Red Rock Resorts, Inc.

Previous wording

Red Rock was formed as a Delaware corporation in 2015 to own an indirect equity interest in and manage Station Casinos LLC (“Station LLC”), a Nevada limited liability company. 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 gaming properties (three of which are 50% owned) in the Las Vegas regional 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 (“Station LLC”), a Nevada limited liability company. Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming and entertainment facilities and 14 smaller gaming properties (three of which are 50% owned) in the Las Vegas regional market.

Previous 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.

Current wording

A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. In March 2026, the unemployment rate in the Las Vegas metropolitan area was 5.4% as compared to 5.6% in March 2025. Statewide, the unemployment rate for March 2026 was 5.3% as compared to 5.7% in March 2025. In March 2026, the median price of an existing single-family home in Las Vegas according to the Las Vegas Realtors® was $480,000, down 1.0% from $485,000 in March 2025. 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

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 2025. However, we cannot predict whether these trends will continue, nor can we predict the extent to which impacts of inflation and other economic uncertainties may affect our business in the future.

Current wording

We have continued to experience favorable customer trends, including strong carded slot play and robust spend per visit 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 consistent operating results in 2026. However, we cannot predict whether these trends will continue, nor can we predict the extent to which impacts of inflation, interest rate fluctuations and other economic uncertainties may affect our business in the future.

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 arrangements into one reportable segment. The results of operations for our Native American segment are discussed in the sections entitled “Development Fees” and “Gain on Native American Development” below. The results for 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 section entitled “Native American Management and Development Fees” below. The results for our Las Vegas operations are discussed in the remaining sections below.

Previous 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.

Current wording

Net Revenues. Net revenues for the three months ended March 31, 2026 were $507.3 million, an increase of 1.9% compared to $497.9 million for the prior year period. For the three months ended March 31, 2026, our casino, food and beverage and other revenues increased by 2.2%, 1.2% and 4.2%, respectively, and room revenues decreased by 9.3% as compared to the same period in 2025. Certain of our properties experienced construction disruption associated with renovations and build out of new amenities. In addition, for the three months ended March 31, 2026, we recognized Native American management and development fees revenue of $4.7 million representing fees earned from our agreements with a Native American tribe to develop and manage the North Fork Project.

Previous 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.

Current wording

Operating Income. For the three months ended March 31, 2026, our operating income was $143.7 million compared to $154.4 million in the prior year period. Additional information about factors impacting our operating income is included below.

Previous 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.

Current wording

Casino. Casino revenues increased by 2.2% for the three months ended March 31, 2026 as compared to the prior year period. For the three months ended March 31, 2026 as compared to the prior year period, our slot handle increased by 1.2%, while our table games drop and race and sports write decreased by 3.6% and 5.0%, respectively. In addition, for the three months ended March 31, 2026, our slot hold and table games hold were consistent, while our race and sports hold increased by 1.8%, all as compared to the prior year period. Casino expenses increased by 2.0% for the three months ended March 31, 2026 as compared to the prior year period, primarily due to employee-related costs, partially offset by lower participation fees as a result of our finance leases.

Previous 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.

Current wording

Food and Beverage. Food and beverage includes revenues and expenses from our restaurants, bars and catering. For the three months ended March 31, 2026, food and beverage revenues increased by 1.2% as compared to the same period in the prior year primarily due to an increase in catering business. For the three months ended March 31, 2026, the number of restaurant guests served was consistent, while the average guest check increased by 1.3%, both as compared to the prior year period. Food and beverage expenses increased slightly for three months ended March 31, 2026, as compared to the prior year period.

Previous 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.

Current wording

Room. For the three months ended March 31, 2026 room revenues decreased by 9.3% as compared to the prior year period, primarily due to hotel renovations at Green Valley Ranch. Room expenses for the three months ended March 31, 2026 decreased by 2.4% as compared to the prior year period, primarily due to lower housekeeping-related expenses, hotel commissions and employee-related costs.

