Red Rock Resorts (NASDAQ: RRR) reported Q1 EPS of ($2.18), $2.36 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $377.4 million versus the consensus estimate of $429.3 million.

First Quarter Results:

• Net revenues were $377.4 million for the first quarter of 2020, a decrease of 15.6%, or $69.6 million, from $447.0 million for the same period of 2019, due to the temporary closure of all of the Company's properties, as explained above.
• Net loss was $177.8 million for the first quarter of 2020, a decrease of $198.1 million, from a net income of $20.3 million for the same period of 2019, due to the temporary closure of all of the Company's properties, as explained above, plus a noncash charge of $113.2 million related to the establishment of a full valuation allowance on certain tax assets.
• Adjusted EBITDA(1) was $74.3 million for the first quarter of 2020, a decrease of 48.8%, or $70.8 million, from $145.1 million in the same period of 2019, primarily due to the temporary closure of all of the Company's properties, as explained above. That amount also includes the impact of $27 million of expense accrued within the quarter related to the Company's commitment to provide regular wages and benefits to all of its full-time team members for the period from April 1 to April 30, 2020, which was offset in part by the receivable recorded from the CARES Act employee retention credit of $20 million.

For earnings history and earnings-related data on Red Rock Resorts (RRR) click here.