Wynn Resorts Dividends Slashed Following Macau Slump

Wynn Resorts Dividends Slashed Following Macau Slump

Wynn Resorts share dividends took a nosedive this week because of results that are poor Macau gambling.

Wynn Resorts Ltd is moving on the pain sensation of the sharp drop in 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, while the news is not pretty if you are an investor.

Revenue was hovering just under $1.1 billion, a reduced 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 a 3rd regarding the $1.50 settled in February.

Wynn Resorts Ltd also posted a $17.1 billion table games turnover in the VIP sector, a drop of over 52 percent compared to the same quarter year that is last. Table games return in the mass market sector was also down, by 7% to $279.6 million.

After the dividends results were announced, Wynn shares dropped 9 percent to close at $130.48.

Macau Clampdowns Affecting Everyone

The crackdown that is continuing corruption in China is having a huge impact regarding the Macau economy. Chinese President Xi Jinping has been on a crusade the year that is past so to stop thousands of public officials taking off to the Macau peninsula with public funds.

The amount of cash allowed to be brought from the mainland to Macau, China’s sole arbiter of legalized

Read more

Revere to Sue Massachusetts Gaming Commission Over Everett License

Revere to Sue Massachusetts Gaming Commission Over Everett License

Suffolk Downs Racetrack will be forced to close following the unsuccessful Revere casino bid.

The City of Revere near Boston will sue the Massachusetts Gaming Commission over its decision to honor the East Massachusetts casino gaming permit to Wynn Resorts over Mohegan Sun. Mohegan Sun, which desired to develop a $526 million casino on land owned by the Suffolk Downs Racetrack in Revere, lost the permit battle month that is last a protracted bidding process which cost both sides millions of dollars, and also at times descended into tit for tat recriminations.

While Wynn now focuses on its vision of building a resort in Everett, just a couple of miles to the east, Revere is left to pick up the pieces and mourn the resulting closing of this historic Suffolk Downs thoroughbred racetrack.

The horseracing industry had been hit by way of a 40 % reduction in recent years and it had been believed that the proposed Mohegan Sun resort would be enough to truly save Suffolk Downs, whose owners had pledged to carry on operating for at least another 15 years should Revere win the license.

In fact, the requirement to safeguard Suffolk Downs was among the primary motivations for the establishment of the 2011 Gambling Act, which expanded casino gaming into the state and created the Massachusetts casino that is east license. The decision to opt for Wynn Resorts has hammered the final nail into the thoroughbred horseracing

Read more

Saturday Sportsbooks Celebrate Solid Results from Busy Betting

Saturday Sportsbooks Celebrate Solid Results from Busy Betting

Mayweather-Pacquiao was the draw that is biggest on a busy day in sports wagering.

Saturday sports bettors rarely have days like this past.

Not merely was the fight that is long-awaited Floyd Mayweather Jr. and Manny Pacquiao held, attracting an unprecedented number of wagers on a boxing match, but that battle came at the conclusion of a very busy day in the sports world.

That made it a to remember for fans, bettors, and perhaps most of all, sportsbooks day.

All time very long, there were activities to be bet on. There is playoff hockey early on, as the Capitals to even up their series at one game each.

Later later in the day, there was the thrilling game seven encounter involving the San Antonio Spurs and also the la Clippers; a big performance by Chris Paul delivered the Clippers about the round that is second.

And there clearly was a lot of baseball all long, including a clash between the Yankees and the Red Sox, a matchup that always generates plenty of attention day.

Kentucky Derby Won by American Pharoah

But there were two big events that really drove the action that is betting Saturday. First, there was clearly the Kentucky Derby, the first of the annual Triple Crown horse races.

The battle was won by favorite American Pharoah, who finished a length ahead of Firing Line while second choice Dortmund came in third.

Since the three horses that finished in the cash were the 3 top favorites, that meant lots of

Read more
Back to Top Ben Banogu Womens Jersey