How Casino Mogul Steve Wynn Lost $10 Million on Baccarat
- Junket operator’s clients come away with rare month of wins
- ‘The bottom fell out and all the players won millions’
Wynn Resorts Ltd.'s Wynn Palace casino resort in Macau, China.
Photographer: Anthony Kwan/BloombergThis article is for subscribers only.
In the casino business, it’s a cliche that the house always wins. But at Wynn Resorts Ltd. last quarter, the tables turned.
On Tuesday, casino billionaire Steve Wynn revealed that a junket operator in his Macau casinos -- essentially a subcontractor -- brought in clients whose winnings cost the casino more than $10 million in April, an astonishing swing for a business that can generate profit of as much as $50 million.