Wynn Resorts share dividends took a nosedive this week as a result of poor results in Macau gambling.
Wynn Resorts Ltd is passing on the pain sensation of the drop that is sharp Macau gambling to its shareholders by cutting dividends by 67 percent, Bloomberg reports.
The gambling chain, which owns and runs the Wynn Macau casino resort, posted its profits for the first quarter of 2015 this week, therefore the news isn’t pretty if you should be an investor.
Income was hovering just under $1.1 billion, a lower figure than industry quotes of $1.12 billion.
As being a total result, dividends from shares spiraled downwards to 50 cents per share. That is clearly a third of this $1.50 paid 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 set alongside the same quarter year that is last. Table games return 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.
Macau Clampdowns Affecting Everyone
The continuing crackdown on corruption in China is having a huge impact in the Macau economy. Chinese President Xi Jinping is on a crusade the past year or so to cease thousands of public officials removing to your Macau peninsula with public funds.
The amount of money allowed to be brought from the mainland to Macau, China’s sole a 继续阅读Wynn Resorts Dividends Slashed Macau that is following Slump