Wynn Resorts profit drops 72 percent in 2Q, bogged down by ongoing gambling decline in Macau

Industries Associated Press

Wynn Resorts Ltd. says the casino company's profit fell 72 percent in the second quarter from last year to $56.5 million, stymied by an on-going decline in the Asian gambling enclave of Macau and fewer high-roller Chinese baccarat players in Las Vegas.

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CEO Steve Wynn said Wednesday during an investor conference call that Macau remains more of a question than a certainty while business in Las Vegas is comfortable.

On a per-share basis, the Las Vegas company earned 56 cents compared to $2 during the three-month period a year ago. Adjusted earnings per share totaled 74 cents. The company's second-quarter revenue fell to $1.04 billion from $1.4 billion in 2014, falling short of analyst expectations.

A FactSet survey forecast $1.07 billion of revenue and earnings per share of 96 cents.