EX-12.1 3 d475870dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Red Rock Resorts, Inc.

Computation of Ratio of Earnings to Fixed Charges

 

     Year Ended December 31,  
     2017     2016     2015     2014     2013  
    

(in thousands)

 

Consolidated pretax income (loss) from continuing operations

    $ 197,794     $ 163,987     $ 143,418     $ 131,135     $ (79,089 ) 

Less: Earnings of equity investees

      (1,632 )      (1,913 )      (809 )      (924 )      (1,603 ) 

Fixed charges (see below)

      136,465       145,132       149,230       156,193       169,710  

Distributed income from equity investees

      961       1,334       1,686       1,877       1,623  

Less: Capitalized interest

      (1,110 )      —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

    $ 332,478     $ 308,540     $ 293,525     $ 288,281     $ 90,641  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest expense (a)

    $ 131,442     $ 140,189     $ 144,489     $ 151,702     $ 165,220  

Capitalized interest

      1,110       —         —         —         —    

Estimated interest component of rental expense

      3,913       4,943       4,741       4,491       4,490  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

    $ 136,465     $ 145,132     $ 149,230     $ 156,193     $ 169,710  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges (b)

      2.4       2.1       2.0       1.8    

Excess of fixed charges over earnings

      —         —         —         —       $ 79,069  

 

(a) Interest expense includes amortization of debt discount and debt issuance costs.
(b) No ratio is shown for periods where earnings were inadequate to cover fixed charges.

We had no preferred stock outstanding for any historical period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.