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.
