#1ORI INVESTOR PRESENTATION | NOVEMBER 2021 red rock resorts rod rock CASIRO#2| DISCLAIMER red rock resorts This presentation contains forward-looking statements, that reflect current views of Red Rock, Inc. (the "Company") with respect to, among other things, our operations and financial performance, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words "outlook," "believes," "expects," "potential,” “continues,” “may,” “will,” “should,” “seeks," "approximately," "predicts," "intends,” “plans,” “estimates," "anticipates" or the negative thereof and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in "Risk Factors" in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) filed with the Securities and Exchange Commission (the “SEC”). We assume no obligation to update or review any such forward-looking information, whether as a result of new information, future developments or otherwise. This presentation also contains estimates and information concerning our industry and peers that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to the information. We have not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin. Non-GAAP financial measures such as Adjusted EBITDA and Adjusted EBITDA Margin should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Annex A of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. INVESTOR PRESENTATION November 2021 2#3| KEY INVESTMENT HIGHLIGHTS PALACE STATION INVESTOR PRESENTATION November 2021 Attractive and Growing Las Vegas Locals Market Best-in-Class Assets in Best-in-Class Locations red rock resorts Durable Business Model Built to Drive Free Cash Flow High Return Durango Project is Next in Line Owned Pipeline of Additional Growth Opportunities Financial Performance - High Margins and Strong Balance Sheet 3#4ATTRACTIVE AND GROWING LAS VEGAS LOCALS MARKET red rock resorts LAS VEGAS BAE red rock tee rock -CASINO COX POWER LUN ALLEY LAS#5| ONE OF THE LARGEST GAMING MARKETS IN THE US Market Size ($ in millions) ($ in millions) 7,000 6,000 5,000 4,000 $5,998 red rock resorts Top 10 United States Commercial Gaming Markets by Gross Gaming Revenue (LTM September 2021)(1)(2) 3,000 $2,712 $2,379 2,000 1,000 $1,746 $1,531 $1,426 $1,104 $1,043 $1,019 $946 Las Vegas Strip Las Vegas Locals New Jersey Chicagoland Coastal- Mississippi Philadelphia Detroit Lake Charles Cincinnati- Northeast Lawrenceburg Pennsylvania (1) State Gaming Control Boards and Commissions. (2) Includes periods of time when casinos and resorts were either not open due to COVID-19 or operated with restrictions related to COVID-19. INVESTOR PRESENTATION November 2021 5#6| CONTINUED GROWING POPULATION AND DISCRETIONARY INCOME Las Vegas Population() $1,100 (in thousands) 2,600 Las Vegas is the 3rd fastest growing MSA in the United States Retirees, a key gaming demographic comprise nearly 20% of the total $1,050 population 2,400 2,200 2,000 1,800 1,600 1,400 2% CAGR $1,000 $950 $900 $850 $800 $750 1,200 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Population ex Retirees ■Retiree Population (1) United States Census Bureau. (2) Nevada Gaming Control Board. INVESTOR PRESENTATION November 2021 red rock resorts Average Weekly Earnings (1) Average Weekly Earnings growth driving increased discretionary income 6 5 9 9 9 9 8 9 9 9 9 8 8 8 8 9 9 ± 2 8 8 8 6#7| FAVORABLE COST OF LIVING AND LOW TAX RATES DRIVE POPULATION GROWTH Median Home Prices by County (1) Santa Clara County, CA San Mateo County, CA San Francisco County, CA King County, WA Los Angeles County, CA Wasatch County, UT San Bernardino County, CA Maricopa County, AZ Clark County, NV California Oregon Idaho Utah Arizona Nevada Marginal Income Tax Rates ( $1,187,214 12 $1,195,275 $1,179,676 10 $755,784 $729,120 $502,277 Thousands a 8 + $437,245 2 $365,197 о $358,832 State Tax 900 13.30% 9.90% 850 6.93% 4.95% 4.50% NO STATE TAX Thousands 800 750 700 650 red rock resorts Driver License Surrenders (2) Driver License Surrenders are leading indicator for population growth May-10- Jan-11 Sep-11 Jan-10 Jul-10 Jan-11 (1) National Association of Realtors and Tax Foundation. Reflects the highest