Red Rock Resorts, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
RRR$48.22+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-21.
0001653653-25-000004
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-20.
0001653653-26-000004
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 109 previous paragraphs and 102 current paragraphs.
53 unchanged; 36 reworded; 11 added; 20 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Room. For the year ended December 31, 2025 as compared to 2024, room revenues decreased by 5.2% primarily due to hotel renovations at Green Valley Ranch. Room expenses for the year ended December 31, 2025 were in line with the prior year.
Current report
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 and costs of development in exchange for providing 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 year ended December 31, 2025 was $17.6 million and includes a $6.1 million cumulative revenue catch-up for development services provided in prior years. Additional information about our Native American development is included in Note 5 to the Consolidated Financial Statements.
Current report
On December 19, 2025, a 100%-owned unrestricted subsidiary of Station LLC entered into an amended and restated term loan agreement in the amount of $36.0 million, representing the principal outstanding amount of the original term loan. The amended and restated term loan is secured by the Company’s corporate office building and is not guaranteed by Station LLC or its restricted subsidiaries under the Credit Facility. The amended and restated term loan bears interest at a variable rate per annum equal to Term SOFR plus 1.75% and matures in December 2030. Principal payments of $0.1 million and interest payments are payable on a monthly basis until the maturity date, at which time the remaining principal amount will become due.
Current report
Change in Fair Value of Derivative Instruments. For the year ended December 31, 2025, we recognized net losses of $4.3 million in change in fair value of our interest rate collars, primarily due to downward movements in the forward interest rate curve. For the year ended December 31, 2024, we recognized net gains of $0.3 million in change in fair value of our interest rate collars, primarily due to favorable movements in the forward interest rate curve.
Current report
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 year ended December 31, 2025, we recognized gain on Native American development of $8.5 million, representing the excess proceeds received over the carrying amount of the reimbursable advances. Additional information about our Native American development is included in Note 5 to the Consolidated Financial Statements.
Current report
On December 19, 2025, a 100%-owned unrestricted subsidiary of Station LLC entered into an amended and restated term loan agreement in the amount of $36.0 million, representing the principal outstanding amount of the original term loan. The amended and restated term loan is secured by the Company’s corporate office building and is not guaranteed by Station LLC or its restricted subsidiaries under the Credit Facility. The amended and restated term loan bears interest at a variable rate per annum equal to Term SOFR plus 1.75% and matures in December 2030. Principal payments of $0.1 million and interest payments are payable on a monthly basis until the maturity date, at which time the remaining principal amount will become due.
Current report
Deferred Income Taxes
Current report
We account for income taxes pursuant to the asset and liability method, which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities computed at enacted statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. Our organizational structure includes an investment in an operating partnership. Because our operating partnership is treated as a flow‑through entity for income tax purposes and is not generally subject to entity-level income taxes, we do not record deferred taxes for inside basis differences in the partnership’s underlying assets and liabilities. Instead, we record a deferred tax asset attributable to the entirety of our outside basis difference on our investment by comparing the financial reporting carrying amount of our partnership investment to the tax basis of our partnership interest.
Current report
As of December 31, 2025, we have recorded a net deferred tax asset of $12.1 million related to the outside basis difference in our partnership investment. This deferred tax asset is impacted by the timing of exchanges by noncontrolling interest holders, the expected manner of recovery of our partnership investment, the timing and character of the resulting taxable or deductible amounts, and the realizability of the deferred tax asset based on projected taxable income. Estimating future taxable income is inherently uncertain and requires judgment. In projecting future taxable income, we consider our historical results and incorporate certain assumptions, including projected revenue growth and operating margins, among others.
Current report
We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the evidence available, it is more likely than not that such assets will not be realized. Certain estimates and assumptions are required to determine whether it is more likely than not that all or some portion of the benefit of a deferred tax asset will not be realized. In making this assessment, management analyzes all available positive and negative evidence, including historical income or losses, estimates of future taxable income, available carry-backs and carry-forwards, reversing temporary differences and available prudent and feasible tax planning strategies. Should a change in facts or circumstances lead to a change in judgment about the ultimate realizability of a deferred tax asset, we record or adjust the related valuation allowance in the annual period that the change in facts and circumstances occurs.
Current report
We are subject to the income tax laws of the jurisdictions in which we operate. These tax laws are complex, and the manner in which they apply to our facts is sometimes open to interpretation. In establishing the provision for income taxes, we must make judgments about the application of these inherently complex tax laws. Our income tax positions and analysis are based on currently enacted tax law. Future changes in tax law or tax rates could significantly impact the provision for income taxes, the amount of taxes payable and the deferred tax asset and liability balances in future periods. Any effects of changes in income tax rates or laws are included in income tax expense in the period of enactment.
Removed paragraphs (20)
Previous report
Room. For the year ended December 31, 2024 as compared to 2023, room revenues increased by 9.5% and room expenses increased by 15.8%. The increase in room revenues and expenses for the year ended December 31, 2024 as compared to 2023, was primarily due to the opening of our Durango property.
Previous report
Long-Lived Assets
Previous report
Our business is capital intensive and a significant portion of our capital is invested in property and equipment, finite-lived intangible assets and other long-lived assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. We evaluate the recoverability of our long-lived assets by estimating the future cash flows the asset is expected to generate, and comparing these estimated cash flows, on an undiscounted basis, to the carrying amount of the asset. If the carrying amount is greater, the asset is considered to be impaired, and we recognize an impairment charge equal to the amount by which the carrying amount of the asset exceeds its fair value.
Previous report
We test our long-lived assets for impairment at the reporting unit level, and each of our operating properties is considered a separate reporting unit.
