Resorts World Las Vegas, owned by Genting Earnings
Resorts World Las Vegas, owned by Genting Berhad, experienced a decline in revenue but a slight increase in cash flow in the first quarter of the year. The 3,500-room resort generated $218 million in revenue, down from $227 million in the previous quarter. However, cash flow from the revenue reached $50 million, compared to $47 million in the previous quarter. The resort’s nongaming offerings accounted for 75% of its revenue, driven by a mix of headliners in the showroom, including Carrie Underwood, Luke Bryan, and Katy Perry. Genting plans to focus on building mass market business in 2023 to expand its customer database and boost convention business on weekdays. The resort achieved an average daily room rate of $280 with hotel occupancy running at nearly 90%, driven by convention business and interest from events like the NCAA Men’s Basketball Tournament. Resorts World Las Vegas is part of the Hilton Honors program through a franchise agreement. Genting expects increased visitation with upcoming events like the Las Vegas Formula 1 Grand Prix and the Super Bowl.