Red Rock Resorts is benefiting from the recent migration of people from California to the Las Vegas Valley, which is transforming the region’s demographic mix. The influx includes business owners and retirees who bring their wealth with them, creating a new dynamic in the area. Red Rock’s target is to tap into high-growth areas in and around the Las Vegas Valley, including the Durango project, which is set to open in Q4 2023. Since reopening post-pandemic, Red Rock has experienced 11 consecutive quarters of margins above 45%. In the most recent quarter, net revenues rose 8% to $434 million, and adjusted EBITDA increased 9% to $194 million. Red Rock Resorts’ vice-chair, Lorenzo Fertitta, also highlighted Las Vegas’ potential resilience to any recessionary downturn, noting that […]

DraftKings, an online sports betting and iCasino operator, reported Q1 revenues up 84% to $770 million and adjusted EBITDA losses reduced to $221 million, beating market expectations. The company raised its FY23 guidance, with revenue predicted to reach $3.1 billion to $3.2 billion, while adjusted EBITDA losses are expected to be between $290 million and $340 million, compared to previous estimates of up to $450 million. CEO Jason Robins said that DraftKings is on the verge of achieving EBITDA profitability, with a breakeven expected in Q2. Robins acknowledged the company’s rivalry with FanDuel but said that they do not take anything for granted and are always prepared for new competitors entering the market. He also noted that M&A is not a primary focus at this […]