Wynn Resorts share dividends took a nosedive this week as a result of poor results in Macau gambling.
Wynn Resorts Ltd is moving on the pain sensation of a 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 quarter that is first of this week, therefore the news isn’t pretty if you should be an investor.
Income was hovering just under $1.1 billion, a lesser figure than industry estimates of $1.12 billion.
As a result, dividends from shares spiraled downwards to 50 cents per share. That is clearly a third associated with $1.50 paid out in February.
Wynn Resorts Ltd also posted a $17.1 billion dining table games turnover in the VIP sector, a drop of over 52 % compared to the exact same quarter last year. Table games turnover 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.
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