Previous wording

For the three and nine months ended September 30, 2025, our ADR decreased by 4.0% and 3.5% respectively, while our revenue per available room decreased by 1.3% and 1.0%, respectively, all as compared to the prior year periods. Our occupancy rate for the three and nine months ended September 30, 2025 improved by 2.4 and 2.3 percentage points, respectively, as compared to the prior year periods.

Current wording

For the three months ended March 31, 2026, our ADR and revenue per available room were consistent as compared to the prior year period. Our occupancy rate for the three months ended March 31, 2026 decreased by 1.0 percentage point as compared to the prior year period.

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, 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.

Current wording

Native American Management and Development Fees. Native American management and development fees revenue represents fees earned from our management and development agreements with the North Fork Rancheria of Mono Indians (the “Mono”). Under the terms of our development agreement, 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. Development fee revenue for the three months ended March 31, 2026 was $2.9 million. For the three months ended March 31, 2026, we recognized $1.8 million of management fee revenue related to reimbursable costs incurred under the management agreement with the Mono. Reimbursable costs represent amounts received or due under our management agreement with the Mono for the reimbursement of expenses, primarily payroll costs, that we incur on their behalf. 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 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.

Current wording

Other. Other primarily represents revenues from tenant leases, retail outlets, bowling, spas and entertainment, and their corresponding expenses.

Previous 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.

Current wording

Selling, General and Administrative (“SG&A”). For the three months ended March 31, 2026, SG&A expenses increased 9.2% to $114.4 million as compared to the prior year period. The increase in SG&A expenses were primarily due to employee-related costs and reimbursable expenses related to our Native American management agreement with the Mono. As a percentage of net revenue, SG&A expenses for the three months ended March 31, 2026 increased slightly as compared to the prior year period.

Previous 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.

Current wording

Depreciation and Amortization. For the three months ended March 31, 2026, depreciation and amortization expense increased by 15.6% as compared to the prior year period, primarily due to new assets placed in service.

Previous 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.

Current wording

Write-downs and Other, net. For the three months ended March 31, 2026, write-downs and other, net totaled $4.7 million, primarily comprising development and preopening expenses, business innovations development expenses and loss on asset disposals. For the three months ended March 31, 2025, write-downs and other, net totaled $4.1 million, comprising development and preopening and other non-routine expenses.

Previous 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.

Current wording

Interest Expense, net. Interest expense, net decreased to $49.5 million for the three months ended March 31, 2026, respectively, as compared to $51.1 million for the same period in 2025. The decrease in interest expense was due to lower interest rates for the current year period as compared to the same period in the prior year. 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 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.

Current wording

Change in Fair Value of Derivative Instruments. For the three months ended March 31, 2026, we recognized a net gain of $1.0 million in change in the fair value of our interest rate collars, primarily due to favorable movements in the forward interest rate curve. For the three months ended March 31, 2025, we recognized net losses of $5.2 million, primarily due to downward movements in the forward interest rate curve.

Previous 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.

Current wording

Provision for Income Tax. For the three months ended March 31, 2026, we recognized a provision for income tax of $13.1 million. 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 13.7% for the three months ended March 31, 2026 was less than the statutory rate. Additionally, our effective tax rate is impacted by the permanent tax adjustments. We recognized income tax expense of $12.8 million for the three months ended March 31, 2025.

Previous 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.

Current wording

Net Income Attributable to Noncontrolling Interests. Net income attributable to noncontrolling interests for the three months ended March 31, 2026 and 2025 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 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.

Current wording

Adjusted EBITDA for the three months ended March 31, 2026 and 2025 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 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.

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 months ended March 31, 2026 and 2025 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 and non-routine items), interest expense, net, change in fair value of derivative instruments and provision for income tax.

Previous 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.