Previous report
Inherent in the calculation of fair values are various estimates and assumptions, including estimates of future cash flows expected to be generated by an asset or asset group. We base our cash flow estimates on the current regulatory, political and economic climates in the areas where we operate, recent operating information and projections for our properties. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, changes in consumer preferences, or events affecting various forms of travel and access to our properties. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. The most significant assumptions used in determining cash flow estimates include forecasts of future operating results, Adjusted EBITDA margins, tax rates, capital expenditures, working capital requirements, long-term growth rates and terminal year free cash flows. Cash flow estimates and their impact on fair value are sensitive to changes in many of these assumptions. If our estimates of future cash flows are not met, we may be required to record impairment charges in the future.
Previous report
Property and Equipment. At December 31, 2024, the carrying amount of our property and equipment was approximately $2.8 billion, which represents 68.8% of our total assets. We make estimates and assumptions when accounting for property and equipment. We compute depreciation using the straight-line method over the estimated useful lives of the assets, and our depreciation expense is dependent on the assumptions we make about the estimated useful lives of our assets. We estimate the useful lives of our property and equipment based on our experience with similar assets and our estimate of the usage of the asset. Whenever events or circumstances occur that change the estimated useful life of an asset, we account for the change prospectively. We must also make judgments about the capitalization of costs. Costs of major improvements are capitalized, while costs of normal repairs and maintenance are charged to expense as incurred. If an asset or asset group is disposed or retired before the end of its previously estimated useful life, we may be required to accelerate our depreciation expense or recognize a loss on disposal.
Previous report
Goodwill. At December 31, 2024, our goodwill totaled $195.7 million, approximately 87% of which is associated with one of our properties. We test our goodwill for impairment annually as of October 1, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred. Impairment testing for goodwill is performed at the reporting unit level, and we consider each of our operating properties to be a separate reporting unit.
Previous report
When performing goodwill impairment testing, we either conduct a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elect to bypass this qualitative assessment and perform a quantitative test for impairment. Under the qualitative assessment, we consider both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes in facts and circumstances, and make a determination of whether it is more likely than not that the fair value of goodwill is less than its carrying amount. If, after assessing the qualitative factors, we determine it is more likely than not the asset is impaired, we then perform a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to the excess, limited to the amount of goodwill allocated to the reporting unit.
Previous report
When performing the quantitative test, we estimate the fair value of each reporting unit using the expected present value of future cash flows along with value indications based on our current valuation multiple and multiples of comparable publicly traded companies. The estimation of fair value requires management to make estimates, judgments and assumptions, including estimating expected future cash flows and selecting appropriate discount rates, valuation multiples and market comparables. Application of alternative estimates and assumptions could produce different results.
Previous report
If the fair value of any of our properties with goodwill should decline in the future, we may be required to recognize a goodwill impairment charge, which could be material. A property’s fair value may decline as a result of a decrease in the property’s actual or projected operating results or changes in other assumptions and judgments used in the estimation process, including the discount rate and market multiple.
Previous report
Indefinite-Lived Intangible Assets. Our indefinite-lived intangible assets primarily represent the value of our brands. At December 31, 2024, the carrying amount of our indefinite-lived intangible assets totaled $76.5 million. Indefinite-lived intangible assets are not amortized unless management determines that their useful life is no longer indefinite. We test our indefinite-lived intangible assets for impairment annually as of October 1, and whenever events or changes in circumstances indicate that an asset may be impaired, by comparing the carrying amount of the asset to its estimated fair value. If the carrying amount of the asset exceeds its estimated fair value, we recognize an impairment charge equal to the excess. We estimate the fair value of our brands using a derivation of the income approach to valuation based on the present value of estimated royalties avoided through ownership of the assets. The fair values of our indefinite-lived intangible assets are subject to change as a result of changes in projected operating results. Accordingly, any decrease in the projected operating results of a property could require us to recognize an impairment charge, which could be material.
Previous report
Native American Development Costs. We incur certain costs associated with our development and management agreements with Native American tribes that are reimbursable by the tribes. The reimbursable costs are recognized as long-term assets as incurred, and primarily include advances associated with the acquisition of land and development of the tribal gaming facility. We earn interest on the reimbursable advances. The repayment of the advances and the related interest may come from the proceeds of the gaming facility’s third-party financing, from cash flows generated from the gaming facility’s operations, or from a combination of both, and the repayment is typically subordinated to debt service obligations under the gaming facility’s third-party financing. Due to the uncertainty surrounding the timing and amount of the repayment, we do not recognize interest on the advances until the carrying amount of the advances has been recovered and the interest is received. Accordingly, the recoverability of our development costs is highly dependent upon the tribe’s success in obtaining third-party financing and our ability to operate the project successfully upon its completion. Our evaluation of the recoverability of our Native American development costs requires us to apply a significant amount of judgment.
Previous report
We evaluate the recoverability of our Native American development costs taking into consideration all available information. Among other things, we consider the status of the project, the impact of contingencies, the achievement of milestones, existing or potential litigation, and regulatory matters when evaluating the recoverability of our Native American development costs. We estimate the future cash flows of a Native American development project based on consideration of all positive and negative evidence about its cash flow potential including, but not limited to, the likelihood that the project will be successfully completed, the status of required approvals, and the status and timing of the construction of the project, as well as current and projected economic, political, regulatory and competitive conditions that may adversely impact the project’s operating results. In certain circumstances, we may discontinue funding of a project due to a revision of its expected potential, or otherwise determine that our advances are not recoverable and as a result, we may be required to write off the entire carrying amount of our advances.
