The following Management’s Discussion and Analysis of the Financial Condition and Results of Operations (the “MD&A”) of Red Rock Resorts, Inc. (“we,” “our,” “us,” “Red Rock” or the “Company”) is intended to help the reader understand the Company’s financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and related notes (the “Condensed Consolidated Financial Statements”) included in Part I, Item 1 of this Quarterly Report on Form 10-Q, and with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. Overview 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 16 smaller gaming properties (three of which are 50% owned) in the Las Vegas regional market. 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 (“Station Holdco,” and such interests, “LLC Units”), which owns all of the economic interests in Station LLC. At June 30, 2026, 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. Our Condensed Consolidated Financial Statements reflect the consolidation of Station LLC and its consolidated subsidiaries, and Station Holdco. The financial position and results of operations attributable to LLC Units we do not own are reported separately as noncontrolling interest. Our principal source of revenue and operating income is gaming. Our non-gaming offerings include restaurants, hotels and other entertainment amenities. Approximately 80% of our casino revenue is generated from slot play. The majority of our revenue is cash-based and as a result, fluctuations in our revenues have a direct impact on our cash flows from operations. Because our business is capital intensive, we rely heavily on the ability of our properties to generate operating cash flow to repay debt financing and fund capital expenditures. A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. In June 2026, the unemployment rate in the Las Vegas metropolitan area was 5.2% as compared to 5.8% in June 2025. Statewide, the unemployment rate for June 2026 was 5.1% as compared to 5.4% in June 2025. In June 2026, the median price of an existing single-family home in Las Vegas according to the Las Vegas Realtors® was $490,000, up 1.0% from $485,000 in June 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. We have continued to experience favorable customer trends in carded slot play, 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. Information about our results of operations is included herein and in the notes to our Condensed Consolidated Financial Statements. 25 Table of Contents Key Performance Indicators We use certain key indicators to measure our performance. Gaming revenue measures: •Slot handle, table game drop and race and sports write are measures of volume. Slot handle represents the dollar amount wagered in slot machines, and table game drop represents the total amount of cash and net markers issued that are deposited in table game drop boxes. •Win represents the amount of wagers retained by us. •Hold represents win as a percentage of slot handle, table game drop or race and sports write. As our customers are primarily Las Vegas residents, our hold percentages are generally consistent from period to period. Fluctuations in our casino revenue are primarily due to the volume and spending levels of customers at our properties. Food and beverage revenue measures: •Average guest check is a measure of food sales volume and product offerings at our restaurants, and represents the average amount spent per customer visit. •Number of guests served is an indicator of volume. Room revenue measures: •Occupancy is calculated by dividing occupied rooms, including complimentary rooms, by rooms available. •Average daily rate (“ADR”) is calculated by dividing room revenue, which includes the retail value of complimentary rooms, by rooms occupied, including complimentary rooms. •Revenue per available room is calculated by dividing room revenue by rooms available. 26 Table of Contents Results of Operations Information about our results of operations is presented below (amounts in thousands): Three Months Ended June 30, Percent change Six Months Ended June 30, Percent change 2026 2025 2026 2025 Net revenues $ 510,262 $ 526,273 (3.0) % $ 1,017,581 $ 1,024,134 (0.6) % Operating income 135,996 168,028 (19.1) % 279,672 322,381 (13.2) % Casino revenues 338,305 344,796 (1.9) % 678,827 678,041 0.1 % Casino expenses 90,239 93,862 (3.9) % 181,469 183,275 (1.0) % Margin 73.3 % 72.8 % 73.3 % 73.0 % Food and beverage revenues 93,033 94,374 (1.4) % 183,356 183,646 (0.2) % Food and beverage expenses 78,699 75,894 3.7 % 152,886 149,655 2.2 % Margin 15.4 % 19.6 % 16.6 % 18.5 % Room revenues 46,658 51,187 (8.8) % 92,172 101,357 (9.1) % Room expenses 15,845 15,941 (0.6) % 31,449 31,930 (1.5) % Margin 66.0 % 68.9 % 65.9 % 68.5 % Other revenues 28,460 25,908 9.9 % 54,683 51,082 7.0 % Other expenses 9,983 8,519 17.2 % 17,683 15,762 12.2 % Native American management and development fees 3,806 10,008 (62.0) % 8,543 10,008 (14.6) % Selling, general and administrative expenses 117,936 112,031 5.3 % 232,293 216,742 7.2 % Percent of net revenues 23.1 % 21.3 % 22.8 % 21.2 % Depreciation and amortization 58,985 47,988 22.9 % 114,840 96,319 19.2 % Write-downs and other, net 2,579 4,010 n/m 7,289 8,070 n/m Interest expense, net 49,645 50,632 (1.9) % 99,149 101,742 (2.5) % Change in fair value of derivative instruments (3,087) 2,305 n/m (4,053) 7,499 n/m Gain on Native American development — 8,476 n/m — 8,476 n/m Net income attributable to noncontrolling interests 37,474 51,849 (27.7) % 77,305 93,050 (16.9) % Provision for income tax 13,483 15,924 (15.3) % 26,608 28,735 (7.4) % Net income attributable to Red Rock 39,118 56,404 (30.6) % 82,007 101,153 (18.9) % _______________________________________________________________ n/m = Not meaningful 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 27 Table of Contents section entitled “Native American Management and Development Fees” and “Gain on Native American Development” below. The results for our Las Vegas operations are discussed in the remaining sections below. Net Revenues. Net revenues for the three months ended June 30, 2026 were $510.3 million, a decrease of 3.0% as compared to $526.3 million for the prior year period. For the six months ended June 30, 2026, net revenues were $1.0 billion, remaining consistent as compared to the prior year period. For the three months ended June 30, 2026, our other revenues increased by 9.9%, while our casino, food and beverage and room revenues decreased by 1.9%, 1.4% and 8.8%, respectively, as compared to the same quarter in 2025. For the six months ended June 30, 2026, our other revenues increased by 7.0%, while our casino and food and beverage revenues remained consistent and our room revenues decreased by 9.1%, all as compared to the prior year period. Certain of our properties experienced construction disruption associated with renovations and build out of new amenities. In addition, our Native American management and development fees revenue for the three months ended June 30, 2026, were $3.8 million, a decrease of 62.0% as compared to $10.0 million for the prior year period which included a $6.1 million cumulative revenue catch-up related to prior years. For the six months ended June 30, 2026, we recognized Native American management and development fees revenue of $8.5 million, a decrease of 14.6% as compared to $10.0 million for the prior year period which included a $6.1 million cumulative revenue catch-up related to prior years. Our Native American management and development fees revenue represents fees earned from our agreements with a Native American tribe to develop and manage the North Fork Project. Operating Income. For the three and six months ended June 30, 2026, our operating income was $136.0 million and $279.7 million, respectively. For the three and six months ended June 30, 2025, our operating income was $168.0 million and $322.4 million, respectively. Additional information about factors impacting our operating income is included below. Casino. Casino revenues decreased by 1.9% for the three months ended June 30, 2026, and were consistent for the six months ended June 30, 2026, as compared to the same periods in the prior year. For the three months ended June 30, 2026 as compared to the prior year period, our race and sports write increased by 4.9%, while our slot handle and table games drop remained consistent. For the six months ended June 30, 2026 as compared to the prior year period, our slot handle and race and sports write remained consistent, while our table games drop decreased by 1.5%. For the three months ended June 30, 2026 our slot hold remained consistent, while our table games and race and sports hold decreased 3.8% and 1.7%, respectively, all as compared to the prior year period. In addition, for the six months ended June 30, 2026, our slot hold and race and sports hold were consistent, while our table games hold decreased by 2.2%, all as compared to the prior year period. Casino expenses for the three and six months ended June 30, 2026 as compared to the prior year periods, decreased by 3.9% and 1.0%, respectively, primarily due to lower participation fees as a result of our finance leases. Food and Beverage. Food and beverage includes revenues and expenses from our restaurants, bars and catering. For the three months ended June 30, 2026, food and beverage revenues decreased by 1.4% as compared to the same period in the prior year, primarily due to a decrease in our catering business. For the six months ended June 30, 2026, food and beverage revenues were consistent as compared to the prior year period. For the three months ended June 30, 2026, the number of restaurant guests served decreased by 1.1%, while the average guest check increased by 3.1% as compared to the prior year period. For the six months ended June 30, 2026, the number of restaurant guests served was consistent, while the average guest check increased 2.2% as compared to the prior year period. Food and beverage expenses for