Wynn Resorts share dividends took a nosedive this week due to results that are poor Macau gambling.
Wynn Resorts Ltd is passing on the pain sensation of a drop that is sharp 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’re an investor.
Income was hovering just under $1.1 billion, a reduced figure than industry quotes of $1.12 billion.
As a total result, dividends from shares spiraled downwards to 50 cents per share. That’s a 3rd associated with $1.50 settled in February.
Wynn Resorts Ltd also posted a $17.1 billion table games turnover in the VIP sector, a fall of over 52 percent set alongside the exact same quarter last 12 months. Table games return in the mass market sector was 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 crackdown that is continuing corruption in China is having a huge impact in the Macau economy. Chinese President Xi Jinping was on a crusade the previous year or so to avoid thousands of public officials taking off towards the Macau peninsula with public funds.
The sum of money allowed to be brought from the mainland to Macau, China’s sole arbiter of legalized gam […]