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Wynn stocks tumble
Maybe Las Vegas still has a chance against that international gambling hotbed they like to call Macau.
In late 2006 the Wynn Macau opened in the Chinese Special Administrative Region, but the New York Post is reporting that since then Wynn stocks have dropped 10%. The decline occurred after a casino analyst at Stanley Morgan claimed that Steve Wynn vastly overestimated the demand for action at his extravagant new resort and casino.
Both Wynn and his competition in Macau, The Las Vegas Sands Corporation, were predicting revenue to increase 75% but instead it has only increased by 55%.
Incidentally The Sands shares also took a hit, slumping by about 12% which is the worst drop they've had in three years.
The 10% drop in Wynn Resort shares was the steepest decline in five years for the company and equated to $405 million in market value being wiped from the personal holdings of the casino group's founder.
Another analyst from UBS Securities adjusted her rating on Wynn Stock from buy to sell stating that even the most optimistic scenarios were already priced in.
All this comes after Wynn's stake hitting a record value of $3.4 billion just two weeks ago. The value is twice what it was a year ago due to the enormous Wynn Macau.
Despite the negatives, construction in Macau is still expanding. Earlier this year the Venetian Macau opened and the MGM Grand Macau and Grand Hyatt are set to follow.
Not all is doom and gloom for Wynn Resorts. In the latest quarter the Wynn Macau took in more cash than its Las Vegas counterpart. Wynn brought in $352 million in Macau versus $335 million in Las Vegas.