three and six months ended June 30, 2026 increased by 3.7% and 2.2%, respectively, as compared to the prior year periods, primarily due to higher cost of sales and employee-related costs. Room. For the three and six months ended June 30, 2026 room revenues decreased by 8.8% and 9.1%, respectively, as compared to the prior year periods, primarily due to hotel renovations at Green Valley Ranch. Room expenses for the three months ended June 30, 2026 were in line with the prior year period. For the six months ended June 30, 2026, room expenses decreased by 1.5%, as compared to the prior year period, primarily due to lower housekeeping-related expenses and hotel commissions. Information about our hotel operations is presented below: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Occupancy 91.3 % 91.3 % 90.4 % 90.9 % Average daily rate $ 200.67 $ 201.75 $ 201.64 $ 201.67 Revenue per available room $ 183.24 $ 184.16 $ 182.27 $ 183.24 28 Table of Contents For the three and six months ended June 30, 2026, our occupancy rate, ADR and revenue available per room were consistent as compared to the prior year periods. 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 fees revenue for the three and six months ended June 30, 2026 was $2.8 million and $5.7 million, respectively. For the three months ended June 30, 2025, we recorded $10.0 million in development fees revenue, which included a $6.1 million cumulative revenue catch-up related to prior years. For the three and six months ended June 30, 2026, we recorded $1.0 million and $2.8 million, respectively, of management fees 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. Other. Other primarily represents revenues from tenant leases, retail outlets, bowling, spas and entertainment, and their corresponding expenses. For the three and six months ended June 30, 2026, other revenues increased by 9.9% and 7.0%, respectively, as compared to the prior year periods, primarily driven by tenant lease revenue and entertainment revenue. For the three and six months ended June 30, 2026, other expenses increased by 17.2% and 12.2%, respectively, as compared to the prior year periods, primarily due to entertainer fees. Selling, General and Administrative (“SG&A”). For the three and six months ended June 30, 2026, SG&A expenses increased by 5.3% to $117.9 million and 7.2% to $232.3 million, respectively, as compared to the prior year periods. The increases 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 and six months ended June 30, 2026 increased slightly as compared to the prior year periods. Depreciation and Amortization. For the three and six months ended June 30, 2026, depreciation and amortization expense increased by 22.9% and 19.2%, respectively, as compared to the prior year periods, primarily due to new assets placed in service. Write-downs and Other, net. For the three and six months ended June 30, 2026, write-downs and other, net totaled $2.6 million and $7.3 million, respectively, primarily comprising development and preopening expenses, business innovations development expenses and loss on asset disposals. For the three and six months ended June 30, 2025, write-downs and other, net totaled $4.0 million and $8.1 million, respectively, primarily comprising development and other non-routine expenses. Interest Expense, net. Interest expense, net decreased to $49.6 million and $99.1 million for the three and six months ended June 30, 2026, respectively, as compared to $50.6 million and $101.7 million, respectively, for the same periods in 2025. The decrease in interest expense was due to lower interest rates for the current year periods as compared to the same periods in the prior year. Additional information about our long-term debt is included in Note 5 to the Condensed Consolidated Financial Statements. Change in Fair Value of Derivative Instruments. For the three and six months ended June 30, 2026, we recognized net gains of $3.1 million and $4.1 million, respectively, 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 and six months ended June 30, 2025, we recognized net losses of $2.3 million and $7.5 million, respectively, in change in the fair value of our interest rate collars, primarily due to downward movements in the forward interest rate curve. 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 three months ended June 30, 2025 we recognized a gain on Native American development of $8.5 million, representing the excess of proceeds received over they carrying amount of the reimbursable advances. Additional information about our Native American development is included in Note 3 to the Condensed Consolidated Financial Statements. Provision for Income Tax. For the three and six months ended June 30, 2026, we recognized a provision for income tax of $13.5 million and $26.6 million, respectively. Station Holdco is treated as a partnership for income tax reporting 29 Table of Contents 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 15.0% and 14.3% for the three and six months ended June 30, 2026, 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 $15.9 million and $28.7 million for the three and six months ended June 30, 2025, respectively. Net Income Attributable to Noncontrolling Interests. Net income attributable to noncontrolling interests for the three and six months ended June 30, 2026 and 2025 represented the portion of net income attributable to the ownership interest in Station Holdco not held by us. Adjusted EBITDA Adjusted EBITDA for the three and six months ended June 30, 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. