Wynn Resorts Q2 profit falls as Macau revenue drops 35.8%
July 30, 2015
Wynn Resorts’ (WYNN.NASDAQ) second-quarter overall profits totaled only US$56.5 million, down from US$203.9 million a year earlier as the firm’s revenue from operations in the Chinese territory of Macao fell 35.8% to US$617 million, The Wall Street Journal reported. Total gambling revenue in Macao fell 37% in the first six months of 2015 compared to the previous year, according to the territory’s Gaming Inspection and Coordination Bureau. Gambling revenue fell 2.6% in Macau in 2014, the first decline since it was opened to foreign casino operators in 2002. Chinese President Xi Jinping’s anti-corruption drive has scared off many high rollers from the mainland, with tighter regulatory restrictions further turning the screws.