Resorts World reports worst financial quarter in two years
Resorts World Las Vegas reported its worst financial quarter in two years, citing an unusually hot summer and election anxiety.
Figures released by Genting Berhad, Resorts World’s Malaysian-based parent company, show that the Strip hotel-casino reported nearly $177 million in revenue for the third quarter of 2024, which ended Sept. 30. That was a decrease of more than 23 percent from the same period last year, according to the company’s financial documents.
“An abnormally hot summer in Las Vegas and economic uncertainty in an election year impacted this quarter’s results,” the company said in a news release accompanying the financial data.
Hotel occupancy (85.1 percent) and the average daily room rate ($244) also fell in the summer months.
Through the first nine months of this year, hotel occupancy at Resorts World Las Vegas was just under 88 percent, compared with 90.4 percent a year earlier. The average daily rate for a hotel room, however, was $267, up from $256 in the first three quarters of 2023.
“Future projects such as additional dining, entertainment, retail offerings and new performances at the Resorts World Theatre are expected to drive significant foot traffic in the remainder of 2024 and beyond,” Genting said in the release.
The company said it “remains focused on growth opportunities” for the Las Vegas Strip resort, including the expansion of the operation’s database for “casino and resort marketing to yield high net worth customers and drive repeat visitation, grow with established and new convention groups to deliver high margin group business and invest in new dining concepts, entertainment and retail offerings to drive operating leverage.”
David Danzis can be contacted at ddanzis@reviewjournal.com or 702-383-0378. Follow AC2Vegas_Danzis on X.