Date
27 May 2017
Revenue at Wynn Macau shrank by more than a third in the third quarter, roughly in line with that of the gambling industry in Macau as a whole. Photo: Bloomberg
Revenue at Wynn Macau shrank by more than a third in the third quarter, roughly in line with that of the gambling industry in Macau as a whole. Photo: Bloomberg

Wynn blasts China officials over US$4.1 bln Macau resort

Wynn Resorts Ltd. chairman and chief executive Steve Wynn criticized Chinese bureaucrats for failing to tell him how many gaming tables he’ll get at a US$4.1 billion resort scheduled to open in Macau on March 25, Bloomberg reported.

The uncertainty is complicating decisions about hiring and training workers and could force Macau operators to terminate employees, Wynn told analysts Thursday after reporting third-quarter sales that missed analysts’ estimates.

“None of us are really clear on what our environment is going to be like going forward, and it makes planning and adjusting almost a mystical process,” Wynn said.

Macau, the world’s largest gambling market, accounts for more than half of Wynn Resorts’ revenue.

The Las Vegas-based company said profit fell to 86 US cents a share, excluding items, from US$1.95 a share a year ago. Revenue fell 27 percent to US$996.3 million as results in Macau shrank by more than a third.

A central government crackdown on corruption, coupled with a softening Chinese economy, has prompted high-rollers to shun Macau’s casinos.

Industrywide gambling revenue there fell 33 percent in September, the 16th month of decline. 

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