Resorts World Las Vegas reports weak Q4 2024 earnings, falling 21.2% to $190 million

Resorts World Las Vegas (RWLV) reported a significant decline in fourth-quarter earnings, with revenue falling 21.2% year-on-year to $190 million, according to financial disclosures from parent company Genting Berhad. While the figure marked an improvement from the $170 million generated in Q3 2024, EBITDA plummeted to just $1 million, down from $58 million a year earlier and $16 million in the previous quarter.

Genting attributed the downturn to "shifts in business volume, hold percentage, and macro-economic factors." Despite the challenges, the company emphasized efforts to improve margins through "strategic growth and operational efficiencies."

The Las Vegas Strip resort, which opened in 2021, is implementing new strategies to drive business in 2025. Genting plans to enhance RWLV’s hotel system, introduce tailored casino offerings, and strengthen its convention business. Investments in dining, entertainment, and retail are also expected to boost visitor engagement and revenue.

RWLV's hotel occupancy rate in Q4 2024 declined to 83.6%, down from 87.7% in the same period of 2023, while the average daily rate (ADR) dropped to $286 from $319. Full-year occupancy also fell to 86.8%, compared to 89.7% in 2023. Genting cited "variations in market dynamics, including VIP visitation and hold percentage," as key factors behind the drop.

The financial challenges come amid increased regulatory scrutiny. The Nevada Gaming Control Board (NGCB) filed a disciplinary complaint against RWLV in August 2024, alleging failures in anti-money laundering compliance. The Nevada Gaming Commission has yet to rule on potential financial penalties or license revocation. Genting noted it remains in discussions with regulators "to reach a resolution on this matter."

In addition to the regulatory pressures, RWLV is undergoing significant leadership changes. The resort appointed a new chief executive officer in January 2025, followed by the naming of a new chief operating officer and chief financial officer last month.

These moves coincide with broader leadership shifts at Genting Berhad, where longtime CEO and Chairman KT Lim announced his resignation on the same day the company filed its 2024 financial results.