tier tax rates for the respective state. (2) UNLV Center for Business and Economic Research. INVESTOR PRESENTATION November 2021 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Electric Meter Hookups (2) May-12 Jan-13 Sep-13 Jan-18 Jul-18 Jan-19 Jul-19 May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 Jan-19 Sep-19 Jan-20 Jul-20 May-20 Jan-21 Jan-21 Jul-21 Sep-21 7#8BEST IN CLASS ASSETS IN BEST IN CLASS LOCATIONS red rock resorts BOULDER STATION 1P Decidez#9| BEST-IN-CLASS ASSETS SERVING MULTIPLE DEMOGRAPHICS Luxury SUNSET STATION Classic Value Red Rock Resort Green Valley Ranch Durango (currently under development) Palace Station Boulder Station Sunset Station Santa Fe Station Texas Station (currently closed) INVESTOR PRESENTATION November 2021 FIESTA HOTEL CASINO CINEMAS BIGALD red rock resorts Neighborhood Development BARL SINO & BREW PUB Fiesta Rancho (currently closed) Fiesta Henderson (currently closed) Wildfire Rancho Wildfire Boulder Wildfire Sunset Wildfire Lake Mead Wildfire Anthem Wildfire Valley View Wild Wild West Barley's (50% Owned) Wildfire Lanes (50% Owned) The Greens (50% Owned) Skye Canyon Reno (Convention Center) Cactus Castaways Town Center Inspirada Viva 9#10| UNPARALLELED DISTRIBUTION AND SCALE ■ ■ 19 properties strategically distributed throughout the Las Vegas metropolitan area Properties are conveniently located on major highways, interstates and arterials Over 90% of Las Vegas population lives within 5 miles of a Red Rock property 69% of residential development is within 3-miles of an existing property or development site owned by the Company(1) 215 215 ▲ Under Construction Major Properties Smaller Properties Development Sites 1 Mile (1) Applied Analysis Residential Development Proximity Study 2020. INVESTOR PRESENTATION November 2021 95 95 ELM LAND 15 15 BILLING DOWNTOWN 515/ red rock resorts 15 BLDAN CANYON NATION HELLIS AIR FORCE EASE SENSE NOUNTAN CADENCE HENDERSON 95 NELLIS DUNES (1) Red Rock (4) Texas Station (7) Green Valley Ranch (2) Santa Fe Station (5) Palace Station (8) Sunset Station (3) Fiesta Rancho (6) Boulder Station (9) Fiesta Henderson 10#11| PALMS SALE: A CATALYST FOR GROWTH ■ ■ Allows for management to focus on and improve operations of our "best in class" assets within the Las Vegas Locals Market Accelerates development of high. return on capital Durango project Fortifies our balance sheet Reduces interest expense as well as closed property carry cost INVESTOR PRESENTATION November 2021 $650 million sale expected to close before year end red rock resorts PALMS PALMS CASINO/RESORTSPA 11#12DURABLE BUSINESS MODEL BUILT TO DRIVE FREE CASH FLOW red rock resorts PALACE STATION yster Ba sino New ats New un PALAC STATION EARN REWARDS BORTHOUSE BORTHOUSE F C PALACE STATION HOTEL-CASINO 5500 CONSOLATION PAYOUT WINNING HEARTS SINCE 1976 436 44#13| THE RED ROCK ADVANTAGE - BACK TO BASICS CHAIRMAN to Rewards red rock resorts QUALITY ASSETS Best in class assets with amenities for all ages and income levels No deferred capital maintenance ■ LOCAL VALUE UNMATCHED CONVENIENCE " LOYAL CUSTOMER ■ INVESTOR PRESENTATION November 2021 #1 Locals loyalty program Amenities priced for repeat customer visits Over 90% of population within 5-miles of one of our properties Expansive free parking providing immediate access to gaming floor Over 5.7 million members in the Boarding Pass program Approximately 50% of slot revenue driven by customers visiting our properties on average 4 or more times per month 13#14| GAMING CENTRIC BUSINESS MODEL DRIVES MARGIN PERFORMANCE Red Rock Q3-21(1) Wynn Las Vegas Strip(1) Non-Gaming 30% Gaming Non-Gaming Gaming 70% Non- Gaming 76% Gaming 24% Non- Gaming 78% red rock resorts MGM Non- Gaming 76% Gaming 22% Red Rock generates more than 2/3rds of its revenue from high margin gaming (1) RRR Q3-21 Company filings and annual 2019 10K filings for respective Las Vegas Strip operators. INVESTOR PRESENTATION November 2021 LVS Gaming 24% 14#15| LOYAL SLOT CUSTOMER OFFERS RECURRING REVENUE STREAM red rock resorts Uncarded 38% Local Rated Guests, 62% 8+ Visits per month $294 million 34% 