Wynn Resorts share dividends took a nosedive this week as a result of results that are poor 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 earnings for the first quarter of 2015 this week, and the news is not pretty if you should be an investor.
Income was hovering just under $1.1 billion, a lesser figure than industry quotes of $1.12 billion.
As being a result, dividends from shares spiraled downwards to 50 cents per share. That’s a 3rd for the $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 percent compared to the exact same quarter last 12 months. Table games return in the mass market sector was also down, by 7% to $279.6 million.
Following the dividends results were announced, Wynn shares dropped 9 percent to close at $130.48.
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