Resorts World Las Vegas has reported its strongest financial quarter since the property’s opening in June 2021. Genting Berhad, the Malaysian multinational parent company of the Resorts World brand, reported the Strip resort generated revenue of $277 million and cash flow of $47 million in Q4 2022.
These results are up from $200 million in revenue and cash flow of $18 million reported in the third quarter last year. The company attributed its success to Las Vegas’ rebounding convention business and entertainment events at the property.
“During the current quarter, RWLV achieved record bests in casino revenue, hotel revenue and food and beverage revenue, all of which show positive movement towards future targeted projections,” a Genting Berhad press release said.
“With the growing return of conventions and business travel to Las Vegas, RWLV will have its highest mix of convention base room nights in 2023. New performances at the Resorts World Theatre and future projects are expected to drive significant foot traffic in 2023 and beyond,” the company added.
Hotel occupancy and average daily room rate in Q4 were 88.9% and $269.70 respectively, compared with 79.6% and $223.50 in Q4 2021. Room rates were at record driven by strong convention business in Las Vegas, reports Las Vegas Review-Journal.
“Convention attendance has reached 97% of pre-pandemic levels, and 2023 attendance is expected to surpass 2019 levels, as larger conventions return and new sporting events are introduced such as the Formula 1 Las Vegas Grand Prix in 2023,” the company stated.
Genting also noted it opened the first station on the planned Vegas Loop underground transit system being built by the Boring Co. The Resorts World station connects passengers to the West Hall of the Las Vegas Convention Center.
Resorts World las Vegas President Scott Sibella
The report follows news late last month that the Nevada Gaming Control Board has now closed its nearly year-old investigation into allegations made against Resorts World las Vegas President Scott Sibella, having determined them to be unfounded.
“After a thorough investigation by the Nevada Gaming Control Board, the allegations by Brandon Sattler against Resorts World and its president were found to be unsubstantiated,” board member Georgia Assad said, as reported by the Review-Journal.
Regulators began reviewing information in April about allegations that Sattler made in a sworn deposition in a fraud litigation lawsuit. Sattler connected Sibella to convicted bookmarker David Stroj, who violated terms of a three-year supervised release after he was sentenced in a 2018 federal case. Sattler said Stroj held an ownership position in Tacos El Cabron, a food outlet within Resorts World.