Resorts World Las Vegas, a casino and hospitality venue owned by Genting Berhad, has recorded record-breaking revenue for Q4 2022. Despite the favorable figures, experts believe that figures could have been even better if not for the various headwinds in 2022.
As reported by Genting Berhad, the property saw revenue reach $227 million during the last three months of 2022, which represents an increase of 13.5%. EBITDA for the period sat at $47 million – more than twice the number recorded in Q3 2023.
The company attributed the record-breaking revenue to the strong performance in the casino, hotel and food and beverage divisions. The average daily rate was driven by strong convention business in Las Vegas as various events drove strong visitation. High visitation figures played a huge part in the favorable results.
The casino resort’s full-year revenues were 120% higher than in 2021, with the company posting revenue of $794.4 million for the period. Annual EBITDA sat at $116 million.
Too Early to Be Optimistic, Experts Say
Despite everything, analysts say that the company’s results could have been better. As reported by Inside Asian Gaming, Nomura analysts Tushar Mohata and Alpa Aggarwal believe that the Q4 EBITDA figures are suboptimal.
The experts took Genting Behad’s figures with a grain of salt and pessimistically warned that the record-breaking revenue may be the result of seasonal trends. Mohata and Aggarwal also warned that the quarterly interest charges of $25 million and depreciation charges of $60 million may translate into net income losses for Resorts World Las Vegas.
Genting Expects 2023 Visitation to Surpass Pre-Pandemic Levels
In its official release, Genting outlined that visitor volume in Las Vegas has returned to 93% of the pre-pandemic levels. The lifting of travel restrictions has facilitated tourism, helping the casino company’s Las Vegas-based business recover.
Genting added that convention attendance has reached 97% of the pre-pandemic levels. The company hopes that this year will see Resorts World Las Vegas finally surpass the pre-pandemic visitation numbers
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.
Genting Berhad statement
In 2023, Resorts World Las Vegas will continue building on its strong momentum. The resort plans to leverage its Hilton branding partnership to further boost visitation numbers. The company also noted that The Boring Company’s underground transportation system is also expected to favorably affect visitation.