Resorts World Las Vegas Up 26% in Revenue for Q1

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Resorts World Las Vegas is showing clearer signs of recovery after a difficult stretch, with Genting Berhad reporting a sharp improvement in first-quarter performance.

Key Takeaways:
  • Revenue climbs 26% year-over-year to $209 million as casino activity rebounds
  • Hotel occupancy and rates increase, with stronger convention traffic aiding recovery
  • Focus on rebuilding premium gaming and expanding marketing efforts to attract high-end clientele

Revenue rose 26% year over year to $209 million, while EBITDA climbed to $50 million from $10 million a year earlier, helped by stronger convention traffic, healthier hotel demand and firmer casino activity.

Hotel Demand and Casino Mix Improve

The property’s hotel metrics also moved higher. Occupancy increased to 91.5% from 82.3%, and average daily rate rose to $287 from $274. Genting said high-end gaming improved as well, with better table volumes and hold rates. The company is also leaning on upgraded hotel and casino management systems to better target guests and support direct bookings.

“RWLV will continue to leverage the new hotel system, which now allows RWLV to own the hotel customer database, giving RWLV flexibility to provide real time hotel offers and enhanced customer experience to guests”, says Genting per Inside Asian Gaming.

Tourist Numbers and Closures

Genting said Resorts World Las Vegas is still working to rebuild its premium customer base and expand hosted play. The company plans to keep investing in marketing, entertainment, dining and retail to widen its appeal. 

Resorts World Las Vegas announced the closing of their on-site poker room at the end of March after only five years in operation.

That push comes as Las Vegas convention attendance rose 12.3% in the quarter, according to the Las Vegas Convention and Visitors Authority.

The turnaround follows years of leadership changes and compliance scrutiny. Former Nevada Governor Brian Sandoval was named chairman in November, underscoring Genting’s effort to stabilize the business and reset its premium gaming strategy.Across the country, Resorts World NYC launched the first live table games in NYC.