Hadronic resonances are effective tools for studying the hadronic phase in ultrarelativistic heavy-ion collisions. In fact, their lifetime is comparable to that of the hadronic phase, therefore resonances are sensitive to effects such as rescattering and regeneration processes, which affect their yields and the shape of the transverse momentum spectra. These processes can be studied by considering the yield ratio of resonance to the corresponding long-lived particle as a function of the charged-particle multiplicity. A significant suppression is observed for $\rm K^{*0}/K $ with increasing multiplicity from pp to central Pb--Pb collisions. On the contrary, such suppression is not observed for the $\rm \phi/K$ ratio. The $\Lambda (1520)$ resonance is of particular interest due to its lifetime being of 13 fm/$\it{c}$, which is in between the lifetimes of the $\rm K^{*0}$(4 fm/$\it{c}$) and $\rm \phi$(46 fm/$\it{c}$) resonances, and thus provides more insight into the properties of the hadronic phase.
These proceedings present the recent results on $\Lambda (1520)$ resonance production and the effect of rescattering on this resonance production in pp, p--Pb and Pb--Pb collisions with ALICE.