{"id":275069,"date":"2023-05-26T13:46:04","date_gmt":"2023-05-26T18:46:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=275069"},"modified":"2023-05-26T14:34:48","modified_gmt":"2023-05-26T19:34:48","slug":"resorts-world-las-vegas-turns-to-conventions-to-boost-biz","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/","title":{"rendered":"Resorts World Las Vegas to Emphasize Mass Market Following Sluggish Q1"},"content":{"rendered":"

Genting Berhad plans to shift the points of emphasis at Resorts World Las Vegas to mass market players and convention business following tepid first-quarter results at the Strip venue.<\/p>\n

\"Resorts
Resorts World Las Vegas. Operator Genting is focusing on mass market players and conventions to boost the venue. (Image: Jeff Scheid\/Nevada Independent<\/em>)<\/figcaption><\/figure>\n

The $4.3 billion venue, which turns two years old next month and is the newest Strip integrated resort, posted revenue in the first three months of 2023 of $218 million, down from $227 million in the prior quarter. Earnings before interest, taxes, depreciation and amortization rose to $50 million from $47 million.<\/p>\n

In order to grow EBITDA from current ~US$50 million per quarter run-rate, management intends to focus on building mass market business (to build customer database) and convention business on weekdays,\u201d said Nomura analysts Tushar Mohata and Alpa Aggarwal in a note to clients.<\/p><\/blockquote>\n

While the $50 million in EBITDA at Resorts World Las Vegas represented an increase from the prior quarter, it\u2019s still below the pace set by comparable Strip venues. For example, Wynn Resorts (NASDAQ: WYNN)<\/a> said first-quarter adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) at it Las Vegas properties hit all-time highs.<\/p>\n

Signs of Improvement for Resorts<\/h2>\n

In its nearly two years of operation, Resorts World Las Vegas has dealt with management changes and the omicron variant of the coronavirus, among other headwinds.<\/p>\n

\n

Those factors have affected the venue\u2019s ability to ramp up<\/a> at the pace analysts and Genting expected, but data suggest things are trending in the right direction. For example, hotel occupancy in the first three months of this year averaged 89.8% at an average rate of $280 per night, up from 70.8% and $229 a year earlier.<\/p>\n<\/div>\n

Additionally, owing to Genting\u2019s broad footprint in Asia-Pacific gaming markets, Resorts World Las Vegas is poised to benefit as more travelers from those countries return to Las Vegas en masse — something that hasn\u2019t happened as of yet, as noted by Wynn, another Asia-focused operator, in its earnings report.<\/p>\n

\u201cAs international travel continues to resume and with strong demand for domestic travel to Las Vegas, RWLV remains focused on growth opportunities, including ongoing efforts to build RWLV\u2019s database for casino and resort marketing,\u201d added the Nomura analysts.<\/p>\n

Big Events Could Be Boon<\/h2>\n

The Genting integrated resort\u2019s ability to capture a piece of Sin City\u2019s rebounding meetings and convention business is essential over the near term because the late second and third quarters are traditionally slow times<\/a> in terms of major events in Las Vegas.<\/p>\n

Conversely, analysts view Resorts World as well-positioned to capitalize on upcoming marquee events, including the Las Vegas Grand Prix in November and the Super Bowl next February.<\/strong><\/p>\n

Over the near-term, business travelers could carry the day for Resorts World as Genting forecast the venue will have its highest percentage of convention room nights to date this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Berhad plans to shift the points of emphasis at Resorts World Las Vegas to mass market players and convention business following tepid first-quarter results at the Strip venue. The $4.3 billion venue, which turns two years old next month and is the newest Strip integrated resort, posted revenue in the first three months of […]<\/p>\n","protected":false},"author":46,"featured_media":261418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nResorts World Las Vegas Turns To Conventions To Boost Biz<\/title>\n<meta name=\"description\" content=\"Resorts World Las Vegas looking to mass market, conventions to drive EBITDA growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Resorts World Las Vegas Turns To Conventions To Boost Biz\" \/>\n<meta property=\"og:description\" content=\"Resorts World Las Vegas looking to mass market, conventions to drive EBITDA growth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-26T18:46:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-26T19:34:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/rwlv3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1118\" \/>\n\t<meta property=\"og:image:height\" content=\"866\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/\",\"url\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/\",\"name\":\"Resorts World Las Vegas Turns To Conventions To Boost Biz\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/rwlv3.jpg\",\"datePublished\":\"2023-05-26T18:46:04+00:00\",\"dateModified\":\"2023-05-26T19:34:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Resorts World Las Vegas looking to mass market, conventions to drive EBITDA growth.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-turns-to-conventions-to-boost-biz\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/rwlv3.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/rwlv3.jpg\",\"width\":1118,\"height\":866,\"caption\":\"Resorts World Las Vegas. 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