Resorts World Las Vegas (RWLV) has reported impressive financial results for the quarter ended September 30, marking a significant milestone in the resort’s ongoing success. With a record-breaking revenue of $230 million, reflecting an 11.7% increase quarter-to-quarter, and an EBITDA of $52 million, up by a remarkable 52.9%, RWLV continues to establish itself as a leading destination in the vibrant Las Vegas hospitality and entertainment landscape.
Financial Highlights:
RWLV’s Q3 financial performance demonstrates robust growth, with revenue reaching an all-time high of $230 million, showcasing an 11.7% increase from the previous quarter. EBITDA, a key indicator of operational profitability, soared to $52 million, marking a remarkable 52.9% increase. These stellar financial results underscore the success of RWLV’s strategic initiatives and its ability to attract a diverse range of visitors.
Operational Success:
Genting Group, the force behind Resorts World Las Vegas, reported that hotel occupancy at RWLV surged to an impressive 90.4% for the quarter. This marked a substantial increase compared to the 82.4% occupancy recorded for the first nine months of 2023 combined. The average daily rate also saw a boost, reaching $256 million, outperforming the year-to-date average of $233 million. The operational success is attributed to a mix of high-profile events, including concerts, the NFL Super Bowl, college basketball tournaments, and a robust convention quarter, driving strong visitation to the property.
Contributing Factors to Success:
Resorts World Las Vegas attributes its success to a combination of factors, including a lineup of top-tier concert headliners and events, notable sports tournaments, and a flourishing convention quarter. The influence of a stronger USD further contributed to increased revenue and EBITDA. The resort’s ability to curate a diverse and engaging calendar of events has played a pivotal role in attracting visitors from various segments, contributing to its overall financial success.
National Brand Campaign:
In June, RWLV launched a national brand campaign titled “Rule the World.” Directed by renowned photographer and director Kenneth Cappello, the campaign showcased luxury automobiles, vintage designer fashion, and featured notable personalities, including Raider’s owner Mark Davis and tie-down roper Shad Mayfield. The campaign aimed to position RWLV as a symbol of unparalleled luxury and hospitality experiences.
Fontainebleau Las Vegas Opening Confirmation:
In a related development, Fontainebleau Development confirmed the opening date for the highly anticipated Fontainebleau Las Vegas as December 13. The Nevada Gaming Commission’s unanimous vote to license the property and key executives signals a significant milestone for the $3.8 billion project. Jeffrey Soffer, CEO and Chairman of Fontainebleau Development, expressed gratitude to Nevada regulators, Clark County, and the local community for their support in bringing the project to completion.
Resorts World Las Vegas’ record-breaking Q3 financial results underscore its position as a formidable player in the Las Vegas hospitality and entertainment scene. With a strategic focus on diverse offerings, high-profile events, and operational excellence, RWLV continues to attract a wide range of visitors. The confirmation of Fontainebleau Las Vegas’s opening further contributes to the dynamic landscape of luxury resorts on the iconic Las Vegas Strip. As these developments unfold, both RWLV and Fontainebleau Las Vegas are poised for continued success and to shape the future of hospitality and entertainment in the region.