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