Wynn Resorts Cuts Dividend 67% as Betting in Macau Tumbles
Wynn Earnings Miss Estimates, Dividend Slashed 67%
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Wynn Resorts Ltd., the casino company founded by Steve Wynn, posted first-quarter earnings that missed analysts’ estimates after a sharp drop in betting in Macau. The company cut its dividend by two-thirds and the stock fell.
Profit excluding some items fell to 70 cents a share, the Las Vegas-based company said Tuesday in a statement. Analysts were projecting $1.19, the average of 10 estimates compiled by Bloomberg. Revenue was $1.09 billion, compared with the $1.12 billion average of estimates.