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net revenues Las Vegas operations $ 503,158 $ 513,262 $ 1,002,680 $ 1,008,215 Native American 3,806 10,008 8,543 10,008 Corporate and other 3,298 3,003 6,358 5,911 Net revenues $ 510,262 $ 526,273 $ 1,017,581 $ 1,024,134 Net income $ 76,592 $ 108,253 $ 159,312 $ 194,203 Adjustments Depreciation and amortization 58,985 47,988 114,840 96,319 Share-based compensation 9,847 8,723 17,527 16,347 Write-downs and other, net 2,579 4,010 7,289 8,070 Interest expense, net 49,645 50,632 99,149 101,742 Change in fair value of derivative instruments (3,087) 2,305 (4,053) 7,499 Gain on Native American development — (8,476) — (8,476) Provision for income tax 13,483 15,924 26,608 28,735 Adjusted EBITDA $ 208,044 $ 229,359 $ 420,672 $ 444,439 Adjusted EBITDA Las Vegas operations $ 227,534 $ 239,444 $ 459,951 $ 475,344 Native American 2,811 10,008 5,734 10,008 Corporate and other (22,301) (20,093) (45,013) (40,913) Adjusted EBITDA $ 208,044 $ 229,359 $ 420,672 $ 444,439 The year-over-year changes in Adjusted EBITDA were due to the factors described within Results of Operations above. 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 six months ended June 30, 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, gain on Native American development and provision for income tax. 30 Table of Contents To evaluate Adjusted EBITDA and the trends it depicts, the components should be considered. Each of these components can significantly affect our results of operations and should be considered in evaluating our operating performance, and the impact of these components cannot be determined from Adjusted EBITDA. Adjusted EBITDA does not represent net income or cash flows from operating, investing or financing activities as defined by GAAP and should not be considered as an alternative to net income as an indicator of our operating performance. Additionally, Adjusted EBITDA does not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. It should be noted that not all gaming companies that report EBITDA or adjustments to this measure may calculate EBITDA or such adjustments in the same manner as we do, and therefore, our measure of Adjusted EBITDA may not be comparable to similarly titled measures used by other gaming companies. Holding Company Financial Information The indentures governing the 4.50% Senior Notes, 4.625% Senior Notes and 6.625% Senior Notes contain certain covenants that require Station LLC to furnish to the holders of the notes certain annual and quarterly financial information relating to Station LLC and its subsidiaries. The obligation to furnish such information may be satisfied by providing consolidated financial information of the Company along with additional disclosure explaining the differences between such information and the financial information of Station LLC and its subsidiaries on a standalone basis. The following financial information about the Company and its consolidated subsidiaries, exclusive of Station LLC and its subsidiaries (the “Holding Company”), is furnished to explain the differences between the financial information of the Holding Company and the financial information of Station LLC and its subsidiaries for the periods presented in this report. The primary differences between the financial information of the Holding Company and that of Station LLC relate to income taxes, the liability associated with the tax receivable agreement (“TRA”) and a note receivable from Station LLC. At June 30, 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 $7.9 million, $26.4 million of deferred tax assets, net, and a $3.8 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 $12.0 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 $5.2 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. The Holding Company recognized net losses of $13.4 million and $26.4 million for the three and six months ended June 30, 2026, respectively, and $13.6 million and $25.6 million for the three and six months ended June 30, 2025, respectively, primarily due to the provision for income taxes. Liquidity and Capital Resources The following financial condition, capital resources and liquidity discussion contains certain forward-looking statements with respect to our business, financial condition, results of operations, dispositions, acquisitions, expansion projects and issuances of debt and equity, which involve risks and uncertainties that cannot be predicted or quantified, and consequently, actual results may differ materially from those expressed or implied herein. Such risks and uncertainties include, but are not limited to, the risks described in Item 1A—Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025. At June 30, 2026, we had $136.5 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 June 30, 2026, Station LLC’s borrowing availability under the Revolving Credit Facility was $707.5 million, which was net of $345.0 million in outstanding borrowings and $47.5 million in outstanding letters of credit and similar obligations. 