Resorts World Las Vegas reported its weakest quarterly performance in two years during Q3 2024, with revenue dropping to $177 million from $218 million in Q2. The property's EBITDA declined to $16 million from $50 million in the previous quarter.

The casino operator attributed the poor performance to Las Vegas's unusually hot summer and economic uncertainty during the election year. Room metrics also declined, with average rates falling to $244 from $246 year-over-year, while occupancy decreased to 85.1% from 91.1%.

To combat these challenges, Genting Bhd, the property's operator, plans to introduce:

• New dining options
• Additional entertainment venues
• Expanded retail offerings
• New performances at Resorts World Theatre

The $4.3 billion property, which opened in June 2021, has faced several obstacles, including:

• COVID-19 pandemic impacts
• High inflation
• Less favorable north Strip location
• Challenging market conditions

Despite current struggles, analysts expect improved earnings in 2025. S&P Global Ratings believes Genting will continue providing financial support to the Vegas property "under almost all foreseeable circumstances."

The resort is leveraging its partnership with Hilton, accessing over 203 million Hilton Honors members and capitalizing on its proximity to the expanded Las Vegas Convention Center. Average room rates for 2024 have shown improvement at $267, compared to $256 in the previous year.

Genting remains focused on expanding its customer database and attracting high-net-worth visitors to drive repeat business and improve overall performance.

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