4-7 Visits per month $136 million 15% 1-3 Visits per month $111 million 13% Over 50% of slot revenue(2) generated by high frequency local guests (1) Company data for Phase I properties only. (2) Slot revenue excludes Rated Out-of-Town guests. INVESTOR PRESENTATION November 2021 15#16DURANGO DURANGO DEVELOPMENT red rock resorts#17red rock resorts | PROJECT OVERVIEW ■ Ideally located off the 215 Expressway and Durango Fastest growing population of any area in the Las Vegas Valley Offers some of the most favorable demographics in our portfolio No non-restricted gaming competitors within a 5 mile radius Expected to generate an investment return consistent with past greenfield projects in the Company portfolio Construction to begin in Q1-22 with buildout expected to take 18-24 months INVESTOR PRESENTATION November 2021 DURANGO 17#18| PROPERTY PROGRAM OVERVIEW ■ 533k square foot property with over 73k square feet of casino floor ◉ More than 2,000 slot machines with 46 table games Over 200 luxury rooms and suite product 4 full-service restaurants Over 20k square feet of meeting & banquet space ■ Resort-style pool red rock resorts Experiential Race & Sports Book Luxury-style property with amenities that will appeal to the Las Vegas local customer INVESTOR PRESENTATION November 2021 18#19| LOCATION OVERVIEW Red Rock Ses 215 Nonrestricted Property (1) Red circle represents a 5 mile radius around the Durango property 215 red rock resorts 15 15 Convenient access off the 215 Expressway and Durango Approximately 260,000 people above age 21 within a 5 mile radius Within a 5 mile radius, 21+ population per gaming position of 51 is 2x that of Red Rock and GVR 71 acres directly adjacent to the 215 Expressway, which handles over 166,000 vehicles per day ■ No non-restricted gaming competitors within a 5 mile radius Durango's superior location provides for a sustainable competitive advantage INVESTOR PRESENTATION November 2021 19#20| NEIGHBORHOOD DEMOGRAPHICS OVERVIEW Within 5 mile radius of property: red rock resorts Durango Red Rock Green Valley Ranch Population 21+ Population ('26 Estimate) 260,215 221,060 262,890 growth from '21-'26 31,539 20,420 25,058 Total Rooftops ('26) 133,159 115,637 135,363 Average Daily Traffic Counts 166,000 155,000 209,000 Wealth Median Household Income ('26) $70,960 $74,839 Median Home Value ('21) $389,097 $410,530 $75,170 $388,803 Gaming Supply Number of Casino-Resorts (incl. Durango) 1 3 3 Number of Taverns / Convenience Gaming 177 138 103 Total Gaming Positions 5,107 9,284 10,414 21+ Population ('26) per Gaming Position 51 24 25 Durango has compelling demographics when compared to Red Rock and Green Valley Ranch INVESTOR PRESENTATION November 2021 20#21OWNED PIPELINE OF ADDITIONAL GROWTH OPPORTUNITIES Inspirada 5-mile Demographic Highlights(1) 156,583 2026 Projected Population 1.88% 2021-2026 Projected Population CAGR $86,442 Median Household Income Median Home Value $445,667 No Unrestricted Gaming supply (1) source: ArcGIS. red rock resorts#22| WE ARE SUCCESSFUL GREENFIELD DEVELOPERS We Own Future Development Sites Near Fastest Growing Populations (1) 95 FIESTA 15 95 red rock PALACE STATION 215, 515 215 SUNSET STATION N red rock resorts 30%+ projected population growth 20-29% projected population growth 10-19% projected population growth Development Site Red Rock Resorts has generated an IRR(2) of 20.0% on its Greenfield developed properties since 1993 GVR GREEN VALLEY RANCH 95 15 Our designed and built resorts generated outsized returns for our investors (1) Source: Demographics Now projected population growth from 2020 to 2025. (2) IRR calculated using historical property EBIT plus terminal value calculated using Gordon Growth Model. (3) Palace based on available operating data from 1993. (4) Does not include Santa Fe, Texas Station, Fiesta Rancho and Fiesta Henderson, which Red Rock Resorts acquired. INVESTOR PRESENTATION November 2021 22#23| HIGH BARRIERS TO ENTRY AND STABLE REGULATORY ENVIRONMENT CHARACTERIZE LAS VEGAS LOCAL MARKET red rock resorts ☐ High Barriers to Entry Las Vegas Regional Market Other Regional Markets