Wynn Resorts' Stock Drops After Macau Project Delay
Wynn Resorts Ltd.'s stock dropped as much as 6.3% in afternoon trade Wednesday, before paring some losses, after the casino operator said the opening of its Macau project will be delayed by three months. The company said Wednesday it was notified by Leighton Holdings Ltd., its general contractor, that the Wynn Palace project in the Cotai area of the Chinese territory will not be ready to open on the previously-projected date of March 25, 2016, and is now expected to open on June 25, 2016. The stock hit a seven-week low of $57.66 in intraday trade, before recovering slightly to be down 2% in recent trade. Macau accounts for about 70% of Wynn's revenue over the last 12 months, according to data provided by FactSet. The stock has tumbled 34% over the past three months, while the S&P 500 has slipped 1.5%.
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