Resorts World Las Vegas’ first-quarter financials decline

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.

Resorts World reported a 22 percent year-over-year decline in revenue and a 75 percent dip in earnings during the first quarter of this year, according to recently released financial statements by the hotel-casino’s parent company, Genting Berhad. Through the first three months of 2025, Resorts World Las Vegas generated $166 million in revenue and $10 million in earnings before interest, taxes, depreciation and amortization (EBITDA), down from $214 million and $40 million, respectively, in the first quarter of 2024.

The diminishing financial returns come on the heels of a $10.5 million settlement with Nevada gaming regulators in late-March over anti-money laundering compliance violations tied to an illegal bookmaker’s gambling activity at the Strip casino. The casino has since installed new leadership and, as part of its settlement with Nevada, has agreed to several enhanced regulatory requirements.

In comments accompanying the financial returns, Genting said, “RWLV remains focused on improving margins through strategic growth and operational efficiencies.”

Genting said the 2025 first quarter returns were impacted by lower hold percentage and lower visitation compared with the record-setting volume the prior year, which was largely the result of Las Vegas hosting its first Super Bowl at Allegiant Stadium in February 2024. Hotel occupancy and the average daily room rate (ADR) were 82.3 percent and $274, respectively, in the first quarter of 2025, down from 89.1 percent and $298 last year.

The $4.3 billion resort, which opened in June 2021, will aim to “recover and re-establish” VIP play as part of its strategy to compete in the Las Vegas market. In comments accompanying the financial returns, Genting said there are already “signs of improvement in high-end play with increased table volumes” at the Strip property.

“In addition, RWLV expects to see improvements in ADR and occupancy in 2025 through an upgraded hotel management system, which now allows RWLV to own the hotel customer database, giving RWLV flexibility to provide real time hotel offers and enhanced customer experience to guests,” Genting, a Malaysia-based conglomerate, said in the quarterly notes. “Combined with investment in an upgraded casino offer management system, RWLV will yield a stronger customer mix via casino, convention and direct bookings.”

In addition to the high-profile disciplinary action, Resorts World has had to navigate several guest relations issues of its own making, including a botched on-site Mr. Beast event and a less-than-favorable reception for attendees of a hackers convention.

Earlier this month, Resorts World moved its recently appointed chief executive officer into an advisory role for its nascent board of directors, which was formed at the end of 2024. The property’s chief financial officer added CEO to his resume after only joining the operation in February.

In an effort to attract more business, Resorts World is offering free self-parking in both its hotel and guest garages until the end of August.

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