Genting Berhad’s US flagship, Resorts World Las Vegas, suffered another depressed quarter in 3Q25, with revenue declining 1% year-on-year and 3% quarter-on-quarter to US$175 million, The property also fell to an EBITDA loss of US$12 million compared with a gain of US$16 million a year earlier.
In a note, Nomura analysts stated that the sub-par earnings were likely due to “ongoing business recalibration and management/policy changes”
Genting said that its 3Q25 results at RWLV were impacted by lower visitation and macroeconomic uncertainty which affected overall visitation volume across Las Vegas. As a result, hotel occupancy fell from 85.1% a year earlier to 83.8% and Average Daily Rate from US$244 to US$242.
It added that results were affected by a weaker hold percentage that has since normalized.
However, the company said it remains confident in an improved performance in 2026 as it continues to build out its VIP program following recent regulatory setbacks that impacted the high-end segment.
“RWLV continues to see improvements in high-end play with increased table volumes and hold percentage within range,” Genting said. “RWLV remains focused on re-establishing VIP play and building a consistent casino loyalty base.
“In addition, RWLV will continue to leverage a new hotel 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. The property will leverage its enhanced hotel system to extend its reach to customers and implement tailored casino offerings to drive repeat visitation. Additionally, 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 of customers. Investments in new dining concepts, entertainment and retail will further drive engagement and operating leverage.”
The company added that it should benefit from strong convention attendance to Las Vegas next year as the Las Vegas Convention Center (LVCC) complete the final phase of a US$600 million expansion – increasing its capacity from 1.9 million square feet to 2.5 million square feet.
“The newly completed LVCC will attract a number of large conventions in 2026 and RWLV is expected to benefit due to its close proximity to the LVCC,” it stated.
Genting Bhd, which owns controlling stakes in Genting Malaysia – operator of Malaysia’s Resorts World Genting plus Resorts World New York City – as well as Resorts World Sentosa parent Genting Singapore, reported a 14% year-on-year increase in group-wide revenue to MYR7.48 billion (US$1.81 billion) in 3Q25, with Adjusted EBITDA of MYR2.16 billion (US$523 million).
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