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 $120 million to $170 million for capital expenditures, (ii) required principal and interest payments on Station LLC’s indebtedness totaling $8.6 million and $99.1 million, respectively, (iii) dividends to our Class A common stockholders, including approximately $15.4 million to be paid in September 2026, and (iv) distributions to noncontrolling interest holders of Station Holdco, including approximately $11.9 million to be paid in September 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. 31 Table of Contents In April 2025, we received a partial repayment of $110.5 million on our advances and related accrued interest for the North Fork Project. The repayment was funded from the initial drawdown of term loans under the Mono’s $750 million credit facility for the project, which we assisted the tribe in obtaining pursuant to the Development Agreement. Repayment of the remaining amounts due on the advances is expected to come from the proceeds of the North Fork Project’s financing, from cash flows from the North Fork Project’s operations, or from a combination of both. In connection with the completion of the Mono’s credit facility, we entered into a completion guaranty and a subordination agreement in favor of the financing parties and released our existing security interests in the assets of the North Fork Project. Under the completion guaranty, we have agreed to make reimbursable interest-bearing advances to the Mono for completion of the project in the event that total project costs exceed the financing available under the Mono’s facility loan. Our commitment to make such advances is capped at $425 million. It is not probable that any such funding will be necessary to complete the project. 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 six months ended June 30, 2026, we repurchased 635,657 shares of our Class A common stock at a weighted average price per share of $60.32. At June 30, 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. 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 June 30, 2026, the carrying amount of the new finance lease ROU asset was $13.9 million and the carrying amount of the finance lease liabilities was $14.1 million, of which $2.7 million is classified as current. We expect that cash on hand, cash generated from operations and borrowings available under the credit facility will be sufficient to fund our operations and capital requirements and service our outstanding indebtedness for the next twelve months. We regularly assess our projected cash requirements for capital expenditures, repayment of debt obligations, and payment of other general corporate and operational needs. In the long term, we expect that we will fund our capital requirements with a combination of cash generated from operations, borrowings under the credit facility and the issuance of debt or equity as market conditions may permit. However, our cash flow and ability to obtain debt or equity financing on terms that are satisfactory to us, or at all, may be affected by a variety of factors, including competition, general economic and business conditions and financial markets. As a result, we cannot provide any assurance that we will generate sufficient income and liquidity to meet all of our liquidity requirements or other obligations. Following is a summary of our cash flow information (amounts in thousands): Six Months Ended June 30, 2026 2025 Net cash provided by (used in): Operating activities $ 297,770 $ 284,667 Investing activities (258,764) (72,461) Financing activities (45,026) (231,388) Cash Flows from Operations Our operating cash flows primarily consist of operating income generated by our properties (excluding depreciation and other non-cash charges), interest and income tax payments, and changes in working capital accounts such as inventories, prepaid expenses, receivables and payables. The majority of our revenue is generated from our slot machine and table game play, which is conducted primarily on a cash basis. Our food and beverage, room and other revenues are also primarily cash-based. As a result, fluctuations in our revenues have a direct impact on our cash flow from operations. For the six months ended June 30, 2026, net cash provided by operating activities was $297.8 million as compared to $284.7 million for the