• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 27 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
6.3k
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

Far East given green light to spin-off and list Czech casino business on Hong Kong Stock Exchange

Hong Kong listed Palasino reports slight increase in revenue, profit in FY25 thanks to growing slot machine count

Fri 27 Jun 2025 at 06:13
FBM launches slot title “Croc’s Lock” into Mexico

FBM launches slot title “Croc’s Lock” into Mexico

Fri 27 Jun 2025 at 06:00
Light & Wonder sets new US$2 billion Adjusted EBITDA target for 2028

Light & Wonder earns small US courtroom victory in ongoing Aristocrat trade secrets battle

Thu 26 Jun 2025 at 06:00
Guiding light

Light & Wonder’s Chief Legal Officer James Sottile to retire at year’s end, Susan Dawson named as replacement

Sun 22 Jun 2025 at 17:54
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

More fun in the Philippines

IAG EXPO – Exhibitor registration closing soon!

by Ben Blaschke
Fri 27 Jun 2025 at 06:31

The cut-off for exhibitors to confirm their participation at the inaugural IAG Exhibition, part of IAG EXPO, closes next Monday 30 June 2025. Don’t miss out on this important event for the Asian gaming industry. All companies who exhibit at IAG Exhibition in...

Inside Thai IRs

Thailand’s Entertainment Complex Bill now at bottom of parliamentary agenda

by Newsdesk
Fri 27 Jun 2025 at 06:26

Thailand’s Entertainment Complex Bill will now sit at the bottom of the list of agenda items to be discussed by the House when it convenes after being deprioritized. It will not fall off the agenda completely, however, because this can...

Far East given green light to spin-off and list Czech casino business on Hong Kong Stock Exchange

Hong Kong listed Palasino reports slight increase in revenue, profit in FY25 thanks to growing slot machine count

by Newsdesk
Fri 27 Jun 2025 at 06:13

Palasino Holdings Limited, the Hong Kong-listed gaming firm spun off from Hong Kong real estate giant Far East Consortium, has reported a profit of HK$15 million for the year ended 31 March 2025, slightly more than the HK$9 million reported...

FBM launches slot title “Croc’s Lock” into Mexico

FBM launches slot title “Croc’s Lock” into Mexico

by Newsdesk
Fri 27 Jun 2025 at 06:00

Gaming supplier FBM has announced the launch of its latest slot machine title, “Croc’s Lock”, into Mexico. Croc’s Lock is a 30-line slot based around the character Super Croc. Working with 15 independent reels, it offers gaming sessions where Super...



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