Wynn Slides As Macau Operations Weigh On Earnings
Shares of Wynn Resorts Ltd. fell Friday after the casino operator posted weak quarterly results on shrinking revenue from Macau operations. Wynn said third-quarter profit sank 61% as revenue at its Macau operations slumped 38%. Chief Executive Steve Wynn said during a conference call that there is a lot of confusion in the Macau gambling industry due to the lack of clarity on the Chinese government's policy toward new hotels and casinos. "None of us are really clear on what our environment is going to be like going forward, and it makes planning and adjusting almost a mystical process," said Wynn. Wynn shares slid 1.1% to $72.94 for a year-to-date loss of 51%.
Copyright © 2015 MarketWatch, Inc.