Wynn Resorts, Limited (NASDAQ:WYNN) has warned that its Macau business is slowing down, and shares are down markedly in early trading as a result.
CNBC has the details.
Shares of Wynn Resorts dove 15 percent Thursday after the CEO said casino operator is seeing a “slowdown” at its Macau location, especially from high rollers.
Though CEO Matthew Maddox said results were strong during China’s seven-day Golden Week holiday, attendance since then has been “choppy” during weekdays and “sporadic” on the weekends.
Maddox shared additional insight on the Macau slowdown on the earnings call.”What we’ve always focused on in our business is the premium end, and we always will because in Macau while that will be the first to retract in these times, it’s also the first to expand as you come out of these slowdowns,” he said.
Wynn Resorts, Limited shares fell $17.24 (-15.12%) in premarket trading Thursday. Year-to-date, WYNN has declined -41.76%, versus a 6.42% rise in the benchmark S&P 500 index during the same period.