Resorts World Las Vegas (RWLV) experienced a challenging financial quarter in Q3 2025, with a slight decrease in revenue, leading to an operating loss as per the latest financial releases by Genting Berhad.
The North Strip destination saw its revenue decline by approximately 1% year-over-year, totaling $175 million for the third quarter, and down 3% from the previous quarter. RWLV faced an estimated EBITDA loss of about $12 million, a reversal from the $16 million profit recorded a year prior. Genting does not provide specific property-level performance results for its U.S. casino operations, so these insights are based on management discussions and segment-level data.
Genting cited “reduced visitor numbers” to Las Vegas and “macroeconomic uncertainty” as factors for the weakened performance. Analysts at Nomura suggested that the results were also influenced by “ongoing business adjustments and changes in management/policy.” The company pointed out that the quarter recorded a lower hold percentage, which they noted has “subsequently normalized.”
Hotel performance metrics showed a decline during this period, with occupancy rates decreasing to 83.8% from 85.1% a year prior, and the Average Daily Rate (ADR) dipping to $242 from $244. Year-to-date, occupancy has dropped to 82.1% from 87.9% in 2024, while ADR fell to $260 from $267.
Despite the downturn, Genting maintains optimism regarding RWLV’s prospects as it approaches 2026. The property has reported “improvements in high-end gaming activity with increased table volumes,” and is actively working to rebuild its VIP program following regulatory challenges. RWLV “continues to prioritize re-establishing VIP play and developing a loyal casino customer base,” the company stated.
RWLV is in the process of implementing a new hotel management system that grants the resort complete control over its customer database and facilitates real-time offers. The system aims to “enhance customer experience with immediate hotel offers,” Genting stated. Coupled with an upgraded casino offer management platform, these initiatives are expected to “attract a more diverse customer demographic through casino, convention, and direct bookings.”
To enhance profit margins, the resort is focusing on “strategic growth and operational efficiencies,” expanding high-end hosted gameplay, customizing casino offers, and introducing new dining, entertainment, and retail options. Genting is also bolstering RWLV’s convention business, acknowledging both established and new customer segments.
A more robust convention cycle is anticipated to bolster results next year as the Las Vegas Convention Center completes its final $600 million expansion phase, expanding its capacity from 1.9 million to 2.5 million square feet. “The newly expanded LVCC is expected to draw significant conventions in 2026, and RWLV stands to benefit from its strategic location,” Genting stated.
In the same quarter, parent company Genting Berhad reported a 14% increase in total revenue to MYR 7.48 billion ($1.81 billion), with an adjusted EBITDA of MYR 2.16 billion ($523 million).