prior year period. Cash flows from operating activities for the six months ended June 30, 2026 and 2025 32 Table of Contents included $95.8 million and $101.9 million in interest payments, respectively. In addition, our operating cash flows for the six months ended June 30, 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. Cash Flows from Investing Activities For the six months ended June 30, 2026 and 2025, cash paid for capital expenditures totaled $257.0 million and $146.4 million, respectively. Capital expenditures for the six months ended June 30, 2026 and 2025 were primarily related to various renovation and expansion projects. For the six months ended June 30, 2025, we received $110.5 million in proceeds from the repayment of Native American development costs. In addition, for the six months ended June 30, 2025, we paid $34.5 million for Native American development costs related to the North Fork Project. Cash Flows from Financing Activities During the six months ended June 30, 2026, we increased our outstanding indebtedness by $182.2 million through borrowings under the existing revolving credit facility, paid $90.6 million in dividends to Class A common stockholders and $82.3 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $38.3 million for repurchases of our Class A common stock, $7.3 million related to tax withholding on share-based compensation and $6.7 million on our finance lease agreements. During the six months ended June 30, 2025, we paid $90.5 million in dividends to Class A common stockholders and $94.9 million in cash distributions to the noncontrolling interest holders of Station Holdco. We also paid $30.9 million for repurchases of our Class A common stock, $5.2 million related to tax withholding on share-based compensation and reduced our outstanding indebtedness by $7.9 million. Restrictive Covenants The agreements governing our credit facility and the indentures governing our senior notes impose significant operating and financial restrictions on us, including certain limitations on our and our subsidiaries’ ability to, among other things, obtain additional debt or equity financing due to applicable financial and restrictive covenants in our debt agreements. The financial ratio covenants contained in the recent amendments to the Credit Agreement include a maximum Consolidated Senior Secured Net Leverage Ratio of 5.00 to 1.00. We believe that as of June 30, 2026, Station LLC was in compliance with the covenants contained in the credit facility and the indentures governing the senior notes. As a result of these covenants and restrictions, we are limited in how we conduct our business and we may be unable to raise additional debt or equity financing to provide liquidity if changes in the economy, discretionary spending, consumer confidence or other external factors negatively affect our business. In addition, such covenants and restrictions may limit our ability to compete effectively or to take advantage of new business opportunities. Further, our ability to comply with covenants and restrictions contained in the agreements governing our indebtedness may be adversely affected by general economic conditions and industry conditions. Failure to satisfy the covenants contained in the credit agreements, indentures or other agreements governing our indebtedness would require us to seek waivers or amendments of such covenants. There can be no assurance that we would be able to obtain required waivers or amendments, as such matters depend, in part, on factors outside of our control. If we fail to satisfy our covenants and are unable to obtain such waivers or amendments, our creditors could exercise remedies under the applicable documents governing such indebtedness, including acceleration of such indebtedness. Off-Balance Sheet Arrangements At June 30, 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 June 30, 2026, we had outstanding letters of credit and similar obligations totaling $47.5 million. Native American Development We have development and management agreements with the North Fork Rancheria of Mono Indians, a federally recognized Native American tribe located near Fresno, California, pursuant to which we will assist the tribe in developing, financing and operating a gaming and entertainment facility to be located on Highway 99 north of the city of Madera, California. See Note 3 to the Condensed Consolidated Financial Statements for additional information. 33 Table of Contents Regulation and Taxes We are subject to extensive regulation by Nevada gaming authorities as well as the National Indian Gaming Commission and the California Gambling Control Commission. In addition, we will be subject to regulation, which may or may not be similar to that in Nevada, by any other jurisdiction in which we may conduct gaming activities in the future. 