Wynn's Macau Take Disappoints

Chinese casino posts lower revenue than expected
By Nick McMaster,  Newser Staff
Posted Oct 4, 2007 5:48 PM CDT
Wynn's Macau Take Disappoints
Flames erupt from the fountains at the front of the Wynn Casino...   (Getty Images)

Casino mogul Steve Wynn latest gamble isn't paying off as handsomely as he predicted, the New York Post reports, with shares in his Wynn Resorts falling 10% after weaker-than-expected revenues at his splashy new gaming palace in Macau. Wynn "wildly overestimated" September revenues at Wynn Macau, analysts said, with gains jumping 55% and not the 75% he forecast.

Wynn's new venture hasn't created new gamblers, analysts explain, instead shifting spending between properties. Shares of Las Vegas Sands Corp., a Wynn rival in Macau, also dived, falling 12%. The stock dive wiped out $405 million of Wynn's personal fortune—much of it built on success in Las Vegas, which recently lost its spot as world gambling capital to Macau. (More Steve Wynn stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.