Resort World is one of the biggest names in the gaming and hospitality industry. With a presence in multiple countries, it has become a go-to destination for tourists and locals alike.
But the question on everyone’s mind is – is Resort World making money? Let’s take a closer look.
History of Resort World
Resort World was founded in 1965 by Genting Group, a Malaysian company. The company started with just one hotel in Kuala Lumpur but quickly expanded its operations to other parts of Malaysia and eventually to other countries such as Singapore, the Philippines, and the United States.
The Business Model
Resort World operates on a business model that combines gaming and hospitality. It offers various types of gaming options such as table games, slot machines, and electronic gaming machines. In addition to this, it also has hotels, restaurants, shopping centers, and other entertainment options.
Gaming Revenue
Gaming revenue is a significant source of income for Resort World. In 2019, its casinos alone generated over $2 billion in revenue. This revenue comes from various sources such as table games (like blackjack and roulette) and slot machines.
Hospitality Revenue
Hospitality revenue comes from various sources such as room bookings, food and beverage sales, retail sales, and entertainment events. In 2019, Resort World’s hospitality segment generated over $1 billion in revenue.
Financial Performance
In 2019, Resort World reported a revenue of over $4 billion. However, it also reported a net loss of over $200 million due to factors such as increased expenses for new projects and lower VIP gaming revenue.
Despite this loss, Resort World remains optimistic about its future financial performance. It continues to invest in new projects such as the development of Resorts World Las Vegas which is set to open in 2021.
Conclusion
In conclusion, Resort World is definitely making money despite the net loss it reported in 2019. Its gaming and hospitality segments continue to generate billions of dollars in revenue each year. With new projects in the pipeline, it is poised for continued growth and success in the future.