Previous report
Litigation, Claims and Assessments
Previous report
We are defendants in various lawsuits relating to routine matters incidental to our business and we assess the potential for any lawsuits or claims brought against us on an ongoing basis. For ongoing litigation and potential claims, we use judgment in determining the probability of loss and whether a reasonable estimate of loss, if any, can be made. We accrue a liability when we believe a loss is probable and the amount of the loss can be reasonably estimated. As the outcome of litigation is inherently uncertain, it is possible that certain matters may be resolved for materially different amounts than previously accrued or disclosed.
Previous report
Income Taxes
Previous report
We are taxed as a corporation and pay corporate federal, state and local taxes on income allocated to us by Station Holdco. Station Holdco operates as a partnership for federal, state and local tax reporting and holds 100% of the economic interests in Station LLC. The members of Station Holdco are liable for any income taxes resulting from income allocated to them by Station Holdco as a pass-through entity.
Previous report
We recognize deferred tax assets and liabilities based on the differences between the book value of assets and liabilities for financial reporting purposes and those amounts applicable for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets represent future tax deductions or credits. Realization of the deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character in either the carryback or carryforward period.
Previous report
Each reporting period, we analyze the likelihood that our deferred tax assets will be realized. A valuation allowance is recorded if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. If we subsequently determine that there is sufficient evidence to indicate a deferred tax asset will be realized, the associated valuation allowance is reversed. On an annual basis, we perform a comprehensive analysis of all forms of positive and negative evidence based on year end results. During each interim period, we update our annual analysis for significant changes in the positive and negative evidence.
Previous report
We record uncertain tax positions on the basis of a two-step process in which (1) we determine whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position, and (2) for those tax positions meeting the more likely than not recognition threshold, we recognize the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. We do not believe that we have any tax positions for which it is reasonably possible that we will be required to record a significant liability for unrecognized tax benefits within the next twelve months.
Reworded paragraphs (36)
Previous wording
Red Rock was formed as a Delaware corporation in 2015 to own an indirect equity interest in, and manage, Station Casinos LLC, a Nevada limited liability company (“Station LLC”). Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming and entertainment facilities and 12 smaller casinos (three of which are 50% owned) in the Las Vegas regional market. In December 2023, we opened Durango Casino & Resort (“Durango”). As of December 31, 2024, we offered 16,447 slot machines, 320 table games and 3,030 hotel rooms in the Las Vegas market.
Current wording
Red Rock was formed as a Delaware corporation in 2015 to own an indirect equity interest in, and manage, Station Casinos LLC, a Nevada limited liability company (“Station LLC”). Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming and entertainment facilities and 13 smaller casinos (three of which are 50% owned) in the Las Vegas regional market. As of December 31, 2025, we offered 16,553 slot machines, 328 table games and 2,734 hotel rooms in the Las Vegas market.
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 Units”), which owns all of the economic interests in Station LLC. At December 31, 2024, 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 Units”), which owns all of the economic interests in Station LLC. At December 31, 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. As of December 2024, the unemployment rate in the Las Vegas metropolitan area was 5.9%, up from 5.3% in December 2023. Statewide, the unemployment rate for December 2024 was 5.7%, as compared to 5.4% in December 2023. The median price of an existing single-family home in Las Vegas was $475,000 at December 31, 2024, up 5.6% as compared to December 31, 2023, according to the Las Vegas Realtors®. In addition, the Las Vegas metropolitan area population continues to grow, posting a 1.9% growth rate in 2024 over the prior year. In light of uncertainty in the economic outlook stemming from inflation, higher interest rates, increased geo-political and regional conflicts, and the current administration’s view of the regulatory environment and agencies, we cannot predict whether the trends in unemployment, housing prices or population growth 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. As of December 2025, the unemployment rate in the Las Vegas metropolitan area was 5.2%, down from 5.9% in December 2024. Statewide, the unemployment rate for December 2025 was 5.2%, as compared to 5.7% in December 2024. The median price of an existing single-family home in Las Vegas was $470,000 at December 31, 2025, down 1.1% as compared to December 31, 2024, according to the Las Vegas Realtors®. In addition, the Las Vegas metropolitan area population continues to grow, posting a 1.6% growth rate in 2025 over the prior year. In light of uncertainty in the economic outlook stemming from inflation, higher interest rates, increased geo-political and regional conflicts, and the current administration’s view of the regulatory environment and agencies, we cannot predict whether the trends in unemployment, housing prices or population growth in the Las Vegas area will continue.
Previous wording
We have continued to experience favorable customer trends, including strong carded slot play, strong customer engagement and robust spend per visit across the majority of our properties. These trends, in combination with our operational discipline and our focus on our core local guests, as well as regional and out of town guests, continued to drive consistent operating results in 2024. However, we cannot predict whether these trends will continue, nor can we predict the extent to which the impacts of inflation and interest rate fluctuations may affect our business in the future.
Current wording
We have continued to experience favorable customer trends, including strong carded slot play and robust visitation and net theoretical win across the majority of our properties. These trends, in combination with our operational discipline and our focus on our core local guests, as well as regional and out of town guests, continued to drive strong operating results in 2025. However, we cannot predict whether these trends will continue, nor can we predict the extent to which the impacts of inflation and interest rate fluctuations may affect our business in the future.
Previous wording
The following table presents information about our results of operations for the year ended December 31, 2024 compared to 2023 (dollars in thousands). Information about our results of operations for the year ended December 31, 2023 compared to 2022 can be found in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 21, 2024.
Current wording
The following table presents information about our results of operations for the year ended December 31, 2025 compared to 2024 (dollars in thousands). Information about our results of operations for the year ended December 31, 2024 compared to 2023 can be found in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operationsin our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025.
