Resorts World Las Vegas Faces Softer Quarter as Revenue Slips in Q3

Resorts World Las Vegas posted another soft quarter, with analysts estimating a swing into operating loss as revenue eased in Q3. Fresh disclosures from Genting Berhad offer a clearer view of how RWLV is navigating lighter visitation, market uncertainty and internal adjustments.

Good to Know

• Estimated RWLV revenue for 3Q25 reached $175 million, down about 1% year-on-year
• Estimated EBITDA came in at a $12 million loss after a $16 million profit last year
• Hotel occupancy slipped to 83.8% and ADR softened to $242

Revenue Declines and EBITDA Turns Negative

Based on segment-level data and management commentary, analysts estimate RWLV generated $175 million in revenue during the third quarter, a dip from both last year and the previous quarter. The property likely produced a $12 million EBITDA loss, a notable reversal from earlier profitability.

Genting linked the softer performance to reduced visitation and broader macroeconomic uncertainty. Nomura analysts added that business recalibration and internal policy changes also played a role. Hold rate weakness contributed as well, though Genting said results have since returned to normal.

Hotel Trends Move Lower Through the Quarter

RWLV saw modest declines in hotel performance. Occupancy fell to 83.8% from 85.1% last year, while ADR edged down to $242 from $244. Year-to-date occupancy dropped to 82.1% compared with 87.9% in 2024, and ADR declined to $260 from $267.

Despite the pullback, Genting expressed confidence heading into 2026. Executives highlighted stronger high-end play and improving table volume, especially as the resort rebuilds its VIP program after regulatory hurdles. RWLV also aims to strengthen its loyalty base and reestablish consistent casino activity.

Tech Upgrades Aim to Strengthen Customer Mix

RWLV is rolling out a new hotel system designed to give the property direct control of guest data and enable real-time personalized offers. Genting said the platform will improve the customer experience and, paired with an upgraded casino offer management system, support a healthier mix of casino, convention and direct bookings.

To improve margins, the resort is pursuing operational efficiencies, enhancing high-end hosted play, tailoring casino programming and adding new dining, retail and entertainment offerings. RWLV is also reinforcing its convention business, noting expanded relationships with existing and new groups.

Convention Expansion Expected to Lift 2026 Results

Las Vegas convention traffic is forecast to increase next year as the Las Vegas Convention Center completes a major expansion, boosting capacity from 1.9 million square feet to 2.5 million. Genting said RWLV stands to benefit due to its proximity and expects the stronger convention cycle to support casino and hotel demand.

Genting Berhad reported group revenue of MYR7.48 billion ($1.81 billion) for the quarter, with adjusted EBITDA of MYR2.16 billion ($523 million).

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