A megaresort at the north end of the Strip is off to a rocky start in 2025 as it continues dealing with the financial and reputational fallout from a high-profile gaming violation, executive changes and operational miscues.
Content Summary
Resorts World Las Vegas has reported a significant drop in its first-quarter financial performance, with a 22% year-on-year decline in revenue and a shocking 75% fall in earnings. For the first quarter of 2025, the resort generated $166 million in revenue, down from $214 million in the same period last year, alongside a drop in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to $10 million from $40 million. The financial downturn follows a $10.5 million settlement with Nevada gaming regulators over compliance violations related to anti-money laundering efforts.
The resort attributes these declines to lower visitation rates, particularly after the record-setting Super Bowl in February 2024, and has seen a decrease in hotel occupancy and average daily room rates. Despite the rough start, Genting Berhad, the parent company, is optimistic about improvements in high-end play and plans to enhance customer experiences through upgraded management systems.
Source: Las Vegas Review-Journal
Key Points
- Resorts World Las Vegas reported a 22% decline in revenue year-over-year.
- First-quarter earnings fell by 75%, with EBITDA dropping to $10 million.
- A $10.5 million settlement with Nevada gaming regulators was reached over anti-money laundering compliance.
- Visitor numbers and hotel occupancy have decreased compared to last year’s Super Bowl events.
- Genting Berhad aims to improve margins through strategic growth and enhanced customer experience.
Why should I read this?
If you’re interested in the current state of Las Vegas’s hospitality and gaming scene, this article is a must-read. It highlights the ongoing challenges faced by the megaresort industry in Vegas, particularly for Resorts World, which has been facing numerous issues. It’s a real eye-opener on the financial implications of gaming violations and market fluctuations—you’ll be in the know about the trends affecting this iconic entertainment hub.