Previous wording
We view each of our Las Vegas casino properties as an individual operating segment. We aggregate all of our Las Vegas operating segments into one reportable segment because all of our Las Vegas properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing programs, are directed by a centralized management structure and have similar economic characteristics. We also aggregate our Native American management activities into one reportable segment. There was no Native American management activity for the years ended December 31, 2024 and 2023. The results of operations of our Las Vegas operations are discussed in the remaining sections below.
Current wording
We view each of our Las Vegas casino properties as an individual operating segment. We aggregate all of our Las Vegas operating segments into one reportable segment because all of our Las Vegas properties offer similar products, cater to the same customer base, have the same regulatory and tax structure, share the same marketing programs, are directed by a centralized management structure and have similar economic characteristics. We also aggregate our Native American arrangements into one reportable segment. The results of operations for our Native American segment are discussed in the sections titled “Development Fees” and “Gain on Native American Development” below. The results of operations of our Las Vegas operations segment are discussed in the remaining sections below.
Previous wording
Net Revenues. Net revenues for the year ended December 31, 2024 increased by $214.9 million to $1.94 billion as compared to $1.72 billion for the year ended December 31, 2023. The primary contributor to our year over year increase is our Durango property which opened on December 5, 2023. The opening of Durango resulted in cannibalization at our other properties in line with our expectations, primarily at Red Rock. In addition, certain of our properties experienced disruption from traffic improvements and construction disruption associated with renovations and new amenities. We achieved year over year growth of 12.8%, 14.9%, 9.5% and 5.9% in casino revenue, food and beverage, room and other revenues, respectively.
Current wording
Net Revenues. Net revenues for the year ended December 31, 2025 increased by $72.5 million to $2.01 billion as compared to $1.94 billion for the year ended December 31, 2024. Certain of our properties experienced construction disruption associated with renovations and build out of new amenities. For the year ended December 31, 2025, we achieved year over year growth of 5.0% for casino revenues, while our food and beverage and other revenues remained consistent and our room revenues decreased by 5.2%, all as compared to the prior year period. In addition, during the year ended December 31, 2025, we recognized development fee revenues of $17.6 million, representing fees earned from our agreement with a Native American tribe to develop the North Fork Project.
Previous wording
Operating Income. For the year ended December 31, 2024 our operating income was $568.7 million. For the year ended December 31, 2023 our operating income was $558.7 million. Our Durango property primarily drove the increase in operating income for the year ended December 31, 2024, as compared to the prior year. Additional information about factors impacting our operating income is discussed below.
Current wording
Operating Income. For the year ended December 31, 2025 our operating income was $597.4 million. For the year ended December 31, 2024 our operating income was $568.7 million. Additional information about factors impacting our operating income is discussed below.
Previous wording
Casino. As described under Net Revenues above, our casino revenues increased by 12.8% for the year ended December 31, 2024 as compared to 2023. For 2024, slot handle increased by 9.5%, table games drop increased by 41.4% and race and sports write was flat, all as compared to 2023. Our slot hold for 2024 was consistent compared to 2023, while our table games hold decreased 1.1% and our race and sports hold decreased 1.4%, both as compared to 2023. Casino expenses increased by 20.6% for the year ended December 31, 2024 as compared to the prior year, primarily due to the opening of our Durango property.
Current wording
Casino. As described under Net Revenues above, our casino revenues increased by 5.0% for the year ended December 31, 2025 as compared to 2024. For 2025, slot handle increased by 3.9%, while table games drop and race and sports write each decreased by 3.2%, all as compared to 2024. Our slot hold and table games hold for 2025 was consistent compared to 2024, while our race and sports hold increased 2.0%, as compared to 2024. Casino expenses increased by 2.0% for the year ended December 31, 2025 as compared to the prior year, primarily due to higher gaming taxes and employee-related costs, partially offset by bad debt recoveries and lower participation fees as a result of our finance leases.
Previous wording
Food and Beverage. Food and beverage includes revenue and expenses from restaurants, bars and catering. For the year ended December 31, 2024, food and beverage revenue increased by 14.9% as compared to 2023, primarily due to additional food and beverage offerings. For 2024, the average guest check increased by 10.4% and the number of restaurant guests served increased by 8.6% as compared to 2023. Food and beverage expenses for the year ended December 31, 2024 as compared to the prior year increased by 20.6%, primarily due to the opening of our Durango property.
Current wording
Food and Beverage. Food and beverage includes revenue and expenses from restaurants, bars and catering. For the year ended December 31, 2025, food and beverage revenues were consistent as compared to 2024. For 2025, the number of restaurant guests served increased by 5.2% while the average guest check decreased by 4.4%, both as compared to 2024. Food and beverage expenses increased 1.5% for the year ended December 31, 2025 as compared to the prior year, primarily due to employee-related costs.
Previous wording
Our ADR improved by 2.2% and our revenue per available room improved by 2.7% for 2024 as compared to 2023. Our occupancy rate for the year ended December 31, 2024 was in-line with the prior year.
Current wording
Our ADR decreased by 3.0% and our revenue per available room decreased by 1.3% for 2025 as compared to 2024. Our occupancy rate for the year ended December 31, 2025 improved by 1.6 percentage points as compared to 2024.
Previous wording
Other. Other primarily represents revenues from tenant leases, retail outlets, bowling, spas and entertainment, and their corresponding expenses. For the year ended December 31, 2024, other revenues increased by 5.9% as compared to the prior year, primarily driven by additional leased outlets. Other expenses decreased by 5.8% as compared to the prior year.
