Coming on the heels of its worst financial quarter in nearly two years, Resorts World hotel-casino improved its performance to close out 2024 but still fell short of the previous year’s returns.
Resorts World Las Vegas generated roughly $190 million in revenue during the fourth quarter of last year, according to financial filings by the casino’s parent company, Genting Berhad. Revenue from the final three months of 2024 was down 21.2 percent from the same period in 2023 but up slightly from the $170 million in reported earnings generated during the third quarter of 2024.
The property’s quarterly earnings before interest, taxes, depreciation, and amortization, or EBITDA, was only slightly more than a $1 million. That figure is down significantly from the $58 million in EBITDA reported in the fourth quarter of 2023, and a noticeable decline from the nearly $16 million posted in the third quarter of 2024.
In a statement accompanying the financial disclosures, Genting said “RWLV’s revenue and EBITDA reflected shifts in business volume, hold percentage and macro-economic factors.”
“RWLV remains focused on improving margins through strategic growth and operational efficiencies,” Genting said in the disclosure statement. “In 2025, the property will leverage enhanced hotel system to extend its reach to customers and implement tailored casino offerings to drive repeat visitation. Additionally, RWLV will continue its casino and resort marketing initiatives to attract high-value guests while strengthening its convention business with established and new groups. Investments in new dining concepts, entertainment and retail will further drive engagement and operating leverage.”
Hotel occupancy and average daily rate (ADR) in the fourth quarter were 83.6 percent and $286, respectively, compared with 87.7 percent and $319 in the final three months of 2023. For the year, Resorts World’s hotel occupancy was 86.8 percent with an ADR of $271, compared with 89.7 percent and $272 in 2023.
The company said the “results reflected variations in market dynamics, including VIP visitation and hold percentage.”
The $4.3 billion megaresort at the North end of the Las Vegas Strip, which opened in 2021, is in the midst of an executive and corporate leadership shakeup. A board of directors formed at the end of 2024 appointed a new chief executive officer of the property in January, while a new chief operating officer and chief financial officer was named last month.
The moves are an apparent response to a disciplinary complaint filed in August by the Nevada Gaming Control Board alleging a series of anti-money laundering compliance failures. The board’s recommendations include severe financial penalties against the Las Vegas casino and the possibility of license revocation.
The 12-count complaint against Resorts World and Genting has yet to be adjudicated by the Nevada Gaming Commission.
Genting said “RWLV continues to communicate with the NGCB to reach a resolution on this matter.”
On the same day Genting filed its 2024 financial reports, the Malaysia-based conglomerate announced that its CEO and chairman KT Lim was resigning after more than two decades at the helm of his family’s company.
Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @ac2vegas-danzis.bsky.social or @AC2Vegas_Danzis on X.
