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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.

Wynn Resorts Ltd.'s Wynn Palace casino resort in Macau, China.

Photographer: Anthony Kwan/Bloomberg

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.