Current wording
Other. Other primarily represents revenues from tenant leases, retail outlets, bowling, spas and entertainment, and their corresponding expenses. For the year ended December 31, 2025, other revenues was consistent compared to 2024. Other expenses increased by 2.1% as compared to the prior year, primarily due to employee-related costs.
Previous wording
Selling, General and Administrative (“SG&A”). SG&A expenses increased by 15.4% to $432.3 million for the year ended December 31, 2024 as compared to $374.5 million for the prior year. The increase in SG&A expenses as compared to the prior year was primarily due to expenses associated with the opening of our Durango property and higher employee-related costs as a result of wage increases. As a percentage of net revenue, SG&A expenses for the year ended December 31, 2024 were effectively flat as compared to the prior year as we continued to focus on operational efficiencies and cost control.
Current wording
Selling, General and Administrative (“SG&A”). SG&A expenses increased by 2.1% to $441.3 million for the year ended December 31, 2025 as compared to $432.3 million for the prior year. The increase in SG&A expenses as compared to the prior year was primarily due to higher employee-related costs. As a percentage of net revenue, SG&A expenses for the year ended December 31, 2025 were effectively flat as compared to the prior year as we continued to focus on operational efficiencies and cost control.
Previous wording
Depreciation and Amortization. Depreciation and amortization expense for the year ended December 31, 2024 increased to $187.1 million as compared to $132.5 million for 2023. The increase for 2024 was primarily due to higher depreciation expense associated with Durango’s assets placed in service in December 2023.
Current wording
Depreciation and Amortization. Depreciation and amortization expense for the year ended December 31, 2025 increased to $197.4 million as compared to $187.1 million for 2024. The increase for 2025 was primarily due to new assets placed in service.
Previous wording
Write-downs and other, net. Write-downs and other, net, include gains and losses on asset disposals, demolition and other costs associated with properties that were permanently closed, development and preopening expenses, business innovation and technology enhancements, contract termination costs and non-routine items. For the year ended December 31, 2024, write-downs and other, net was an expense of $6.7 million, primarily comprising business innovation development expenses of $3.5 million, $1.3 million in development and preopening expenses (including refunds for previously expensed development costs of $5.8 million) and loss on asset disposals of $1.2 million. For the year ended December 31, 2023, write-downs and other, net was an expense of $32.0 million, primarily comprising $53.4 million in development and preopening expenses, $10.1 million of demolition costs associated with properties that were permanently closed and $4.0 million in business innovation development expenses, partially offset by net gains on land sales of $38.6 million.
Current wording
Write-downs and other, net. Write-downs and other, net, include gains and losses on asset disposals, development and preopening expenses, business innovation and technology enhancements and non-routine items. For the year ended December 31, 2025, write-downs and other, net was an expense of $19.0 million, primarily comprising a charitable contribution of $7.5 million, development and preopening expenses of $4.1 million and $2.1 million in business innovation development expenses. For the year ended December 31, 2024, write-downs and other, net was an expense of $6.7 million, primarily comprising business innovation and development expenses of $3.5 million, $1.3 million in development and preopening expenses (including refunds for previously expensed development costs of $5.8 million) and loss on asset disposals of $1.2 million.
Previous wording
Interest expense, net, for the year ended December 31, 2024 was $228.8 million, an increase of 26.4% as compared to $181.0 million for 2023. The increase in interest expense, net was primarily due to capitalized interest in the prior year as well as an increase in borrowings for the current year. At December 31, 2024, $1.7 billion of borrowings under the credit agreements were based on variable interest rates, primarily the Secured Overnight Financing Rate (“SOFR”), plus applicable margins of 1.50% to 2.00%, and the SOFR rate applicable to our outstanding SOFR-based borrowings was 4.36% to 4.38%. We expect that interest rates on our credit facility will continue to vary in response to macroeconomic conditions. Based on our outstanding borrowings at December 31, 2024, an assumed 1% increase in variable interest rates would cause our annual interest rate cost to increase by approximately $17.1 million.
Current wording
Interest expense, net, for the year ended December 31, 2025 was $201.9 million, a decrease of 11.8% as compared to $228.8 million for 2024. The decrease in interest expense, net was primarily due to a decrease in interest rates and borrowings for the current year. At December 31, 2025, $1.7 billion of borrowings under the credit agreements were based on variable interest rates, primarily the Secured Overnight Financing Rate (“SOFR”), plus applicable margins of 1.50% to 2.00%, and the SOFR rate applicable to our outstanding SOFR-based borrowings was 5.22% to 5.72%. We expect that interest rates on our credit facility will continue to vary in response to macroeconomic conditions. Based on our outstanding borrowings at December 31, 2025, an assumed 1% increase in variable interest rates would cause our annual interest rate cost to increase by approximately $17.3 million.
Previous wording
On March 14, 2024, we completed a series of refinancing transactions pursuant to which we entered into an amended and restated credit agreement (the “Credit Agreement”) for the New Term Loan B Facility (as defined below) and issued $500.0 million of 6.625% senior notes due 2032 (the “6.625% Senior Notes”). On December 18, 2024, Station LLC entered into the first amendment to the Credit Agreement (the “Amendment”) to reduce the interest rate margins applicable to the New Term Loan B Facility. See“Financial Condition, Capital Resources and Liquidity” below and Note 8 to the Consolidated Financial Statements for additional information about the refinancing transactions as well as our other long-term debt.
Current wording
On March 14, 2024, we completed a series of refinancing transactions pursuant to which we entered into an amended and restated credit agreement (the “Credit Agreement”) for the Term Loan B Facility (as defined below) and issued $500.0 million of 6.625% senior notes due 2032 (the “6.625% Senior Notes”). On December 18, 2024, Station LLC entered into the first amendment to the Credit Agreement (the “Amendment”) to reduce the interest rate margins applicable to the Term Loan B Facility. See“Financial Condition, Capital Resources and Liquidity” below and Note 7 to the Consolidated Financial Statements for additional information about the refinancing transactions as well as our other long-term debt.
