Resorts World Las Vegas Q3 Reports Revenues Down 23%

Troubled Las Vegas Strip casino resort Resorts World recently reported its Q3 2024 financial results, and the news was not good reading for investors. 

The resort’s Malaysian parent company, Genting Berhad, released its Q3 financials, and that included results for its flagship U.S. casino, Resorts World Las Vegas. 

The resort reported revenues of $177 million for Q3 2024, which is down 23% on the same period last year. Average room occupancy and room prices were also down slightly in the same period. 

“RWLV (Resorts World Las Vegas) remains focused on operations and profitability in 3Q24. Hotel occupancy and Average Daily Rate (“ADR”) in 3Q24 were 85.1% and USD244, respectively, compared with 91.1% and USD246 in 3Q23,” Genting Berhad’s financial report said. 

“An abnormally hot summer in Las Vegas and economic uncertainty in an election year impacted results in 3Q24.” 

In 2024, the Las Vegas Strip casino resort was hit with several scandals over money laundering connections. It was connected to large gambling deposits by various illegal California bookmakers, for which it has been officially charged with money laundering by the Nevada Gaming Control Board. 

The Financials 

The Q3 reports from Genting revealed Resorts World Las Vegas had its worst quarter in two years. Revenue fell to $177 million from $218 million in Q2 2024. It was also down 23% on Q3 2023. 

Hotel occupancy and room rates were down in Q2 this year and Q3 last year. The operator did note that yearly average room rates remained higher than in 2023. 

An average room at Resorts World Las Vegas in 2023 was $256, with 90.1% of rooms occupied on any given day. In the nine months of 2024 covered by the report, an average room cost $267 to book, and they were 87.9% occupied. 

Overall, owner Genting Group’s revenue fell by 11% from RM7.369 billion ($1.648 billion) to RM6.54 billion ($1.46 billion). It blamed its hospitality and leisure division, including its U.S. casinos, for the fall in revenues. Genting also operates in the agricultural, energy, and e-commerce sectors. 

Troubled Resort 

Genting did not mention any of Resorts World Las Vegas’ scandalous events in 2024 in the report, blaming instead the record-breaking hot weather in Las Vegas and economic uncertainty around the presidential election for its shortfall in revenue. 

However, the bad rep and negative stories around the resort in the past year cannot have helped revenues. 

First, Resorts World fired President Scott Sibella. That came shortly before he was convicted for failing to report suspicious transactions by illegal California-based bookmaker Wayne Nix while previously in charge of the MGM Grand. 

Then, the resort was named in several damning indictments against several other illegal Californian bookmakers, alleging they gambled millions of illicitly gained proceeds at Resorts World. 

That included the now-convicted bookmaker Matt Bowyer, who took millions in bets from money stolen by MLB interpreter Ippie Mizuhara. The brazen theft of $16 million from Los Angeles Dodger’s Japanese star Shohei Ohtani saw Bowyer and Resorts World Las Vegas embroiled in an investigation that gained international attention. 

Several people have been convicted in the past year as part of the wide ranging investigation. The Nevada Gaming Control Board is currently proceeding in a legal case against Resorts World Las Vegas, officially alleging money laundering at the casino.

That could result in Resorts World losing its Nevada gambling license. Although, as in the recent case of Wynn Las Vegas, it may also end in a large settlement and/or fine for the casino resort.