Nevada law (SB 208) significantly limits the development of casinos outside of the Strip Red Rock controls most major gaming development sites in Las Vegas Valley Issuance of additional licenses within existing markets Competition from adjacent states with existing or future gaming Competition from state lotteries, VLT parlors, mini-casinos and other forms of gaming Regulatory Stability Stable regulatory environment and experienced regulators Have overseen gaming for over 80 years Newer markets remain subject to ongoing regulatory changes (e.g., gaming expansion, aggressive interpretation of existing gaming laws, smoking bans, etc.) INVESTOR PRESENTATION November 2021 23#24| NORTH FORK OPPORTUNITY Turlock Most convenient and accessible location in Central California 305 acres directly adjacent to Highway 99 which handles over 81,000 vehicles per day Over 5.8 million people located within 2 hours of development site. Project expected to include approximately 2,000 slot machines, 40 table games and several food options Modesto Land in trust Project currently in design. Merced Chowchilla Yosemite Valley Mariposa Fish Camp Los Banos North Fork Madera Mendota ing City Coalinga 75 miles Avenal red rock resorts Mammoth Lakes Toms Place 2 Oakhurst Sierra National Forest Mono Hot Springs Chuckchansi - Clovis Fresno Shaver Lake Table Mountain 395 B Bishop Three Rivers Sequoia National Park Hanford Visalia moore Tulare Tachi Palace Delan We have been successfully developing and managing Native American casino developments for over 17 years INVESTOR PRESENTATION November 2021 Porterville iny 24#25| MONETIZE UNDEVELOPED REAL ESTATE TO UNLOCK HIDDEN EQUITY VALUE AND ACCELERATE DELEVERAGING red rock resorts Las Vegas, NV Land Parcel Acreage Land Parcel Durango(1) 71.0 Convention Center Skye Canyon 47.1 Mt. Rose Reno, NV Acreage 7.8 88.7 Cactus 56.6 Town Center 58.2 Inspirada 45.0 Viva 96.0 Las Vegas Total 373.9 Reno Total 96.5 We own over 460 acres of strategically located real estate in Las Vegas and Reno (1) Currently under development. INVESTOR PRESENTATION November 2021 25#26STRONG FINANCIAL PERFORMANCE AND STABLE BALANCE SHEET red rock resorts#27| Q3 2021 OPERATING RESULTS (1) ($ in thousands) Net revenues Las Vegas operations Native American management Reportable segment net revenues Corporate and other Net revenues Adjusted EBITDA Las Vegas operations Native American management Reportable segment Adjusted EBITDA Corporate and other Adjusted EBITDA Adjusted EBITDA Margin Las Vegas operations Consolidated red rock resorts Three Months Ended September 30, (1) Twelve Months Ended September 30, (1) 2021 2020 2021 2020 412,694 320,765 $ 205 30,718 412,899 351,483 1,498,113 33,860 1,531,973 $ 1,216,192 77,045 1,293,237 1,870 1,695 6,981 6,585 $ 414,769 $ 353,178 $ 1,538,954 1,299,822 197,905 141,670 718,248 328,006 205 29,826 32,615 72,497 198,110 171,496 750,863 400,503 (13,587) (10,599) (48,995) (44,925) $ 184,523 $ 160,897 $ 701,868 355,578 48% 44% 48% 27% 45% 46% 46% 27% Streamlined cost structure and increased operational leverage drives sustainable margin expansion (1) Represents consolidated results for RRR as of September 30, 2021 INVESTOR PRESENTATION November 2021 27#28| OPERATIONAL DISCIPLINE HAS LED TO HISTORICALLY HIGH MARGINS red rock resorts +900 bps 75% 66% Q3 2019 +700 bps 20% 13% Q3 2021 Q3 2019 Casino Margin 56% +600 bps Q3 2021 24% Food and Beverage Margin -100 bps 23% 62% Q3 2019 Q3 2021 Hotel Margin 22% Q3 2019 +2,100 bps 45% Q3 2021 Total EBITDA Margin Q3 2019 Q3 2021 SG&A Expense as % of Net Revenue(2) Company achieved target of over $200 million in annual cost savings (1) SG&A Includes corporate expense INVESTOR PRESENTATION November 2021 28#29| LOW MAINTENANCE CAPITAL PROFILE ($ in millions) 700 600 500 400 300 200 100 2018 Capital Expenditures(1) red rock resorts 2019 2020 2021 Guidance Maintenance Capital (2) Investment Capital Assets well maintained with no deferred maintenance capital (1) Represents consolidated results for Red Rock Resorts as of September 30, 2021. (2) Maintenance capital net of related Payables. INVESTOR