Previous wording
Provision for Income Tax. For the years ended December 31, 2024 and 2023, we recognized income tax expense of $36.9 million and $43.0 million, respectively. Station Holdco is treated as a partnership for income tax reporting 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 11.2% and 11.3% for the years ended December 31, 2024 and 2023, respectively, was less than the statutory rate.
Current wording
Provision for Income Tax. For the years ended December 31, 2025 and 2024, we recognized income tax expense of $46.7 million and $36.9 million, respectively. Station Holdco is treated as a partnership for income tax reporting 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 11.6% and 11.2% for the years ended December 31, 2025 and 2024, respectively, was less than the statutory rate. Additionally, our effective tax rate is impacted by the permanent tax adjustments.
Previous wording
Adjusted EBITDA for the years ended December 31, 2024 and 2023 and a reconciliation of our consolidated net income to Adjusted EBITDA are presented below (amounts in thousands). We have two reportable segments, the Las Vegas operations segment includes all of our Las Vegas area casino properties and the Native American management segment includes our Native American management activities. There was no Native American management activity in the current or prior year.
Current wording
Adjusted EBITDA for the years ended December 31, 2025 and 2024 and a reconciliation of our consolidated net income to Adjusted EBITDA are presented below (amounts in thousands). We have two reportable segments, the Las Vegas operations segment includes all of our Las Vegas area 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 years ended December 31, 2024 and 2023 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, development and preopening expense, business innovation and technology enhancements, demolition costs and non-routine items), interest expense, net, loss on extinguishment/modification of debt, change in fair value of derivative instruments 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 years ended December 31, 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, development and preopening expense, business innovation and technology enhancements 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 December 31, 2024, 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 $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 is expected to be paid in the next twelve months and $5.5 million of other liabilities. The Holding Company’s $53.9 million intercompany note receivable from Station LLC is eliminated in consolidation. At December 31, 2023, the Holding Company had cash of $0.2 million, $14.4 million of income tax receivable, $43.4 million of deferred tax assets, net, $34.0 million note receivable from Station LLC, a $22.1 million liability under the TRA, of which $1.7 million was current and $3.3 million of other liabilities.
Current wording
At December 31, 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 $2.6 million, $34.9 million of deferred tax assets, net, and a $25.6 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 $2.3 million in income tax payable, a $20.6 million liability under the TRA, of which $1.2 million is expected to be paid in the next twelve months and $5.4 million of other liabilities. At December 31, 2024, the Holding Company had cash of $4.2 million, $56.4 million of deferred tax assets, net, $53.9 million note receivable from Station LLC, a $20.4 million liability under the TRA, of which $1.4 million was current and $5.5 million of other liabilities.
Previous wording
For the years ended December 31, 2024 and 2023, the difference between the statement of income for Station LLC and its consolidated subsidiaries and the statement of income for the Holding Company is that the Holding Company had a net loss of $34.6 million and $42.0 million, respectively, primarily representing provision for income tax.
Current wording
For the years ended December 31, 2025 and 2024, the difference between the statement of income for Station LLC and its consolidated subsidiaries and the statement of income for the Holding Company is that the Holding Company had a net loss of $44.6 million and $34.6 million, respectively, primarily representing provision for income tax.
Previous wording
At December 31, 2024, we had $164.4 million in cash and cash equivalents, and Station LLC’s borrowing availability under its revolving credit facility was $897.7 million, which was net of $155.0 million in outstanding borrowings and $47.3 million in outstanding letters of credit and similar obligations. Station LLC maintains its borrowing availability under its revolving credit facility, subject to continued compliance with the terms of the credit facility. See Note 8 to the Consolidated Financial Statements for more information about our long-term debt.
Current wording
At December 31, 2025, we had $142.5 million in cash and cash equivalents, and Station LLC’s borrowing availability under its revolving credit facility was $898.2 million, which was net of $155.0 million in outstanding borrowings and $46.8 million in outstanding letters of credit and similar obligations. Station LLC maintains its borrowing availability under its revolving credit facility, subject to continued compliance with the terms of the credit facility. See Note 7 to the Consolidated Financial Statements for more information about our long-term debt.
Previous wording
On March 14, 2024, Station LLC entered into the Credit Agreement, which amended and restated the existing credit agreement and pursuant to which Station LLC repaid all loans outstanding under the existing credit agreement and (a) incurred (i) a new senior secured term “B” loan facility in an aggregate principal amount of $1.57 billion (the “New Term Loan B Facility” and the term “B” loans funded thereunder, the “New Term B Loan”) and (ii) a new senior secured revolving credit facility in an aggregate principal amount of $1.1 billion (the “New Revolving Credit Facility” and, together with the New Term Loan B Facility, the “Credit Facilities”), and (b) made certain other amendments to the existing credit agreement, including the extinguishment of the existing term loan “A” facility. The New Revolving Credit Facility will mature on March 14, 2029 and the New Term Loan B Facility will mature on March 14, 2031. Borrowings under the Credit Facilities bear interest at a rate per annum, at our option, equal to either the forward-looking Secured Overnight Financing Rate term (“Term SOFR”) or a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the administrative agent’s “prime rate” and (iii) the one-month Term SOFR plus 1.00%, in each case plus an applicable margin.
