Challenging first quarter sees Resorts World Las Vegas earnings fall

Challenging first quarter sees Resorts World Las Vegas earnings fall

Article brief provided by Inside Asian Gaming
  • Ben Blaschke, Inside Asian Gaming
May 30, 2024 8:44 PM
  • Ben Blaschke, Inside Asian Gaming

Genting Berhad’s US flagship, Resorts World Las Vegas (RWLV), generated revenue of US$214 million in the three months to 31 March 2024, down 1.8% year-on-year and down 11.2% quarter-on-quarter. It also reported a 23.0% year-on-year and 31.9% sequential decline in EBITDA to US$39.5 million, with the company citing event cancellations and lower win percentage according to analysts from Nomura.

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While hotel occupancy was slightly improved quarter-on-quarter at 89%, average daily room (ADR) rate fell from US$319 million in 4Q23 to US$298.

“We think there is some impact on ADR after the December opening of the Fontainebleau near RWLV,” the analysts wrote in a note.

Nevertheless, Genting Berhad said the result showed “positive movement towards future targeted projections.