Resorts World Las Vegas experienced its weakest quarter in two years during Q3 2024, with revenue dropping to $177 million from $218 million in Q2. The property's EBITDA declined significantly to $16 million from $50 million in the previous quarter.

Key performance metrics showed concerning trends:

• Average room rates fell to $244 (down from $246 year-over-year)
• Occupancy dropped to 85.1% (down from 91.1%)
• Overall revenue declined by 18.8% quarter-over-quarter

The $4.3 billion property, which opened in June 2021, cited several challenges:

• Unusually hot summer weather in Las Vegas
• Economic uncertainty during election year
• Location challenges at the northwest end of the Strip
• Ongoing effects of post-pandemic recovery

To combat these challenges, Resorts World is implementing several strategies:

• Expanding dining and entertainment offerings
• Adding new retail options
• Introducing new performances at Resorts World Theatre
• Leveraging Hilton partnership (203 million Hilton Honors members)
• Focusing on high-net-worth customer acquisition

Despite current challenges, there are positive indicators:

• Average room rates for 2024 are trending higher at $267 (up from $256 in 2023)
• S&P Global Ratings expects continued financial support from parent company Genting
• Analysts project improved earnings for 2025

The property's proximity to the expanded Las Vegas Convention Center and its partnership with Hilton are expected to serve as key growth catalysts moving forward.

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