Current wording
On March 14, 2024, Station LLC entered into the Credit Agreement, which amended and restated the existing credit agreement and pursuant to which Station LLC repaid all loans outstanding under the existing credit agreement and (a) incurred (i) a senior secured term “B” loan facility in an aggregate principal amount of $1.57 billion (the “Term Loan B Facility”) and (ii) a senior secured revolving credit facility with a borrowing capacity of up to $1.1 billion (the “Revolving Credit Facility” and, together with the Term Loan B Facility, the “Credit Facility”). The Revolving Credit Facility will mature on March 14, 2029 and the Term Loan B Facility will mature on March 14, 2031. Borrowings under the Credit Facility bear interest at a rate per annum, at our option, equal to either the forward-looking Secured Overnight Financing Rate term (“Term SOFR”) or a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the administrative agent’s “prime rate” and (iii) the one-month Term SOFR plus 1.00%, in each case plus an applicable margin.
Previous wording
On December 18, 2024, Station LLC entered into the Amendment to reduce the interest rate margins applicable to the Company’s existing New Term Loan B Facility. Such applicable margin is 2.00% per annum in the case of any Term SOFR loan and 1.00% in the case of any base rate loan. Prior to the Amendment, the New Term Loan B Facility applicable margin was 2.25% per annum in the case of any Term SOFR loan and 1.25% in the case of any base rate loan.
Current wording
On December 18, 2024, Station LLC entered into the Amendment to reduce the interest rate margins applicable to the Company’s existing Term Loan B Facility. Such applicable margin is 2.00% per annum in the case of any Term SOFR loan and 1.00% in the case of any base rate loan. Prior to the Amendment, the Term Loan B Facility applicable margin was 2.25% per annum in the case of any Term SOFR loan and 1.25% in the case of any base rate loan.
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 2025 include (i) approximately $375.0 million to $425.0 million for capital expenditures, (ii) approximately $20.0 million for construction advances on the North Fork Project (iii) required principal and interest payments totaling approximately $52.9 million and $201.2 million, respectively, on Station LLC’s indebtedness, (iv) dividends to our Class A common stockholders, and (v) distributions to noncontrolling interest holders of Station Holdco, including “tax distributions”, which 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, federal income taxes 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 2026 include (i) approximately $375.0 million to $425.0 million for capital expenditures, (ii) required principal and interest payments totaling approximately $17.2 million and $189.5 million, respectively, on Station LLC’s indebtedness, (iii) dividends to our Class A common stockholders, including approximately $59.1 million to be paid in February 2026 and approximately $15.4 million to be paid in March 2026, and (iv) distributions to noncontrolling interest holders of Station Holdco, including approximately $45.9 million to be paid in February 2026, approximately $12.0 million to be paid in March 2026 and including “tax distributions”, which 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, federal income taxes and other obligations.
Previous wording
At December 31, 2024, $1.7 billion of the borrowings under our credit agreements were based on variable rates, primarily SOFR. We cannot predict the SOFR or base rate interest rates that will be in effect in the future, and actual rates will vary, which will impact our interest cost. Based on our outstanding borrowings at December 31, 2024, an assumed 1% increase in variable interest rates would cause our annual interest cost to increase by approximately $17.1 million. See Item 7A. Quantitative and Qualitative Disclosures about Market Risk for additional information.
Current wording
At December 31, 2025, $1.7 billion of the borrowings under our credit agreements were based on variable rates, primarily SOFR. We cannot predict the SOFR or base rate interest rates that will be in effect in the future, and actual rates will vary, which will impact our interest cost. Based on our outstanding borrowings at December 31, 2025, an assumed 1% increase in variable interest rates would cause our annual interest cost to increase by approximately $17.3 million. See Item 7A. Quantitative and Qualitative Disclosures about Market Risk for additional information.
Previous wording
On February 11, 2025, we announced that Red Rock will pay a quarterly cash dividend of $0.25 per share of Class A common stock, to be paid on March 31, 2025 to shareholders of record as of March 17, 2025. Prior to the payment of the dividend, Station Holdco will make a cash distribution to all LLC Unit holders, including Red Rock, of $0.25 per LLC Unit, a portion of which will be paid to the other unit holders of Station Holdco.
Current wording
On February 10, 2026, we announced that Red Rock will pay a quarterly cash dividend of $0.26 per share of Class A common stock, to be paid on March 31, 2026 to stockholders of record as of March 16, 2026. Prior to the payment of the dividend, Station Holdco will make a cash distribution to all LLC Unit holders, including Red Rock, of $0.26 per LLC Unit, a portion of which will be paid to the other unit holders of Station Holdco. In addition, on February 10, 2026, we announced that Red Rock will pay a special cash dividend of $1.00 per share of Class A common stock, to be paid on February 27, 2026 to stockholders of record as of February 20, 2026. Prior to the payment of the special dividend, Station Holdco will make a cash distribution to all LLC Unit holders, including Red Rock, of $1.00 per unit, a portion of which will be paid to the other unit holders of Station Holdco.
Previous wording
We are obligated to make payments under the TRA, which is described in Note 2 to the Consolidated Financial Statements. At December 31, 2024, such obligations with respect to previously consummated transactions totaled $20.4 million. Future payments in respect of any subsequent exchanges of LLC Units for Class A common stock would be in addition to these amounts and are expected to be substantial. The timing of payments under the TRA may vary. The payments that we are required to make will generally reduce the amount of overall cash that might have otherwise been available to us, but we expect the cash tax savings we will realize from the utilization of the related deferred tax assets to fund the required payments.
Current wording
We are obligated to make payments under the TRA, which is described in Note 2 to the Consolidated Financial Statements. At December 31, 2025, such obligations with respect to previously consummated transactions totaled $20.6 million. Future payments in respect of any subsequent exchanges of LLC Units for Class A common stock would be in addition to these amounts and are expected to be substantial. The timing of payments under the TRA may vary. The payments that we are required to make will generally reduce the amount of overall cash that might have otherwise been available to us, but we expect the cash tax savings we will realize from the utilization of the related deferred tax assets to fund the required payments.
