Scott Sibella, president of Resorts World Las Vegas (RWLV), said in a recorded address to the International Casino Conference in London that the location has seen an uptick in occupancy, and is cash-flow positive since its opening last year despite some initial hiccups.
In the address, Sibella noted that the revival of the convention industry as well as increased international travel and looser COVID-19 restrictions have aided RWLV and the city as a whole.
“We anticipate travelers to Las Vegas will continue to improve and we hope to take advantage of the pent-up demand,” said Sibella.
The property, which opened in June 2021, cost approximately $4.3 billion to complete, but was the first ground-up casino built on the Strip in more than 10 years. It boasts over 115,000 square feet of casino floor with about 120 tables and 1,400 machines.
Sibella also mentioned that only 42 of the 88 total acres on the plot have been developed thus far, which leaves a lot of room for expansion and growth in years to come.
Looking ahead to the future for RWLV, Sibella is confident that their emphasis on cutting-edge technology will separate them from the pack. He noted that their current systems allow guests to “access almost everything via a mobile device,” and that the company’s overall goal is to “develop an advanced casino floor that offers convenience, rewards flexibility, accuracy, and accountability.”
Although Sibella’s address was bullish on RWLV’s current and future prospects, industry experts are less than impressed. According to Nomura, the casino’s reported revenue for the final quarter of 2021 was slightly less than the previous quarter, which their analysts described as “a negative surprise.”
