Resorts World Las Vegas, the entertainment complex owned and operated by Genting Malaysia in the United States, has been growing at a slower rate than analysts expected last year.
The resort opened for business in August 2021, and the early signs were extremely good as the venue recorded earnings of 650,000 dollars per day during the first week of operations.
Now, despite having completed two full quarters of operations, the business growth is slower than the company expected, according to analysts at Nomura, the famous Japanese financial institution.
Genting Malaysia Berhad has just published its results for the fourth quarter of 2021 and despite having return to profitability overall, Resorts World Las Vegas delivered results below expectations.
The resort achieved 80 percent hotel occupancy in the fourth quarter of 2021, while overall revenue and earnings before interest, taxes, depreciation and amortization (EBITDA) were comparable to the figures that were recorded in the third quarter.
Resorts World Las Vegas reported revenue for the fourth quarter of 2021 of
716 million Malaysian Ringgit, whilst EBITDA was 96 million Malaysian Ringgit, slightly lower than in the third quarter.