Resorts World Las Vegas (RWLV), the US flagship of Malaysian gaming giant Genting Berhad, saw revenues grow by 8% quarter-on-quarter to US$180 million and EBITDA by 80% to US$18 million in 2Q25, with the company pointing to improved hold and reestablishment of its VIP gaming segment.
While revenue was down 18% and EBITDA by 64% compared with the second quarter of 2024, Genting noted that it has been impacted by lower visitation and macroeconomic uncertainty which has affected overall visitation volume across Las Vegas. As a result, hotel occupancy in 2Q25 fell from 89.4% a year earlier to 80.2%. Average Daily Rate (ADR) was slightly improved, however, at US$265 compared with US$257 in 2Q24.
In comments accompanying its results release, Genting said the first six months of 2025 had been challenging – particularly when compared with early 2024 which benefited from the NFL’s Super Bowl in Las Vegas and the record visitation that ensued.
“In addition, results were affected by a weaker hold percentage in the first quarter and have since normalised in 2Q25,” Genting explained.
Visitor volume is also expected to recover after the summer months of 2025, it added, with a robust calendar of city-wide events and conventions.
“With the finalization of the complaint filed by the Nevada Gaming Control Board in March 2025, RWLV has progressed well in recovering and re-establishing its VIP play,” the company stated.
“RWLV continues to see improvements in high-end play with increased table volumes. In addition, RWLV expects to see improvements in ADR and hotel occupancy in 2025 and beyond through an upgraded hotel management system, which now allows RWLV to own the hotel customer database, giving RWLV flexibility to provide real time hotel offers and enhanced customer experience to guests.
“Combined with investment in an upgraded casino offer management system, RWLV will yield a stronger customer mix via casino, convention and direct bookings.
“RWLV remains focused on improving margins through strategic growth and operational efficiencies. RWLV is actively growing high-end hosted casino play and 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.”
In a note, Nomura analysts Tushar Mohata and Alpa Aggarwal said they expected RWLV’s EBITDA will take time to recover to 2023 levels as new management recalibrates the risk appetite.
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