Inside Gaming: Revenue declines at Resorts World Las Vegas

Resorts World Las Vegas reported another down quarter as revenue slipped slightly over the summer, according to public filings by its parent company, Genting Berhad.

Year-over-year revenue declined by roughly 1 percent to $175 million in the third quarter, based on analyst estimates of Genting’s latest financial results. The North Strip casino also recorded an estimated EBITDA (earnings before interest, taxes, depreciation and amortization) loss of nearly $12 million, compared with a $16 million profit in the third quarter of 2024.

Genting Berhad reports its U.S. casino operations as a combined segment, which includes Resorts World Las Vegas, Resorts World New York City and Resorts World Bimini. The Malaysia-based company does not provide property-level financials for RWLV. The Las Vegas-specific figures cited by gaming-industry analysts are derived from management commentary and segment estimates.

Genting attributed RWLV’s soft quarter to lower Las Vegas visitation and “macroeconomic uncertainty.”

Hotel occupancy in the quarter dropped from 85.1 percent last year to 83.8 percent in 2025, while average daily room rates (ADR) dipped slightly from $244 to $242. Year-to-date, hotel occupancy and ADR were 82.1 percent and $260, respectively, compared with 87.9 percent and $267 during the first nine months of 2024.

Despite the slowdown, Genting said it remains optimistic about RWLV’s outlook heading into 2026. The company expects RWLV to benefit from a stronger convention calendar next year as the Las Vegas Convention Center completes the final phase of its major expansion, bringing more large-scale events to the resort corridor.

Genting also cited improving high-end play, increased table volumes and ongoing efforts to rebuild its VIP program following regulatory setbacks.

RWLV is also rolling out a new hotel system that gives the property more control over guest data and real-time offers, which Genting says will improve margins and help drive repeat visitation.

“Combined with investment in an upgraded casino offer management system, RWLV will yield a stronger customer mix via casino, convention and direct bookings,” Genting said in a press release.

N.Y. panel backs casino licenses for three operators with Las Vegas ties

New York moved a step closer to approving three downstate casino licenses on Monday, and each of the finalists has a direct connection to the Las Vegas market.

The New York Gaming Facility Location Board recommended class III gaming licenses for Hard Rock International’s bid in Queens, Resorts World New York City’s plan to upgrade its racino and Bally’s proposal for a casino in The Bronx.

Hard Rock and billionaire Steve Cohen are proposing an $8.1 billion resort and entertainment district next to Citi Field in Queens. Resorts World aims to convert its long-running video-lottery property at Aqueduct Racetrack into a full-scale casino with table games, a hotel expansion and additional amenities. Rhode Island-based Bally’s Corp. is seeking to build a casino complex on a golf course in The Bronx, which was formerly owned by Trump Entertainment and would net the president’s namesake company nearly $115 million.

New York Gov. Kathy Hochul said the trio of projects would generate billions in funding for the Metropolitan Transportation Authority and create tens of thousands of jobs. Opponents, however, argued that such promises rarely materialize and warned that casinos can disproportionately impact immigrant and working-class neighborhoods.

The recommendations follow recent site inspections by state regulators, and the New York State Gaming Commission is expected to vote on the licenses by the end of the month. Bally’s estimates its Bronx project would generate nearly $400 million in annual tax revenue and support about 4,000 permanent jobs, while Hard Rock’s Queens proposal and Resorts World’s Aqueduct expansion each project more than $1 billion a year in tax revenue, along with several thousand permanent jobs.

If approved, the licenses would cap a process dating back to 2013, when New York voters approved up to seven commercial casinos, with three reserved for the New York City area.

Macau casino revenue jumps in November, nearing pre-pandemic levels

Macau casino revenue rose 14 percent year-over-year in November, reaching nearly $2.62 billion, according to the Macau Gaming Inspection and Coordination Bureau. This marks the market’s strongest post-pandemic recovery so far, reaching 92 percent of the revenue recorded in November 2019.

The increase exceeded expectations, as many analysts had forecast slower growth in the low double digits. November’s results also appeared unaffected by the Macau Grand Prix, a high-profile event that can sometimes disrupt VIP play and travel in the city.

Compared with October, total revenue fell 12 percent, consistent with seasonal trends. November is traditionally a mid-tier month for Macau, and this year’s result followed that pattern. Revenue from mass-market players, including slots and lower-stakes table games, performed especially well, while high-end VIP gaming improved year-over-year but remains below pre-pandemic peaks.

Looking ahead, analysts expect December to continue the strong trend, with revenue likely up in the mid-teens compared with last year. The month benefits from an easier comparison, as last December was affected by restrictions during a visit from Chinese President Xi Jinping.

For the full year, Macau casino revenue is forecast to rise roughly 9 percent compared with 2024, reflecting steady recovery since the territory reopened to travelers and easing of pandemic-era restrictions.

Show Me State launches sports betting

Missouri officially launched legal sports betting on Monday, opening the doors for residents and visitors to place wagers on professional and college sports at licensed retail sportsbooks and mobile apps.

The rollout follows more than a year of preparation, including voter approval in November 2024, regulatory development by the Missouri Gaming Commission and a pre-registration period for early bettors.

The first legal wagers were accepted at 12:01 a.m., marking the start of a new era for the Show Me State’s gaming market.

From day one, Missouri bettors will have access to a mix of national and local operators. The lineup includes Circa Sports, the only Las Vegas-based sportsbook entering the market, alongside DraftKings, FanDuel, BetMGM, Caesars, bet365 and Fanatics.

Missouri becomes the 39th state in the U.S. to legalize sports betting. The launch provides regulated, legal options for consumers, along with protections that offshore or unlicensed platforms cannot offer.

All sportsbooks in Missouri must comply with state regulations. Only individuals 21 or older can place bets, and betting is allowed on professional leagues, major college sports, and live in-game events.

Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.