Wynn's Macau Take Disappoints

Chinese casino posts lower revenue than expected
By Nick McMaster,  Newser Staff
Posted Oct 4, 2007 5:48 PM CDT
Flames erupt from the fountains at the front of the Wynn Casino...   (Getty Images)
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(Newser) – Casino mogul Steve Wynn latest gamble isn't paying off as handsomely as he predicted, the New York Post reports, with shares in his Wynn Resorts falling 10% after weaker-than-expected revenues at his splashy new gaming palace in Macau. Wynn "wildly overestimated" September revenues at Wynn Macau, analysts said, with gains jumping 55% and not the 75% he forecast.

Wynn's new venture hasn't created new gamblers, analysts explain, instead shifting spending between properties. Shares of Las Vegas Sands Corp., a Wynn rival in Macau, also dived, falling 12%. The stock dive wiped out $405 million of Wynn's personal fortune—much of it built on success in Las Vegas, which recently lost its spot as world gambling capital to Macau.