PRESENTATION November 2021 29#30| FREE CASH FLOW GENERATION DRIVES RAPID DELEVERAGING (1) red rock resorts EBITDA Q4-20 150,506 Q1-21 Q2-21 156,649 208,617 Q3-21 181,328 Post-Open 901,891 less: Cash Interest (25,065) (32,138) (24,189) (28,330) (144,325) Plus: Change in Working Capital 723 (22,490) 1,602 5,482 (14,315) less: Capital Expenditures (4,159) (5,631) (12,139) (14,732) (54,068) less: Other Expenditures (7,324) (16,050) less: Distributions less: Cash Taxes (7,561) (23,833) (17,660) (49,054) Operating Free Cash Flow 114,682 88,829 150,058 126,088 624,080 Shares Outstanding 117,303 117,054 116,359 114,682 114,682 Operating Free Cash Flow per Share Operating Free Cash Flow Yield $0.98 $0.76 $1.29 $1.10 $5.44 76% 57% 72% 70% 69% Beginning Principal Balance of Debt 3,047,989 2,945,623 2,867,624 2,717,181 3,986,061 less: Cash from Balance Sheet less: FCF used to pay down debt (793,649) (102,366) Ending Principal Balance of Debt less: ending Cash on Balance Sheet Net Debt 2,945,623 (77,999) 2,867,624 (150,444) (37,464) (512,695) 2,717,181 2,679,716 2,679,716 121,176 2,824,448 117,937 90,988 89,925 89,925 2,749,687 2,626,192 2,589,791 2,589,791 We have converted 69% of EBITDA to Free Cash Flow since reopening(2) (1) Consolidated results for RRR as of September 30, 2021. (2) Red Rock Resort's casinos reopened on June 4, 2020. INVESTOR PRESENTATION November 2021 30#31| LOW COST CAPITAL STRUCTURE Spread Rate(1) Maturity red rock resorts Amount as of 9/30/2021 Palms Sale Proforma 9/30/2021 739,925 Cash 89,925 Revolver Term Loan A L+1.50% 1.600% February 2025 L+1.50% 1.600% February 2025 174,774 174,774 Term Loan B(2) L+2.25% 2.500% February 2027 1,492,452 1,492,452 Senior Secured Debt 1,667,226 1,667,226 Senior Notes (2025) Senior Notes (2028) 5.00% October 2025 280,333 280,333 Other Total Debt(3) Net Debt 4.50% 3.83% 3.24% February 2028 690,796 690,796 41,361 41,361 2,679,716 2,589,791 2,679,716 1,939,791 September 2021 TTM EBITDA Gross Leverage Net Leverage 701,868 701,868 3.8x 3.8x 3.7x 2.8x Stable and low cost capital structure with nearest maturity not until 2025 ensures maximum flexibility (1) Total Rate includes LIBOR of 10 bps (2) Term Loan B includes LIBOR floor of 25 bps INVESTOR PRESENTATION November 2021 31#32WHY INVEST IN RRR ■ Best in class irreplaceable assets strategically located to serve the entire Las Vegas valley Resilient recurring stream of revenue generated by a loyal customer base 100% ownership of ALL operating assets and real estate Sustainably high operating margin and strong free cash flow conversion. High legal and regulatory barriers to entry within highly desirable Las Vegas locals market Proven track record of greenfield development expected to yield superior return to our investors INVESTOR PRESENTATION November 2021 STATION ASINOS 1976 red rock resorts 45 2021 YEARS WEST CORS 32#33SEPPING APPENDIX Fred rock resorts#34| NET INCOME TO ADJUSTED EBITDA RECONCILIATION (1) ($ in thousands) red rock resorts Three Months Ended September 30, (1) 2021 Twelve Months Ended September 30, (1) 2020 2021 2020 Net income (loss) Adjustments Depreciation and amortization Share-based compensation 118,290 $ 72,044 $ 204,707 $ (217,329) 34,025 57,297 182,076 231,353 3,325 633 12,050 12,274 Write-downs and other charges, net 463 1,400 13,007 41,128 Asset impairment 167,777 Losses from assets held for sale 2,990 4,431 Interest expense, net 25,311 29,798 106,821 137,579 (Gain) loss on extinguishment/modification of debt, net (482) 8,135 19,402 Change in fair value of derivative instruments 1 108 437 19,500 Provision (benefit) for income tax 1,694 111,327 Other Adjusted EBITDA 118 99 733 344 $ 184,523 $ 160,897 $ 701,868 $ 355,578 Adjusted EBITDA Las Vegas operations $ 197,905 $ 141,670 $ 718,248 $ 328,006 Native American management 205 29,826 32,615 72,497 Reportable segment Adjusted EBITDA 198,110 171,496 750,863 400,503 Corporate and other (13,587) (10,599) (48,995) (44,925) Adjusted EBITDA 184,523 $ 160,897 $ 701,868 $ 355,578 (1) Represents consolidated results for RRR as of September 30, 2021. INVESTOR PRESENTATION November 2021 34