Wynn Resorts share dividends took a nosedive this week due to results that are poor Macau gambling.
Wynn Resorts Ltd is passing on the pain of a sharp drop in 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 first quarter of 2015 this week, and also the news is not pretty if you are an investor.
Revenue was hovering just under $1.1 billion, a lower figure than industry estimates of $1.12 billion.
Being a result, dividends from shares spiraled downwards to 50 cents per share. That’s a 3rd of this $1.50 settled in February.
Wynn Resorts Ltd also posted a $17.1 billion dining table games turnover in the VIP sector, a fall of over 52 % set alongside the same quarter last year. Table games turnover 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.
The continuing crackdown on corruption in China is having a huge effect in the Macau economy. Chinese President Xi Jinping was on a crusade the past year or so to end thousands of public officials removing to your Macau peninsula with public funds.
The sum of money allowed to be brought from the mainland to Macau, China’s sole arbiter of legalized gambling, in addition has fallen, pl
Governor Chris Christie has finalized a new bill that could allow for sports gambling in New Jersey beginning right as this coming Sunday.
A nj-new Jersey sports bill that is betting signed into legislation final week by Governor Chris Christie in what generally seems to be slots of vegas casino free coins the War for the Roses between the Guv and major league sports. The new law would allow for sports betting at race tracks and casinos throughout the state after being passed by legislators last week.
On Monday, the NCAA and the four major professional sports leagues in America filed a motion so as to stop sports wagering from to be had until their appropriate challenge towards the bill may be heard.
If this all sounds familiar, that’s because these are just the latest salvos in a battle within the state of New Jersey’s attempts to discover a means allowing Atlantic City casinos and racetracks statewide to offer sports wagering services, despite the federal ban set up through the Professional and recreational Sports Protection Act (PASPA).
That law, passed away 22 years back, banned state-regulated sports gambling in all states other than Nevada, Delaware, Montana and Oregon, which had currently regulated the gambling activity.
In August, Christie vetoed two different bills that would have legalized recreations wagering in hawaii, saying that efforts to do therefore would have to be carefully crafted to ma
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