Resorts World reports record financial quarter for end of ’22
Las Vegas’ rebounding convention business and new headliner shows at the property’s theater result in record occupancy and average daily room rates in the fourth quarter.
Resorts World Las Vegas reported its strongest financial quarter since the property’s opening in June 2021.
Genting Berhad, the Malaysian multinational parent company of Resorts World, last week reported the Strip resort generated revenue of $277 million and cash flow of $47 million in the fourth quarter, ended Dec. 31. That’s up from $200 million in revenue and cash flow of $18 million reported in the third quarter.
The company attributed its success to Las Vegas’ rebounding convention business and entertainment events at the property.
“During the current quarter, RWLV achieved record bests in casino revenue, hotel revenue and food and beverage revenue, all of which show positive movement towards future targeted projections,” a Genting Berhad release said.
“With the growing return of conventions and business travel to Las Vegas, RWLV will have its highest mix of convention base room nights in 2023. New performances at the Resorts World Theatre and future projects are expected to drive significant foot traffic in 2023 and beyond.”
The company said hotel occupancy and average daily room rate in the fourth quarter were 88.9 percent and $269.70, respectively, compared with 79.6 percent and $223.50 in the fourth quarter of 2021. Room rates were at a record driven by strong convention business in Las Vegas.
“Convention attendance has reached 97 percent of pre-pandemic levels, and 2023 attendance is expected to surpass 2019 levels, as larger conventions return and new sporting events are introduced such as the Formula One Las Vegas Grand Prix in 2023,” the company said.
Genting also noted it opened the first station on the planned Vegas Loop underground transit system being built by the Boring Co. The Resorts World station connects passengers to the West Hall of the Las Vegas Convention Center.
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