Current wording

At March 31, 2026, 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 $0.9 million and $32.1 million of deferred tax assets, net, and liabilities that are solely the Holding Company’s, consisting of $12.5 million in income tax payable and a $19.4 million liability under the TRA, of which $1.2 million is expected to be paid in the next twelve months and $5.3 million of other liabilities. At December 31, 2025, 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 was current and $5.4 million of other liabilities.

Previous 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.

Current wording

The Holding Company recognized net losses of $12.9 million and $12.1 million for the three months ended March 31, 2026 and 2025, respectively, primarily due to the provision for income taxes.

Previous 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.

Current wording

At March 31, 2026, we had $134.0 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 March 31, 2026, Station LLC’s borrowing availability under the Revolving Credit Facility was $743.0 million, which was net of $310.0 million in outstanding borrowings and $47.0 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 $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.

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 2026 include (i) approximately $260 million to $310 million for capital expenditures, (ii) required principal and interest payments on Station LLC’s indebtedness totaling $13.0 million and $147.5 million, respectively, (iii) dividends to our Class A common stockholders, including approximately $15.2 million to be paid in June 2026, and (iv) distributions to noncontrolling interest holders of Station Holdco, including approximately $11.9 million to be paid in June 2026 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

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.

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 million of Class A common stock, increasing the amount authorized for repurchases under the program to $900 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 months ended March 31, 2026, we repurchased 635,657 shares of our Class A common stock at a weighted average price per share of $60.32. At March 31, 2026, we had $486 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

In September 2025, we entered into two finance lease agreements for certain equipment used in our operations. At September 30, 2025, the carrying amount of the finance lease ROU assets was $41.2 million and the carrying amount of the finance lease liabilities was $42.3 million, of which $9.7 million is classified as current. Each lease commenced on September 1, 2025 and has a term of four years.

Current wording

In March 2026, we entered into a new finance lease agreement for certain equipment used in our operations. The new lease commenced on March 1, 2026 and has a term of five years. The fixed monthly payment for the finance lease is $0.3 million. At March 31, 2026, the carrying amount of the new finance lease ROU asset was $14.7 million and the carrying amount of the finance lease liabilities was $15.0 million, of which $2.7 million is classified as current.

Previous 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.

Current wording

For the three months ended March 31, 2026, net cash provided by operating activities was $139.8 million as compared to $126.2 million for the prior year period. Cash flows from operating activities for the three months ended March 31, 2026 and 2025 included $58.2 million and $63.2 million in interest payments, respectively. In addition, our operating cash flows for the three months ended March 31, 2026 increased as compared to the prior year period primarily due to changes in working capital accounts. Information about our operating activities is presented within Results of Operations above.

Previous 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.

Current wording

For the three months ended March 31, 2026 and 2025, cash paid for capital expenditures totaled $117.2 million and $68.2 million, respectively. Capital expenditures for the three months ended March 31, 2026 and 2025 were primarily related to various renovation and expansion projects. For the three months ended March 31, 2025, cash paid for Native American development costs related to the North Fork Project totaled $24.2 million.

Previous 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.

Current wording

During the three months ended March 31, 2026, we increased our outstanding indebtedness by $151.1 million through borrowings under the existing revolving credit facility, paid $75.3 million in dividends to Class A common stockholders and $57.8 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $38.3 million for stock repurchases and $4.8 million related to tax withholding on share-based compensation.

Previous 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.

Current wording

During the three months ended March 31, 2025, we paid $16.0 million in dividends to Class A common stockholders and $11.5 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $4.4 million related to tax withholding on share-based compensation and reduced our outstanding indebtedness by $13.9 million.

Previous 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.

Current wording

At March 31, 2026, 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 March 31, 2026, we had outstanding letters of credit and similar obligations totaling $47.0 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 nine months ended September 30, 2025.

Current wording

A description of our indebtedness is included in Note 7 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 and Note 5 to the Condensed Consolidated Financial Statements. There were no material changes to the terms of our indebtedness during the three months ended March 31, 2026.

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 nine months ended September 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, 2025. There were no material changes to our critical accounting policies and estimates during the three months ended March 31, 2026.