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 year ended December 31, 2024, we repurchased 75,000 shares of our Class A common stock in open market transactions at a weighted-average price of $52.29 per share. At December 31, 2024, we had $309.0 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 repurchase will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations.
Current wording
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 $300.0 million of Class A common stock, increasing the authorized amount for repurchases under the program to $900.0 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. Our Class A common stock repurchases for the year ended December 31, 2025 included
Previous wording
Net cash provided by operating activities for the years ended December 31, 2024 and 2023 totaled $548.3 million and $494.3 million, respectively. Cash flow from operating activities for the year ended December 31, 2024 included $209.7 million in interest payments and $30.3 million cash paid for income taxes, compared to $170.5 million and $21.1 million, respectively, for the prior year. For the year ended December 31, 2024, we also paid $11.4 million in fees and costs related to debt modification. In addition, our operating cash flows for the year ended December 31, 2024 increased as compared to the prior year due to our Durango property and changes in working capital accounts. Information about our operating activities is presented within Results of Operations above.
Current wording
Net cash provided by operating activities for the years ended December 31, 2025 and 2024 totaled $609.5 million and $548.3 million, respectively. Cash flow from operating activities for the year ended December 31, 2025 included $198.1 million in interest payments and $20.4 million cash paid for income taxes, compared to $209.7 million and $30.3 million, respectively, for the prior year. For the year ended December 31, 2024, we paid $11.4 million in fees and costs related to debt modification. In addition, our operating cash flows for the year ended December 31, 2025 increased as compared to the prior year 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 years ended December 31, 2024 and 2023, cash paid for capital expenditures totaled $283.9 million and $699.5 million, respectively. Capital expenditures for the year ended December 31, 2024 primarily related to various renovation projects. Capital expenditures for the year ended December 31, 2023 were primarily related to the Durango project. For the year ended December 31, 2023, cash inflows from investing activities included net cash proceeds of $52.2 million from the sale of our Texas Station and Fiesta Rancho land parcels.
Current wording
For the year ended December 31, 2025, cash inflows from investing activities included net cash proceeds of $110.5 million from the repayment of Native American development costs. For the years ended December 31, 2025 and 2024, cash paid for capital expenditures totaled $319.0 million and $283.9 million, respectively. Capital expenditures for the year ended December 31, 2025 and 2024 primarily related to various renovation and expansion projects.
Previous wording
For the year ended December 31, 2023, we borrowed $476.5 million under the revolving credit facility, and we paid $58.6 million in dividends to holders of our Class A common stock, $76.7 million in cash distributions to the noncontrolling interest holders of Station Holdco and we paid $14.7 million related to tax withholding on share-based compensation.
Current wording
For the year ended December 31, 2025, we reduced our outstanding indebtedness by $15.7 million, paid $120.8 million in dividends to holders of our Class A common stock, $136.3 million in cash distributions to the noncontrolling interest holders of Station Holdco, $79.0 million in stock repurchases, $24.0 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.
Previous wording
As described above, during the year ended December 31, 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 Loan B Facility and borrowed $155.0 million under the New Revolving Credit Facility, net of repayments. Station LLC also issued $500.0 million in principal amount of 6.625% Senior Notes due 2032 and paid $23.6 million in debt issuance costs. In addition, we paid $118.4 million in dividends to holders of our Class A common stock and $126.7 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 during the year.
Current wording
Loan B Facility and borrowed $155.0 million under the Revolving Credit Facility, net of repayments. Station LLC also issued $500.0 million in principal amount of 6.625% Senior Notes due 2032 and paid $23.6 million in debt issuance costs. In addition, we paid $118.4 million in dividends to holders of our Class A common stock and $126.7 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 during the year.
Previous wording
At December 31, 2024, 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 December 31, 2024, we had outstanding letters of credit and similar obligations totaling $47.3 million.
Current wording
At December 31, 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 December 31, 2025, we had outstanding letters of credit and similar obligations totaling $46.8 million.
Previous wording
The gaming industry represents a significant source of tax revenue, particularly to the State of Nevada and its counties and municipalities. From time to time, various state and federal legislators and officials have proposed changes in tax law, or in the administration of such law, affecting the gaming industry. The Nevada legislature meets every two years for 120 days and when special sessions are called by the Governor. The current legislative session began on February 3, 2025. There are currently no specific legislative proposals to increase taxes on gaming revenue, but there are no assurances that an increase in taxes on gaming or other revenue will not be proposed and passed by the Nevada legislature in the future.
Current wording
The gaming industry represents a significant source of tax revenue, particularly to the State of Nevada and its counties and municipalities. From time to time, various state and federal legislators and officials have proposed changes in tax law, or in the administration of such law, affecting the gaming industry. The Nevada legislature meets every two years for 120 days and when special sessions are called by the Governor. The most recent legislative session ended on November 19, 2025. There are currently no specific legislative proposals to increase taxes on gaming revenue, but there are no assurances that an increase in taxes on gaming or other revenue will not be proposed and passed by the Nevada legislature in the future.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
1,551,576 shares repurchased in open market transactions and 92,237 shares repurchased in connection with an exchange of Class B shares for cash at a weighted-average price of $51.45 per share. At December 31, 2025, we had $524.4 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 repurchase will be based on business and market conditions, capital availability, compliance with debt covenants and other considerations.
Current report — wording carried from elsewhere
During the year ended December 31, 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 Term