Resorts World Las Vegas records US$27 million in EBITDA in first full quarter of operations
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Genting’s US$4.3 billion US flagship, Resorts World Las Vegas (RWLV), recorded revenue of US$175 million and Adjusted EBITDA of US$27 million in its first full quarter of operations, despite a number of attractions still yet to open.
RWLV’s 3Q21 performance formed part of Genting Berhad’s results announcement on Thursday, which saw group-wide revenue up 6% to MYR3.5 billion (US$827.5 million) due to improvements in its US and UK gaming operations, growth in its plantations division as well as revenue increases from its investments, in power, oil and gas. These were slightly offset by declines in casino revenues in Malaysia and Singapore due to COVID-19-enforced closures.
Discussing the performance of RWLV, which opened its doors on 24 June 2021, Genting said the results were still negatively impacted by the State of Nevada’s mandate requiring face masks while in public indoor spaces. Hotel occupancy was 54.9% “as several conventions were cancelled as a result of the mandate,” it said.
Zouk Nightclub, the Spa, retail outlets and restaurants were opened during 3Q21 while additional retail, restaurants and The Theatre at RWLV are expected to open in Q4.
Total revenue of RWLV since its 24 June opening through 30 September 2021 was US$189.7 million, with Adjusted EBITDA of US$30.7 million.
