording

A description of our indebtedness is included in Note 8 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 and Note 5 to the Condensed Consolidated Financial Statements. There were no material changes to the terms of our indebtedness during the nine months ended September 30, 2025.

Previous wording

A description of our critical accounting policies and estimates is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There were no material changes to our critical accounting policies and estimates during the six months ended June 30, 2025.

Current wording

A description of our critical accounting policies and estimates is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There were no material changes to our critical accounting policies and estimates during the nine months ended September 30, 2025.