Casino giant Wynn posts $44.6mn loss after Macau business takes hit
April 29 , 2015
Casino giant Wynn has posted a $44.6-million loss in the first quarter of 2015 compared with a profit of $227 million from a year ago.
The poor showing is being attributed to a fall in its Macau business after an anti-corruption clampdown by China.
The company’s overall revenues in the first three months of the year dropped 28% to $1.01 billion. Revenues from Macau operations dropped 38% in the same period.
The Chinese authorities’ efforts to combat corruption have hit earnings of top-end casino operators in Macau.