{"id":3455,"date":"2025-05-08T11:08:45","date_gmt":"2025-05-08T11:08:45","guid":{"rendered":"https:\/\/www.casinousa.com\/news\/?p=3455"},"modified":"2025-05-08T11:08:46","modified_gmt":"2025-05-08T11:08:46","slug":"resorts-world-las-vegas-prioritizes-compliance-and-recovery-after-challenging-year","status":"publish","type":"post","link":"https:\/\/www.casinousa.com\/news\/resorts-world-las-vegas-prioritizes-compliance-and-recovery-after-challenging-year","title":{"rendered":"RWLV Prioritizes Compliance and Recovery After Challenging Year"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2021\/05\/resorts-world-las-vegas.jpg\" alt=\"Resorts World Las Vegas\" class=\"alignright size-full wp-image-2220\" width=\"300\" title=\"Resorts World Las Vegas Prioritizes Compliance and Recovery After Challenging Year\" \/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>Resorts World Las Vegas is going into &#8220;recovery mode&#8221; amid revenue dips and a $10.5 million fine for compliance violations.<\/li>\n<li>Non-gaming areas like conventions, food and beverage, and retail are strong.<\/li>\n<li>Leadership changes are aimed at driving further growth.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.casinousa.com\/news\/resorts-world-las-vegas-announces-layoffs-to-enhance-efficiency\"><strong>Resorts World Las Vegas<\/strong> is working to rebound after a turbulent stretch<\/a>, with company leadership telling Nevada gaming regulators this week that the property is focused on long-term recovery and reshaping its internal culture.<\/p>\n<h2 id=\"cfo-castro-were-looking-to-rebuild-that-business\">CFO Castro: \u201cWe\u2019re Looking to Rebuild That Business\u201d<\/h2>\n<p><strong>Carlos Castro<\/strong>, who was recently named both COO and CFO of the resort, told the Nevada Gaming Control Board that the casino operation \u201c<em>is in a recovery mode<\/em>\u201d, noting a significant downturn in business over the past three quarters. <\/p>\n<p>\u201c<em>We\u2019re looking to rebuild that business<\/em>\u201d, he said, pointing out a sharp decline in <a href=\"https:\/\/www.casinousa.com\/games\/slots\">slot machine<\/a> revenue. A new senior vice president of slot operations will step in on June 1 to help revive that side of the floor.<\/p>\n<p>But the conversation wasn\u2019t just about financial performance, it centered heavily on compliance. <\/p>\n<p>The <strong>Strip property was fined $10.5 million in March<\/strong> for allowing individuals tied to illegal bookmaking operations to gamble. <\/p>\n<p>In response, the resort hired seasoned gaming attorney <strong>Jennifer Roberts<\/strong> as chief compliance officer last month. <\/p>\n<p>Castro stressed the importance of her role, emphasizing the need to create a \u201c<em>culture of compliance across the campus<\/em>\u201d, reinvigorate their training programs, and provide \u201c<em>an ethics hotline to report activity anonymously and efficiently<\/em>\u201d to Roberts\u2019 team for proper review.<\/p>\n<p>Nevada Gaming Commission Chair <strong>Kirk Hendrick<\/strong> emphasized the importance of embedding compliance into the corporate culture:<\/p>\n<blockquote><p>Compliance shouldn\u2019t be a burden, but an understanding that it makes this industry possible and so profitable.<\/p><\/blockquote>\n<p>Other board members expressed support for the resort\u2019s direction, saying they\u2019re confident in the leadership team\u2019s ability to rebound.<\/p>\n<h2 id=\"strong-hotel-occupancy-and-food-beverage-segments\">Strong Hotel Occupancy and Food &#038; Beverage Segments<\/h2>\n<p>While gaming revenue is under pressure, Castro said other aspects of the business are performing well. <\/p>\n<p>Hotel occupancy and average daily rates are strong, and the resort\u2019s 200,000 square feet of convention space is being utilized profitably. <\/p>\n<p>The food and beverage segment is also seeing solid returns, though Castro sees potential for growth. <strong>Josef Wagner<\/strong>, formerly of MGM Resorts\u2019 Bellagio, has been hired to lead Food &#038; Beverage operations.<\/p>\n<p>Retail is also undergoing major changes, with new executives brought in to improve lease performance and retail branding. Castro said the resort is also aggressively looking for cost efficiencies.<\/p>\n<blockquote><p>The team has done an excellent job of going after areas of inefficient opportunities<\/p><\/blockquote>\n<p>The COO explained, adding that positions previously eliminated to streamline costs will be gradually reinstated, particularly those tied to revenue generation. <\/p>\n<blockquote><p>It\u2019s just a shift in the business model for the time being as we ramp up and return to stability<\/p><\/blockquote>\n<p>Security wages have also been increased to remain competitive and reduce turnover, a move praised by the <a href=\"https:\/\/gaming.nv.gov\">Nevada Gaming Control Board<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Summary: Resorts World Las Vegas is going into &#8220;recovery mode&#8221; amid revenue dips and a $10.5 million fine for compliance violations. Non-gaming areas like conventions, food and beverage, and retail are strong. Leadership changes are aimed at driving further growth. Resorts World Las Vegas is working to rebound after a turbulent stretch, with company leadership [&hellip;]","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,6,5],"tags":[],"class_list":["post-3455","post","type-post","status-publish","format-standard","hentry","category-news","category-financial","category-industry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RWLV Prioritizes Compliance and Recovery After Challenging Year<\/title>\n<meta name=\"description\" content=\"After facing regulatory penalties and a drop in gaming revenue, Resorts World Las Vegas is charting a path toward recovery, making compliance a top priority.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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