Genting Berhad’s US flagship, Resorts World Las Vegas (RWLV), generated revenue of US$214 million in the three months to 31 March 2024, down 1.8% year-on-year and down 11.2% quarter-on-quarter. It also reported a 23.0% year-on-year and 31.9% sequential decline in EBITDA to US$39.5 million, with the company citing event cancellations and lower win percentage according to analysts from Nomura.
While hotel occupancy was slightly improved quarter-on-quarter at 89%, average daily room (ADR) rate fell from US$319 million in 4Q23 to US$298.
“We think there is some impact on ADR after the December opening of the Fontainebleau near RWLV,” the analysts wrote in a note.
Nevertheless, Genting Berhad said the result showed “positive movement towards future targeted projections.
