• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 6 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Genting’s Resorts World Las Vegas reports worst quarter in two years on “abnormally hot summer”, election year uncertainty

Ben Blaschke by Ben Blaschke
Fri 29 Nov 2024 at 05:18
Genting’s Resorts World Las Vegas set for launch

RWLV casino

250
SHARES
6.2k
VIEWS
Print Friendly, PDF & Email

Resorts World Las Vegas, the US flagship of Malaysian gaming giant Genting Berhad, reported its worst quarterly results in the past two years in 3Q24, with revenue falling to US$177 million from US$218 million in Q2, and EBITDA to US$16 million from US$50 million.

In a filing, Genting said the property had been impacted by “an abnormally hot summer in Las Vegas and economic uncertainty in an election year,” with hotel occupancy down from 91.1% a year earlier to 85.1%. Average room rates also fell from US$246 in 3Q23 to US$244.

It did, however, note that average room rates year-to-date of US$267 are higher than FY23 rates of US$256. Genting also expressed confidence in RWLV’s prospects, stating, “Future projects such as additional dining, entertainment, retail offerings and new performances at the Resorts World Theatre are expected to drive significant foot traffic in the remainder of 2024 and beyond.

“RWLV remains focused on growth opportunities, including ongoing efforts to expand RWLV’s database for casino and resort marketing to yield high net worth customers and drive repeat visitation, grow with established and new convention groups to deliver high margin group business and invest in new dining concepts, entertainment and retail offerings to drive operating leverage.”

In a research note, Nomura analysts Tushar Mohata and Alpa Aggarwal said a recent complaint by the Nevada regulator against RWLV for allowing individuals with suspected or proven ties to illegal activities to gamble on property will likely remain an overhang until a regulatory action is decided.

Genting revealed in its 3Q24 earnings call that the due date to reply to the complaint has been extended until 9 December 2024, with discussions ongoing.

Group-wide, Genting Bhd reported Thursday a 5% sequential decline in revenue to MYR6.5 billion (US$1.46 billion) and a 15% decline in Adjusted EBITDA to MYR1.86 billion (US$418 million) on declines in Malaysia, Singapore and the US, partially offset by growth in its UK and Egypt resort segment.

RelatedPosts

IGT, Scientific Games help boost AGEM Index in December

AGEM Index holds steady in May despite mixed results from gaming suppliers

Thu 5 Jun 2025 at 20:35
Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Genting Malaysia completes full acquisition of troubled US entity Empire Resorts

Wed 4 Jun 2025 at 04:53
Resorts World Las Vegas – Lighting up the north

Genting’s RWLV to “re-establish VIP play” after settling regulatory complaint as analysts warn of need to recalibrate “risk appetite”

Sun 1 Jun 2025 at 09:56
RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to US$3.2 million

Sat 31 May 2025 at 05:53
Load More
Tags: adjusted ebitdaGenting BerhadNorth AmericaResorts World Las Vegasrevenue
Share100Share18
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

IGT, Scientific Games help boost AGEM Index in December

AGEM Index holds steady in May despite mixed results from gaming suppliers

by Newsdesk
Thu 5 Jun 2025 at 20:35

The AGEM Index – a monthly stock performance guide comprising 12 global gaming suppliers – fell by 0.1% month-on-month or 1.11 points to 1,741.18 points in May, with Aristocrat and Konami seeing the largest negative contributions. The index was however...

Crown down but Star not ruling out junkets

Star calls for leniency as court hearing to determine size of AUSTRAC fine gets underway

by Newsdesk
Thu 5 Jun 2025 at 20:14

Just weeks after securing an AU$300 million bailout package, Australia’s Star Entertainment Group is fighting to stave off a multi-million fine from AML watchdog AUSTRAC that it says would again bring into question its financial viability. AUSTRAC’s case against Star...

Concerns over Thailand’s US$1.5 million bank deposit requirement raised by casino supporters and critics alike at TECR roundtable event

Concerns over Thailand’s US$1.5 million bank deposit requirement raised by casino supporters and critics alike at TECR roundtable event

by Ben Blaschke
Thu 5 Jun 2025 at 20:06

One of Thailand’s most vocal parliamentary members to speak out against the Entertainment Complex Bill has questioned the government’s honesty in proceeding with a controversial THB50 million (US$1.5 million) bank deposit requirement for locals gambling after operators reiterated their stance...

Former MBS head Tanasijevich: ECs would represent one of Thailand’s largest ever FDI opportunities but regulations must consider mutual benefits

Former MBS head Tanasijevich: ECs would represent one of Thailand’s largest ever FDI opportunities but regulations must consider mutual benefits

by Ben Blaschke
Thu 5 Jun 2025 at 19:57

The legalization of casinos within large-scale entertainment complexes “could be one of the biggest sources of foreign direct investment in history”, but realizing the opportunity will require a fact-driven approach and genuine alignment between the government and operators, according to...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English