The property generated revenue of US$190 million in Q4 – up from US$177 million in the September quarter but down from US$241 million a year earlier – while EBITDA was barely breakeven at a little over US$1 million. That compared to EBITDA of US$16.2 million in Q3 and US$58.2 million in 4Q23.

In commentary accompanying its results announcement, Genting said it “remains focused on improving margins [at RWLV] through strategic growth and operational efficiencies.

“In 2025, the property will leverage enhanced hotel system to extend its reach to customers and implement tailored casino offerings to drive repeat visitation,” the company explained. “Additionally, RWLV will continue its casino and resort marketing initiatives to attract high-value guests while strengthening its convention business with established and new groups. Investments in new dining concepts, entertainment and retail will further drive engagement and operating leverage.”

In a Friday note, Maybank Investment Bank’s Samuel yin Shao Yang pointed to a recent management overhaul at RWLV as potentially a “positive inflection point”, however analysts at Nomura suggested any material improvement is unlikely until an ongoing complaint by the Nevada Gaming Control Board is resolved.

“With weak earnings and management overhaul at RWLV in response to the complaint by the Nevada regulator against RWLV and Genting, we think there will likely remain an overhang till a regulatory action is decided,” Nomura’s Tushar Mohata and Alpa Aggarwal wrote. “As per management, the discussions with the regulator are still ongoing.”

Genting described the 4Q24 performance of RWLV as reflecting “shifts in business volume, hold percentage and macro-economic factors”, with hotel occupancy falling from 87.7% a year earlier to 83.6% and Average Daily Rate from US$319 to US$286.