Resorts World Las Vegas revenue slips 1% to $175 million in Q3

Resorts World Las Vegas (RWLV) reported another soft quarter in 3Q25 as revenue dipped slightly and the property swung to an operating loss, according to analyst estimates based on Genting Berhad’s latest financial disclosures.

Revenue at the North Strip resort fell about 1% year-on-year to $175 million in the third quarter and 3% from the previous quarter. RWLV posted an estimated EBITDA loss of around $12 million, compared with a $16 million profit a year earlier. Genting does not break out property-level results for its U.S. casino segment, so the figures are derived from management commentary and segment-level data.

Genting attributed the weaker performance to “lower visitation” to Las Vegas and “macroeconomic uncertainty.” Nomura analysts said results were also affected by “ongoing business recalibration and management/policy changes.” The company noted that the quarter included a weaker hold percentage, which it said “has since normalized.”

Hotel metrics eased during the period, with occupancy slipping to 83.8% from 85.1% a year earlier and ADR edging down to $242 from $244. Year-to-date occupancy fell to 82.1% from 87.9% in 2024, while ADR declined to $260 from $267.

Despite the slowdown, Genting said it remains positive about RWLV’s performance heading into 2026. The property has seen “improvements in high-end play with increased table volumes,” and is working to rebuild its VIP program following regulatory setbacks. RWLV “remains focused on re-establishing VIP play and building a consistent casino loyalty base,” the company said.

RWLV is also deploying a new hotel system that gives the resort full ownership of its customer database and enables real-time offers. The system will “provide real time hotel offers and enhanced customer experience to guests,” Genting said. Combined with an upgraded casino offer management platform, the changes are expected to “yield a stronger customer mix via casino, convention and direct bookings.”

To improve margins, the resort is pursuing “strategic growth and operational efficiencies,” expanding high-end hosted play, tailoring casino offers and adding new dining, entertainment and retail concepts. Genting is also strengthening RWLV’s convention business, citing established and new customer groups.

A stronger convention cycle is expected to support results next year as the Las Vegas Convention Center completes the final phase of its $600 million expansion, increasing capacity to 2.5 million square feet from 1.9 million. “The newly completed LVCC will attract a number of large conventions in 2026 and RWLV is expected to benefit due to its close proximity,” Genting said.

Parent company Genting Berhad reported a 14% rise in group revenue to MYR7.48 billion ($1.81 billion) in the quarter, with adjusted EBITDA of MYR2.16 billion ($523 million).