Wynn Resorts share dividends took a nosedive this week because of results that are poor Macau gambling.
Wynn Resorts Ltd is moving on the pain sensation of the sharp drop in Macau gambling to its shareholders by cutting dividends by 67 percent, Bloomberg reports.
The gambling chain, which owns and runs the Wynn Macau casino resort, posted its earnings for the quarter that is first of this week, and the news isn’t pretty if you are an investor.
Revenue was hovering just under $1.1 billion, a lesser figure than industry quotes of $1.12 billion.
As being a result, dividends from shares spiraled downwards to 50 cents per share. That’s a 3rd associated with $1.50 given out in February.
Wynn Resorts Ltd also posted a $17.1 billion table games turnover in the VIP sector, a drop of over 52 percent set alongside the exact same quarter year that is last. Table games return in the mass market sector ended up being also down, by 7% to $279.6 million.
After the dividends results were announced, Wynn shares dropped 9 percent to close at $130.48.
Macau Clampdowns Affecting Everyone
The continuing crackdown on corruption in China is having a huge effect regarding the Macau economy. Chinese President Xi Jinping happens to be on a crusade the year that is past so to prevent thousands of public officials taking off towards the Macau peninsula with public funds.
The amount of money allowed to be brought from the mainland to Macau, China’s s Continue reading “Wynn Resorts Dividends Slashed Following Macau Slump”