Genting Berhad’s flagship US casino, Resorts World Las Vegas, reported a 5.5% quarter-on-quarter decline in revenue to $206 million and a 32% decline in EBITDA to $34 million in 2Q23, impacted by seasonally lower convention business, according to management.
In a Thursday note following the company’s Q2 earnings call overnight, Nomura analysts Tushar Mohata and Alpa Aggarwal said the convention business was down due to the hot summer weather, although this was already picking up through July and into August.
Hotel occupancy had also shown some sequential improvement to 90.2%, up from 89.9% in 2Q22 and 90.0% in 1Q23, while the average room rate was slightly higher at $243.
