Indy Gaming: Q3 numbers for Resorts World LV show opening struggles

Resorts World Las Vegas is seen on Tuesday, Nov. 16, 2021. (Jeff Scheid/The Nevada Independent) Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada.

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Malaysia-based Genting Berhad blamed Nevada’s indoor mask mandate for less-than-stellar third quarter results from the company’s recently-opened $4.3 billion Resorts World Las Vegas.

In a statement released on Thanksgiving Day, the company (headquartered in Kuala Lumpur with multiple non-gaming businesses), said Resorts World Las Vegas reported $175 million in revenue for the quarter that ended on Sept. 30, marking the 3,500-room hotel-casino’s first full quarter of operations.

Cashflow for the quarter was $27 million, while hotel occupancy was 54.9 percent – more than 20 percent below the Strip’s average occupancy rate for the three-month period.

“(Resort World Las Vegas) results in the current quarter were impacted by the State of Nevada’s mandate requiring face masks while in public indoor spaces regardless of vaccination status on July 30,” the company said in a statement.

Genting added that several conventions at Resorts World were cancelled “as a result of the (mask) mandate.”

Meanwhile, Genting said Zouk Nightclub, a spa, and additional retail outlets and restaurants all opened at Resorts World during the third quarter. Additional retail, restaurants and The Theatre at Resort World are expected to open in the fourth quarter.

Through a public relations firm, Resorts World officials declined to comment on the third-quarter results, though outside analysts said initial struggles were expected for a new Strip property.“The initial numbers for the opening of a new property shows the challenges of introducing a new brand on the Strip,” Brendan Bussmann, a partner and consultant with Las Vegas-based Global Market Advisors said.As a comparison, the two Strip resorts operated by Las Vegas Sands during the third quarter reported net revenues of $399 million, cash flow of $132 million and hotel occupancy of 96.9 percent covering […]

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