Red Rock Resorts, Inc. (NASDAQ:RRR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 04:30 pm ET

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Red Rock Resorts, Inc. (NASDAQ:RRR) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, and welcome to the Red Rock Resorts First Quarter 2020 Conference Call.

[Operator Instructions]

I would now like to turn the conference over to Stephen Cootey, Executive Vice President, Chief Financial Officer and Treasurer of Red Rock Resorts. Please go ahead.

Executive
Stephen Cootey

Thank you, operator, and good afternoon, everyone. Thank you for joining today's Red Rock Resorts Second Quarter 2020 Earnings Conference Call. We hope that all of you and your families are staying safe and healthy. Joining me on the call today from Red Rock Resorts are Frank Fertitta, Chairman and Chief Executive Officer; Bob Finch, Executive Vice President and Chief Operating Officer; and Rod Atamian, Executive Vice President of Development and Strategy.

I'd like to remind everyone that our call today will include forward-looking statements under the safe harbor provisions of the United States federal securities laws. Developments and results may differ from those projected. During this call, we will also discuss non-GAAP financial measures. For the definitions and complete reconciliation of these figures to GAAP, please refer to the financial tables in our earnings press release and Form 8-K, which were filed this afternoon prior to the call. Also, please note that this call is being recorded.

Before we get started, we wanted to take a moment to acknowledge the passing of Rich Haskins, our President, who passed away at an accident on July 4. For over 25 years, Rich was a trusted adviser to the company through both good times and bad. He was instrumental not only in the successful growth of the company but in the development of the Station Casinos family culture. Those who interacted with him were inspired by his steady leadership in any situation and his anything-is-possible attitude which defined what he was all about. While Rich may have left us, his accomplishments and legacy remain and live here at Station.

Now on to the quarter. Before moving on to our financial results, we will take a moment to remind you of some of the actions we have taken during the first 2 months of the quarter as we prepared for these uncertain economic times.

During the closure, we reexamined and challenged every aspect of the company. We took a number of pivotal steps to prepare for a new operating environment with a focus on health, safety, cost reductions and liquidity. To that end and working closely with our outside medical experts, we established very comprehensive health and cleanliness guidelines for our properties given the current environment. These new guidelines meet or exceed the highest standards set by federal, state and local authorities and will be adapted as circumstances require. Simply put, we are committed to providing the most safe, secure environment possible for both our team members and guests.

A few highlights include all guests and team member entrances at our resort properties have been equipped with state-of-the-art thermal scanners. All team members are required to wear masks and PPE consistent with health authority guidelines. And as masks are now required