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 were no specific legislative proposals to increase taxes on gaming revenue in the most recent session, 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. Description of Certain Indebtedness 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 six months ended June 30, 2026. Critical Accounting Policies and Estimates 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 six months ended June 30, 2026. Forward-looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements. Such statements contain words such as "believe," "estimate," "expect," "intend," "plan," "project," "may," "will," "might," "should," "could," "would," "seek," "pursue," and "anticipate" or the negative or other variation of these or similar words, or may include discussions of strategy or risks and uncertainties. Forward-looking statements in this Quarterly Report on Form 10-Q include, among other things, statements concerning: •projections of future results of operations or financial condition; •expectations regarding our business and results of operations of our existing casino properties and prospects for future development; •expenses and our ability to operate efficiently; •expectations regarding trends that will affect our market and the gaming industry generally and the impact of those trends on our business and results of operations; •our ability to comply with the covenants in the agreements governing our outstanding indebtedness; •our ability to meet our projected debt service obligations, operating expenses, and maintenance capital expenditures; •expectations regarding the availability of capital resources, including our ability to refinance our outstanding indebtedness; •our intention to pursue development opportunities and acquisitions and obtain financing for such development and acquisitions; and •the impact of regulation on our business and our ability to receive and maintain necessary approvals for our existing properties and future projects. Any forward-looking statement is based upon a number of estimates and assumptions that, while considered reasonable by us, is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control, and are subject to change. Actual results of operations may vary materially from any forward-looking statement made herein. Forward-looking statements should not be regarded as a representation by us or any other person that the forward-looking statements will be achieved. Undue reliance should not be placed on any forward-looking statements. 34 Table of Contents Some of the contingencies and uncertainties to which any forward-looking statement contained herein is subject include, but are not limited to, the following: •our reliance on the Las Vegas regional market; •the impact of business conditions, including competitive practices, changes in customer demand and the cyclical nature of the gaming and hospitality business generally, on our business and results of operations; •the impact of general economic conditions outside our control, including changes in interest rates, consumer confidence and unemployment levels, on our business and results of operations; •the effects of intense competition that exists in the gaming industry; •additional competition arising as a result of new gaming licenses or gaming activities such as internet gaming, predictive markets, and the continued expansion of sports betting outside the state of Nevada; •our substantial outstanding indebtedness and the effect of our significant debt service requirements on our operations and ability to compete; •the risk that we will not be able to finance our development and investment projects or refinance our outstanding indebtedness; •the impact of extensive regulation from gaming and other government authorities on our ability to operate our business and the risk that regulatory authorities may revoke, suspend, condition or limit our gaming or other licenses, impose substantial fines or take other actions that adversely affect us; •risks associated with changes to applicable gaming and tax laws that could have a material adverse effect on our financial condition; •adverse outcomes of legal proceedings and the development of, and changes in, claims or litigation reserves; •risks associated with development, construction and management of new projects or the expansion of existing facilities, including cost overruns, construction delays, environmental risks and legal or political challenges; and •risks associated with integrating operations of any acquired companies and developed properties. For additional contingencies and uncertainties, see Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q, Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Annual Report") and other risks described in our filings with the Securities and Exchange Commission. Given these risks and uncertainties, we can give no assurances that results contemplated by any forward-looking statements will in fact occur and therefore caution investors not to place undue reliance on them. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Quarterly Report on Form 10-Q might not occur.