Wynn Resorts share dividends took a nosedive this week because of poor results in Macau gambling.
Wynn Resorts Ltd is moving on the pain of a sharp drop in Macau gambling to its shareholders by cutting dividends by 67 percent, Bloomberg reports.
The gambling chain, which owns and operates the Wynn Macau casino resort, posted its earnings for the quarter that is first of this week, plus the news is not pretty if you’re an investor.
Income was hovering just under $1.1 billion, less figure than industry estimates of $1.12 billion.
As being a result, dividends from shares spiraled downwards to 50 cents per share. That is a third for the $1.50 given out 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 same quarter year that is last. Table games return in the mass market sector was also down, by 7% to $279.6 million.
Following the dividends results were announced, Wynn shares dropped 9 percent to close at $130.48.
Macau Clampdowns everyone that is affecting
The continuing crackdown on corruption in China is having a huge impact in the Macau economy. Chinese President Xi Jinping was on a crusade the year that is past so to stop thousands of public officials removing to your Macau peninsula with public funds.
The sum of money allowed to be brought from the mainland to Macau, China’s sole arbiter of legalized gambling, has also f Continua a leggere