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Investor Presentaiton

| 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
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