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Wynn Resorts' Macau results continue to fall ahead of new casino
[MACAU] Wynn Resorts Ltd said revenue and profit is continuing to fall in its largest market, Macau, amid a steep in drop in betting sparked by a government crackdown on corruption.
First-quarter earnings in Macau will be US$187 million to US$195 million before interest, taxes, depreciation and amortisation, the Las Vegas-based company said Tuesday in a statement. That compared with US$212.3 million in the same period last year.
Revenue in the Chinese enclave will be US$603 million to US$613 million, compared with $705 million a year earlier, Wynn said. Both VIP and mass-market betting were down.
The casino company founded by billionaire Steve Wynn plans to open its newest Macau property, the US$4.1 billion Wynn Palace, in June. Total betting continues to fall in that market, the only place in China where casino gambling is legal. Las Vegas Sands Corp and MGM Resorts International are also set to open new resorts there this year.
Wynn Resorts is holding an investor presentation in Las Vegas on Wednesday that will be streamed on the company's website. Last year, the company generated 60 per cent of its US$4.08 billion in revenue in Macau.