Wynn Resorts share dividends took a nosedive this week because of poor results in Macau gambling.
Wynn Resorts Ltd is moving on the pain sensation of the sharp fall 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 first quarter of 2015 this week, and the news is not pretty if you are an investor.
Revenue was hovering just under $1.1 billion, a lesser figure than industry estimates of $1.12 billion.
As being a result, dividends from shares spiraled downwards to 50 cents per share. That is clearly a third associated with the $1.50 settled in February.
Wynn Resorts Ltd also posted a $17.1 billion dining table games turnover in the VIP sector, a fall of over 52 percent compared to the same quarter last year. Table games turnover in the mass market sector ended up being also down, by 7% to $279.6 million.
Following the dividends results were announced, Wynn shares dropped 9 percent to close at $130.48.
The crackdown that is continuing corruption in China is having a huge effect on the Macau economy. Chinese President Xi Jinping was on a crusade the past year or so to stop thousands of public officials removing towards the Macau peninsula with public funds.
The amount of money allowed to be brought from the mainland to Macau, China’s sole a Devamını oku